The global acrylic adhesives market is projected to increase at a CAGR of 4.29% in the forecast period from 2023 to 2033 where the market size in 2023 was US$ 2.59 billion, and in 2033 it will reach US$ 3.92 billion.
Since the demand for acrylic adhesives is high due to their usage in a variety of industries like construction, paper, medical, etc. therefore this scenario depicts the potentiality of suppliers which leads to the growth of the acrylic adhesives industry.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 2.59 billion |
| Expected Market Value in 2033 | US$ 3.92 billion |
| Growth Rate | 4.29% |
| Forecast Period | 2023 to 2033 |
Packaging is considered one of the largest end users of acrylic adhesives where some applications include bags, cigarettes, filters, etc where consumers all across the globe prefer to have packed products rather than the ones available or are sold lost such as fruits, vegetables, etc. but nowadays, the packaging industry has increased. Due to this e-commerce platforms have risen where simultaneously the need for product packaging and consumable is also bound to rise. Similarly, in the construction industry, acrylic is considered to be the base material in pressure-sensitive adhesives as it has suitably a wide range of materials providing better stability, durability, etc because of key properties like UV light, moisture, solvents, etc.
The increase in environmental protection laws and binding regulations has compelled the transition of adhesive industries from solvent-based adhesives to thermoplastic adhesives films in most of the industrialized nations. The European nation has also assured environmental protection standards for the market. Besides these, the cost of search and development is higher in comparison to other countries, where, OEM and component manufacturers have strict certifications that have constant industry constraints.
The construction sector is expected to rise due to its solid structural characteristics and various planned construction projects, which are anticipated to drive the global acrylic adhesives market during the forecasted period. Further, the medical industry is also projected to be the fastest-growing application segment expected to drive the global acrylic adhesives market during the forecasted period. Technology advancement in the field of Acrylic Adhesives further propels the market growth.
However, there have been increasing occupational hazards among workers due to the strong smell of acrylic adhesives, which may restrain the Acrylic Adhesive market growth over the forecasted period. Acrylic Adhesives are applied in liquid form as well as pastes & tapes. Acrylic adhesive tapes are used in apparel, furniture, automotive stationery, housewares, & for packaging purposes. Acrylic Adhesives paste is most commonly used for wooden surfaces, metal, glass & waterproofing purposes.
Asia Pacific is projected to influence the global market for acrylic adhesives. Increasing government and private sector investment in infrastructure developments combined with rapid urbanization in emerging countries have improved the growth of the building and construction industry, thereby driving the market in the Asia Pacific.
Acrylic adhesives are either thermoplastic or thermosetting polymers and paste coupled with liquid Acrylic Adhesives are utilized to sandwich two objects together to form permanent bonds. Additionally, Acrylic Adhesives quickly bond with different materials, including non-plastics. Further, the increasing aging population & advancements in medical devices such as lightweight machinery will continue to fuel the use of UV-curable cyano acrylic adhesives in medical devices, including IV delivery systems, catheters, syringes, hearing aids, silicone rubber components, & others.
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Some of the key market players in the acrylic adhesives market are-
Bostik
Developments-
During the forecast period of 2021 to 2031, the worldwide Acrylic adhesives market is expected to show an upward trend in sales with CAGR 5% TO 6%. Key factor supporting this growth is increased demand for Acrylic adhesives in packaging, construction and other key end-use industries.
It is used in a variety of industries, including construction, paper and packaging, medical, transportation, carpentry, consumer electronics, and electronics. This scenario depicts the potential for suppliers in the Acrylic adhesives industry to grow.
On the strength of increased demand for long-lasting adhesive products from all over the world, the industry is expected to earn significant revenues.
Principal Consultant
In this COVID-19 pandemic, many major industrial and commercial activities have been significantly impacted. However, this pandemic has provided opportunities for the packaging industry as many countries have witnessed lock downs due to this deadly virus, it has been critical to stock up on essential supplies such as medicines, dairy products, food, sanitizers, face masks, disinfectants, and many others. This factor has skyrocketed demand for packaging and related products including acrylic adhesives.
The rapidly rising construction industry in Asia-Pacific and the Middle East regions, as well as increasing usage in the packaging industry, are the primary factors driving the growth of its market.
Packaging is one of the largest end users of Acrylic adhesives. Some of the applications include bags, cigarettes and filters, cartons’ side seams and closures, composite containers and tubes, disposables, envelopes, flexible packaging, labels/signs/decals, specialty packaging, and corrugated boards, among others.
The consumers and customers around the world prefer packed products rather than initially available and sold lose products such as fruits, vegetables, etc. As a result of the pandemic, demand for the packaging industry has increased. With increasing growth of e-commerce platforms, the need for product packaging and related consumables is bound to increase.
In construction industry Acrylic may be used as the base material in pressure-sensitive adhesives because it is suitable for a wide range of materials and provides greater stability, durability, and versatility due to key properties such as excellent resistance to shear, UV light, moisture, solvents, chemicals, and extreme temperature
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The Asia-Pacific region is predicted to have the largest share of the global market. The need for adhesives in the region has been driven by factors such as robust increase in building activities, increasing packaging demand from the expanding e-commerce business platform, and increasing output in the food and beverage industry. Due to high packaging needs, countries such as China and India dominate the acrylic adhesives market demand for it.
As internet usage in these countries continues to increase at a rapid pace, China and India have the potential to grow at a quicker rate in the e-commerce packaging market. Moreover, the construction sector in these countries is expected to grow at a noticeable rate, owing to various planned projects planned for construction, during the forecast period. Additionally, construction is growing at a noticeable rate in countries, such as Indonesia, Thailand, and Singapore.
The increase in the number of building projects and the rise of the packaging industry are both driving demand for it. However, strict VOC emission laws connected to its disposal and or substitution from alternate feedstocks may stifle industry expansion.
Shifting focus towards the bio-based adhesives and replacement of solvent-borne adhesives in construction industry are likely to offer opportunities for the Acrylic adhesives market in North America. United States stands to be the largest market for Acrylic adhesives in the region, with consumption being majorly driven by the end-user industries, like construction, electronics and packaging.
Some of the leading manufacturers and suppliers of Acrylic adhesives
Key players are investing considerable effort to advance the quality of their products. As the quality of the product is the major factor for an increasing share in the market. Acrylic adhesives find application in a wide range of industries such as construction, paper and packaging, medical, transportation, woodworking, consumer, and electronics.
This scenario shows the potential for the growth of vendors in the market. The market is estimated to generate prominent revenues on the back of growing demand for long-lasting adhesive products from all worldwide locations.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Acrylic Adhesives Market
