The market for solvent borne adhesives is expected to grow at a CAGR of more than 5% during the forecast period of 2019 - 2024. One of the major factors driving the market studied is the increasing demand from the automotive and footwear industry in Asia Pacific countries. Stringent environmental regulations regarding VOC emissions is expected to hinder the growth of the market studied.
- Building and Construction sector dominated the market in 2018 and is expected to grow during the forecast period.
- Recovering European construction sector is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Increasing Demand for Chloroprene Rubber
- Contact adhesives, based on chloroprene, have several performance advantages over substitute adhesive systems, in a wide variety of related applications, where quick, permanent, and high-strength bonds are desired.
- About one-third of chloroprene produced is used as a raw material for adhesives. Excellent adhesive properties and formulating characteristics at competitive prices against other adhesive technologies have contributed to the dominance of chloroprene solvent-borne adhesives in various segments.
- A substantial advantage of chloroprene contact adhesives is auto adhesion, which results in an instantaneous bond. It can also be formulated to provide a long exposure time before the adhesive coated substrates are combined.
- The US shoe industry was the first major industry to adopt chloroprene contact adhesives on a large scale. Although this market has witnessed a decline over the past 20 years, the global shoe industry is still the major consumer of chloroprene adhesives, especially in Asia-Pacific.
- Due to environmental, health, and safety concerns, chloroprene adhesive compositions are being preferred over their organic counterparts. Emerging economies, such as China and India, are expected to dominate the chloroprene contact adhesive segment of the market studied, over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific holds the maximum share and is expected to retain its share during the forecasted period, because of growing transportation and footwear industry in countries, like China, India & ASEAN economies.
- The willingness of various national governments of emerging countries in the region, to stimulate domestic activity amid trade tensions and the resurgence of investment are reassuring signals for domestic demand.
- The GDP of the Chinese and the Indian economy both are expected to grow more that 6% during the forecast period.
- All such aforementioned factors are expected to drive the market in the region during the study period.
The global solvent-borne adhesives market is partly consolidated with top 5 players accounting for a major chunk of the market. Major recognized players include Sika AG, Arkema Group, H.B. Fuller Co., Henkel AG & Co., KGaA, and Jowat AG, among others.
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