Mexico Adhesives Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Technology (Water-Based, Solvent-Based, Hot-Melt, Reactive, Others), By Products (Acrylic, Epoxy, Ethyl Vinyl Acetate, Polyurethane, Polyvinyl Acetate, Others), And By Application (Packaging, Construction, Consumer Appliances, Leather, Laminates, Automobile, Others) - Forecasts From 2023 To 2028
- Published : Mar 2023
- Report Code : KSI061610148
- Pages : 114
The Mexico adhesives market is expected to grow at a compound annual growth rate of 5.80% over the forecast period to reach a market size of US$809.894 million in 2028, from US$545.670 million in 2021.
The expanding requirement from the packaging market and the country's rising automobile manufacturing are the main drivers of the Mexico adhesive market. With more end-user applications, the need for adhesives in the packaging sector is growing. The demand for packaging, particularly flexible packaging, has been rising in Mexico as a result of several reasons including light weighing items, diverse sizes, shelf life, and ease of recycling. Flexible packaging, specialty packaging, composite containers, and frozen food packaging are some of the packaging applications that use adhesives and sealants. The expansion of adhesives in the packaging sector in the area has also been fueled by elements like e-commerce or food deliveries over the internet. In addition, the adhesive market in Mexico is expanding significantly as a result of the arrival of foreign competitors, the use of new technologies, and other factors.
Driver: Growing demand for adhesives in the construction industry
Adhesives are used in construction activities for bonding structural parts such as construction panels, ceramic tiles, and structural glasses. Also, the usage of adhesives in cement acts as a primer and provides better bonding as well as water & corrosion resistance. With the growing construction, the demand and usage of adhesives are also expected to increase in Mexico. According to the International Trade Administration, the construction industry of Mexico is expected to recover after the 17.6 percent decline it witnessed in the year 2020. The construction industry of Mexico includes building materials, efficient expertise such as in seismic stabilization as well as sustainable building technologies which will act as a beneficial prospect industry sector for Mexico. Furthermore, Mexico’s construction industry will improve the country’s economic outlook. These factors as a result are expected to drive the adhesives market.
Multiple key developments followed by various launches in the market are expected to drive the demand for the adhesives market in Mexico.
In 2022, MA 105 was launched by ITW Performance Polymers. This certain launch is a new adhesive that is equipped with excellent mechanical properties, a broad range of adhesion as well as fast room-temperature curing. Moreover, in 2021, a new range of disposable hygiene adhesive solutions was introduced by the Nuplaviva brand. This new range of adhesives is formulated with bio-based renewable content.
Bexel Internacional S.A. de C.V., a top producer of adhesives, including water-based adhesives and stuccos in Mexico, was acquired by Sika, a Swiss multinational specialty chemical business and a major supplier of adhesives globally, in August 2021. Sika's position in the booming Mexican adhesives industry was bolstered by the acquisition, which also greatly expanded its manufacturing capabilities. Sika's existing geographic presence was enhanced by Bexel's five strategically positioned production facilities, which further reinforce the company's strategic focus on major cities. A new plant serving Mexico City was created in the same year in order to boost manufacturing capacity and solidify Sika's position in the rapidly urbanizing region of the country.
By technology, water-based adhesives are poised to grow throughout the forecast period.
Based on technology, the Mexico Adhesives market is segmented into water-based, solvent-based, hot-melt, reactive, and others. Water-based adhesives are poised to grow throughout the predicted period owing to their non-toxic and environment-safe characteristics, which makes them particularly suitable for packaging purposes in the FMCG industry as they do not contaminate the products inside. The expanding Mexican adhesives market, especially in the water-based adhesives segment has led to a rise in the trading activity of glues and adhesives by Mexico, which has benefitted the Mexican water-based adhesives market. Further, in 2022, the Mexican packaging company, Grupo Gondi, announced a partnership with the Swiss company, Bobst, to develop a new range of sustainable packaging solutions that use water-based adhesives. The partnership aims to provide customers with more eco-friendly options for their packaging needs.
Based on application, the Mexico adhesives market is segmented into packaging, construction, consumer appliances, leather, laminates, automobile, and others.
Mexico is experiencing significant growth in its automobile production owing to the growing demand for new vehicles. Moreover, rising environmental concerns are making the demand for eco-friendly packaging by adhesive products increase in Mexico. Many companies in Mexico are exploring the use of eco-friendly packaging materials that require adhesives, such as biodegradable packaging or recycled materials. For instance, in 2019, Mexican adhesive manufacturer Quimobásicos launched a new range of adhesives for packaging that is made from renewable raw materials and is 100% biodegradable. A Mexican company, Flexi Pack, in 2021, launched an eco-friendly packaging option for its clients. The packaging is made from recycled plastic materials and is held together by a water-based adhesive, which is safer for the environment.
- By Technology
- By Products
- Ethyl Vinyl Acetate
- Polyvinyl Acetate
- By Application
- Consumer Appliances
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. MEXICO ADHESIVES MARKET BY TECHNOLOGY
6. MEXICO ADHESIVES MARKET BY PRODUCTS
6.4. Ethyl Vinyl Acetate
6.6. Polyvinyl Acetate
7. MEXICO ADHESIVES MARKET BY APPLICATION
7.4. Consumer Appliances
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.2. Arkema Group
9.3. H.B. Fuller Company
9.4. Henkel AG & Co. KGaA
9.5. Sika AG
Henkel AG & Co. KGaA
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