The acrylic adhesives market is expected to grow at a CAGR of about 6% during the forecast period of 2019 - 2024. The major factors driving the growth of the market studied are the rapidly growing construction industry in Asia-Pacific & the Middle East, and increased usage in packaging industry. On the flipside, strict VOC regulations in North America and Europe serves as one of the major stumbling blocks in growth of the studied market.
- Water-based acrylic adhesives segment dominated the market in 2018 and is likely to grow during the forecast period, owing to their eco-friendly and low-toxic nature, high solid content, and high initial adhesion properties.
- Adoption of bio-based products is likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, with robust growth in demand from construction, transportation, furniture, and packaging industries.
Key Market Trends
Packaging Segment to Dominate the Market Demand
- Packaging industry dominates the demand for acrylic adhesives with numerous applications in products, such as tapes, labels, cases, and cartons.
- Asia-Pacific region has been witnessing fastest growth in the global packaging industry, where countries, such as China and India has been leading the market.
- Factors, such as e-commerce, online food deliveries, and innovation & development in packaging industry has been driving the growth of packaging industry in the region.
- The packaging industry in North America and Europe are mature markets, while Middle East & Africa region has been witnessing moderate growth of the industry. However, with e-commerce business increasing in these regions, the packaging industry is also witnessing growth in these markets, further driving the demand for raw materials, like adhesives and others.
- Thus, such trends in the global packaging industry is expected to drive the demand for acrylic adhesives during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. Factors, such as strong growth in construction activities, increasing packaging demand from the expanding e-commerce business platform, increasing output in food & beverage industry, have been driving the demand for acrylic adhesives in the region.
- Countries, such as China and India lead the market demand for acrylic adhesives, due to high packaging requirements in the country.
- China and India hold the potential to grow at a faster rate in e-commerce packaging market as internet use in these countries continue to expand at a tremendous rate. The demand for food & beverage products is also supporting the growth of the paper packaging and rigid packaging sectors in these countries at a steady rate.
- Besides, the construction sector in these countries is expected to grow at a noticeable rate due to numerous projects planned for construction during the forecast period.
- China currently has numerous airport construction projects, such as, which are either in development or planning stage. These include - Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years.
- In India, the government's investment target of USD 120.5 billion for developing 27 industrial clusters is expected to boost commercial construction in the country.
- Besides, construction is also growing at a noticeable rate in countries, such as Indonesia, Thailand, and Singapore.
- Hence, all such favorable market trends in the region are expected to drive the growth of the acrylic adhesives market during the forecast period.
The acrylic adhesives market is a consolidated market, where few players account for significant share of the market demand. Some of the major players in the market include Henkel AG & Co. KGaA, Arkema (Bostik), ITW, Mapei, and 3M, amongst others.
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