The Plastic adhesives market is projected to grow from USD 6.8 billion in 2020 to USD 9.2 billion by 2025, at a CAGR of 6.3% between 2020 and 2025. APAC is the largest plastic adhesives market and is also projected to register the highest CAGR. This high growth is due to the growing demand from the packaging, building & construction, and automotive & transportation sectors. There is rising awareness about the use of eco-friendly adhesives in this region.
Medical is projected to be the fastest-growing application of plastic adhesives. Medical device assembly varies widely and typically involves bonding materials that are otherwise difficult to create adhesion. Few substrates may even require the use of primers or other surface preparation to achieve satisfactory adhesion. In addition to bonding parts successfully, medical device adhesives must be compatible with direct or indirect contact with the body and may be required to withstand multiple sterilizations.
“Packaging segment is projected to be the largest end-use market of plastic adhesives.”
Packaging is the largest application segment, in terms of value, between 2020 and 2025. The demand for plastic adhesives is high due to the rising demand for packaged food products. The demand for longer shelf life of food products such as meat, milk, and cheese is driving the consumption of plastic adhesives in the food & beverage application. There is rising awareness among consumers about the nutritional value of food, which has led to the increased use of plastic adhesives in the packaging of food & beverage.
“Cyanoacrylate resin is the fastest-growing segment of the plastic adhesives market.”
Cyanoacrylate is the fastest-growing segment, I terms of volume, netween 2020 and 2025. Cyanoacrylate adhesives are prepared from a special type of acrylic monomer, which is generally ester of 2-cyanoacrylic acid. Cyanoacrylates offer quick curing and exhibit high bond strengths when applied to plastic and rubber materials. Their versatile nature makes them useful in all industries. They are used in electronics for printed circuit board wires and components, and also in medical technology for disposable plastic medical devices. They also find applications in toys, small and large appliances, automotive, and cosmetic packaging.
“APAC is the fastest market for plastic adhesives during the forecast period.”
APAC is projected to be the largest and the fastest-growing market for plastic adhesives during the forecast period. With economic contraction and saturation in European and North American markets, the demand is shifting to the APAC region. Plastic adhesives manufacturers are targeting this region, as it has the strongest construction industry, accounting for approximately 40% of the global construction spending. Countries such as India and China are investing heavily in various end-use industries, which is likely to influence the growth of the plastic adhesives market in these countries.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.
Breakdown of Primary Interviews:
- By Company Type: Tier 3 – 46%, Tier 2 – 36%, and Tier 1 – 18%
- By Designation: D Level – 27%, C Level – 18%, and Others – 55%
- By Region: APAC – 45%, North America – 18%, Europe – 9%, South America- 9%, and the Middle East & Africa – 9%
The key companies profiled in this report are Henkel AG (Germany), H.B. Fuller (US), Arkema (Bostik SA) (France), 3M Company (US), Sika AG (Switzerland).
The plastic adhesives market has been segmented based on resin type (epoxy, polyurethane, acrylic, silicone, MMA, cyanoacrylate, and others), substrate (PE, PP, PVC, and others), application (packaging, building & construction, automotive & transportation, assembly, medical, and others), and region (APAC, Europe, North America, South America, and Middle East & Africa). The application and substrate segments are further analyzed for each country in the respective regions.
Reasons To Buy the Report
From an insight perspective, this research report focuses on various levels of analyses ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on plastic adhesives offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for plastic adhesives across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the market