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“In terms of value, the flock adhesives market is projected to grow at a CAGR of 6.3% during the forecast period, 2017 to 2022.”
The global flock adhesives market is projected to grow from USD 2.35 billion in 2017 to USD 3.18 billion by 2022, at a CAGR of 6.3% in terms of value. Factors driving the growing use of flock adhesives are the increasing demand for lightweight and low carbon emitting vehicles and high demand for flock adhesives from the Asia Pacific region. Volatility in raw material costs poses a risk for the flock adhesives manufacturers and is expected to bring down their profit margins.
“The acrylics segment of the flock adhesives market is projected to grow at the highest CAGR during the forecast period.”
The acrylics segment of the flock adhesives market is projected to grow at the highest CAGR during the forecast period, 2017 to 2022. This is due to their increasing use in metal and plastic substrates, mainly in automotive applications. Acrylic-based adhesives are used extensively in automotive applications for improving performance and developing lightweight designs and structure. These adhesives can easily join or bond dissimilar substrates. There is an increasing focus on developing lightweight components to reduce emissions, increase efficiency, and improve aesthetic appeal.
Acrylic-based adhesives are used in a wide range of applications for their chemical characteristics and unique aesthetic properties. Acrylics adhesives are priced low compared to other adhesives such as polyurethane-based adhesives. This has led to the increasing demand for acrylic-based adhesives in the automotive industry in recent years.
“The automotive segment is expected to dominate the flock adhesives market during the forecast period.”
The automotive segment is expected to dominate the flock adhesives market during the forecast period, 2017 to 2022. The market for flock adhesives in automotive applications is driven by the increased production of automobiles in countries such as the US, Mexico, Spain, Italy, China, and India. Among all vehicle types, passenger cars will be witnessing the highest growth in terms of consumption of flock adhesives as the demand for such cars is growing worldwide, especially in the Asia Pacific region. Factors such as increasing population base and shift in manufacturing facilities from North America and Europe to Asia Pacific are driving the growth of the automotive flock adhesives market in Asia Pacific.
“The Asia Pacific flock adhesives market is projected to grow at the highest CAGR during the forecast period.”
In terms of volume, the Asia Pacific flock adhesives market is projected to grow at the highest CAGR during the forecast period. The market for flock adhesives in Asia Pacific is witnessing a high growth owing to the increasing demand for solvent-based flock adhesives in the region. Many flock adhesives manufacturers are setting up or expanding their manufacturing bases in Asia Pacific to capitalize on the low manufacturing costs. Asia Pacific has emerged as the leading customer of flock adhesives owing to the increasing demand from various applications in the region, increasing disposable income, and easy access to resources.
Extensive primary interviews were conducted in the process of determining and verifying the sizes of various segments and subsegments of the flock adhesives market obtained through secondary research. The breakdown of primaries is given as follows:
- By Company: Tier 1 - 72%, Tier 2 - 25%, and Tier 3 - 3%
- By Designation: C level - 24% and Manager Level - 76%
- By Region: North America - 20%, Europe - 50%, Asia Pacific - 25%, and Rest of the World - 5%
Key players profiled in the report include Henkel (Germany), H.B. Fuller (US), Sika AG (Switzerland), Dow Chemical (US), and Kissel + Wolf (Germany), among others.
This report covers the flock adhesives market, both in terms of value and volume and forecasts the market size till 2022. The report includes the market segmentation on the basis of resin type, application, and region. It also provides detailed information about the key market players and competitive strategies adopted by them to strengthen their position in the flock adhesives market.
Key Benefits of Buying this Report:
This research report is focused on various levels of analysis?industry trends, market share analysis of the key players, supply chain analysis, and company profiles. These insights together comprise and discuss the overall view on the competitive landscape, emerging and high-growth segments of the flock adhesives market, high-growth regions, and drivers, restraints, opportunities, and challenges impacting the growth of the flock adhesives market.