Spray Adhesive Market Overview to 2023
Market Research Future (MRFR)’s latest study reveals that the global spray adhesive market is projected to register a moderate CAGR during the forecast period 2016 to 2023. The increasing demand from the construction sector is expected to drive the growth of the spray adhesive market in the foreseeable future. The increasing demand for spray adhesive from end-user industries such as packaging, automotive, leather & footwear, etc. is likely to accelerate revenue creation for the market players.
Some of the key players profiled in the report are Gemini Adhesives Ltd. (U.K.), 3M (U.S.), Henkel AG & Co. KGaA (Germany), H.B.Fuller (U.S.), AVERY DENNISON CORPORATION. (U.S.), AFT Aerosols (U.K.), Phillips Manufacturing (U.S.), BASF SE (Germany), Bostik S.A. (France), Ashland, Inc. (U.S.), Beardow Adams (U.K), Sika AG (Switzerland), Eastman Chemical Company (U.S.), ND Industries, Inc. (U.S.), UniSeal, Inc. (U.S.).
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By region, the global spray adhesive market has been segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Asia Pacific is estimated to strike a relatively higher CAGR during the forecast period. The growth is attributable to the strong value maintained by the end-user industries such as packaging, construction, automotive, etc. A surge in demand is expected in the emerging economies such as China, Vietnam, and India owing to boost witnessed in automobile sales.
North America is an important growth pocket of the global spray adhesive market. The factors favoring the expansion of the spray adhesive market in the region include recovery of the industrial sector coupled with increased investments for revitalizing the construction sector.
Europe is prognosticated to remain a highly lucrative market through the assessment period. Latin America is forecasted to register moderate growth. Meanwhile, the Middle East & Africa is estimated to thrive at a steady pace in the foreseeable future.
In March 2018, Indian adhesives manufacturing company, Pidilite Industries Limited, launched Fevicol Ezeespray which is an innovative format of spray adhesive. In September 2018, German chemical and consumer goods company, Henkel, laid the foundation stone for its global innovation center of its Adhesive Technologies business in Düsseldorf. It is planned to be opened in 2020.
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Additionally, the expansion of the woodworking industry is expected to propel the proliferation of the spray adhesive market over the next few years. The increasing awareness about the ill effects of Volatile Organic Compounds (VOCs) on the environment has restricted the growth of the market moderately. However, it has paved the way for innovative eco-friendly spray adhesives which is expected to guide the growth trajectory of the market through the assessment period. Increased investments in research & development activities by the key players is further expected to catalyze the spray adhesive market expansion over 2023.
By technology, the global spray adhesive market is segmented into water, solvent, hot- melt, and others. By chemistry, the spray adhesive market has been segmented into epoxy, polyurethane, synthetic rubber, vinyl acetate ethylene, and others. By application, the global spray adhesive market is segmented into paper & packaging, building & construction, automotive, leather & footwear, woodworking, and others.
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