Coatings are film forming substances that protect the substrate against potential damages along with enhancing its aesthetic appearance. On the contrary, adhesives refer to a substance used to stick or bind two different surfaces together that includes cement, paste, mucilage, glue and others. Apart from their conventional functions, these products are also customized by manufacturers as per specific demands in industrial and building applications.
Global coatings market is classified into three major segments namely, architectural & decorative coatings, industrial coating and special purpose coating. Within these segments, coatings are available across wide range of properties, applications and technologies. Of these, the architectural & decorative coating segment dominates the market with stable demand from building & construction industry. In addition, industrial and special purpose coatings are also experiencing growth in their demand because of increasing application scope across industrial & manufacturing sector.
Global adhesive market is segmented by technology into water-based, solvent-based, reactive and hot- melt adhesives, of which water-based adhesive accounts for majority of the market. By product type, acrylic adhesive leads the market followed by Polyvinyl Acetate (PVA) and silicone adhesives.
Global adhesive market is highly concentrated with top five companies accounting for almost half of the market share. Global adhesive market is expected to grow tremendously attributing to drivers like rising demand of green products, stable growth of construction & transportation sector and increase in R&D investments. However, volatility in raw material prices and stringent environmental regulations are some of the factors that may restrain the market growth.
As all industries are favouring eco-friendly approach globally, water-based coatings and adhesives are expected to witness optimistic growth in the coming years. To address the issue, manufacturers are focusing to reduce volatile organic compounds (VOC) content to comply with stringent environmental regulations.
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