Spray Adhesive Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Type (Water Based, Solvent Based, Hot Melt, Others), By End User (Construction, Packaging, Furniture, Others), And By Geography - Forecasts From 2022 To 2027

Published:  Sep 2022 Report Code: KSI061611078 Pages: 126

The spray adhesive market is expected to grow at a CAGR of 7.51% over the forecast period to reach a total market size of US$6.334 billion by 2027, increasing from US$3.816 billion in 2020. Spray Adhesives are used in a variety of applications across various end-user industry verticals. There is an availability of different types of spray adhesives according to different strengths and uses. It helps with less work and is neater and easier to apply, avoiding problems like overspray. The boost in the market growth is attributable to the fact that there is increasing adoption of spray adhesive among various end-user industries with the major demand coming from industries such as packaging, construction, and automotive & transportation, among others.

In addition, the increasing participation by market players in the form of partnerships and product launches to further expand the adoption of the spray adhesive to increase their market share is further boosting the market, growth opportunities during the forecast period. For instance, in March 2018, 3M launched its Hi Tack Composite spray adhesive 71 for infusion composite fabrication applications specifically for industrial, marine, and transportation markets.

The Construction industry is expected to grow at a significant rate during the forecast period.

The construction sector is growing across the globe on account of rising disposable income coupled with increasing government initiatives to boost residential construction and infrastructural development. The improving economic conditions in many parts of the world are expected to be one of the key drivers to amplify the demand for spray adhesives for the construction industry and add to the growth of the market during the coming years.

For instance, according to the US Department of Commerce, the total value of construction, including public and private, for both residential and non-residential sectors in the United States has increased from USD$ 788,332 million in 2011 to USD$1,303,469 million by 2019.

Growing adoption in the packaging industry is expected to augment the market growth opportunities in the coming years

The packaging industry today is evolving due to the growing demand for a variety of consumer products such as food and beverages, electronics, sanitary products, and personal care products, among others. This demand is being accelerated as a result of the rising disposable income among the middle-income and low-income population and their increased propensity to spend in developing countries like China, India, and Brazil. In conjunction, the increasing sale of products through eCommerce channels and the growth of e-retail stores as they provide lucrative discounts and convenience, thereby adding to this increased demand.

Moreover, this increasing adoption is also attributable to the fact that the players are looking to maximize their profits as well as gain a competitive edge over the other rivals. Thus, this factor is bolstering the market’s growth further over the forecast period. Also, in order to ensure the effectiveness of the adhesives for catering to different applications in various industries, it is of utmost importance to ensure the quality and the finish of the end-product depend on it. To cater to these problems, the market players are involved in the market through investments and new product launches, aiming to make spray adhesive products more efficient and effective.

By type solvent melt is holding a significant share of the market.

On the basis of type, the spray adhesives market has been segmented into water-based, solvent-based, and hot melt, among others. Solvent-based is expected to account for a significant share of the market owing to its wider application across different industry verticals. Also, the hot melt segment is growing at an exponential rate on account of stringent environmental regulations. 

The Asia Pacific is estimated to hold a significant share in the market.

By geography, the global spray adhesive market has been segmented as follows: North America, South America, Europe, the Middle East, and Africa, and Asia Pacific (APAC) regions.

The Asia Pacific accounts for a significant share of the global spray adhesives market in 2020 and is projected to grow at a healthy rate throughout the forecast period. This growth is attributed to the presence of big market players coupled with the established steel industry in the region. The spray adhesive market in the Asia Pacific region is anticipated to witness exponential growth owing to the expanding automotive and construction industry in developing countries like China and India. For instance, automotive production in India has increased from 3,898.425 thousand units in 2013 to 5,174.645 thousand in 2018 (Source: International Organization of Motor Vehicle Manufacturers).

However, the North American spray adhesive market will witness considerable growth during the forecast period owing to the rising manufacturing and automotive industries coupled with favourable government policies in the region. Similarly, in the Middle East region, the governments of major countries like Saudi Arabia and UAE have their main focus on the development of commercial infrastructure, which is indicated by the fact, that there are various initiatives taken by the governments of major countries like Saudi Vision 2030, UAE Vision 2021, and UAE Vision 2023 that include the construction of new hotels, airports, and metros, which are also anticipated to positively impact the growth of the spray adhesives market during the forecast period and beyond.

Covid-19 Impact on Spray Adhesive Market:

The covid-19 Pandemic has negatively impacted the overall market growth due to the adverse effect of a pandemic on major end-user industries. Building and Construction, transportation and textile industry are the major end-user of spray adhesives. During the outbreak of the Covid-19 Pandemic, government impose various lockdown restrictions worldwide which halted various operations in the end-user industries. Out of all the industries building and construction and transportation industries were the majorly affected ones. The government has imposed travel bans which have declined the overall growth of the transportation sector which in turn has affected the growth of the spray adhesives market. However, the market is expected to grow in future due to the massive investments and innovative product launches by major key players in the industry. Major key players like 3M and H.B. fuller company are introducing a wide range of spray adhesives that are approved and certified by GREENGUARD indoor air quality and LEED (Leadership in Energy and Environmental Design) programs.

Key Developments:

  • April 2021: 3M has introduced a new industrial spray gun for adhesives and coatings. The product is durable and versatile and can meet the tough and lengthy needs of the industry. It is capable of handling the spraying of a wide selection of adhesives, coatings, primers, basecoats and topcoats.
  • Sept 2021: H.B. Fuller India has launched Swifttak PS5600-I, a water-based, food-safe adhesive under its Swifttak brand to meet the increasing paper straws demand.
  • Aug 2020: Bostik, a leading market player and an adhesive specialist has launched a new, innovative water-based adhesive, Aquagrip 3720, for automotive interior assembly applications. This product is ideal for bonding low surface energy and foam-backed materials, it also improves process efficiencies and product performance by reducing environmental impact and enhancing worker safety.
  • Dec 2019: MAPEI has launched Ultrabond Spray RFA and UltrabondSpray CTA. These are spray adhesives which are used for carpet and resilient flooring installations. These adhesives are designed to replace trowel-applied adhesives, aerosolized, water-based, high-performance, acrylic adhesives.

Spray Adhesive Market Scope:

 

 

Report Metric Details
 Market Size Value in 2020  US$3.816 billion 
 Market Size Value in 2027  US$6.334 billion
 Growth Rate  CAGR of 7.51% from 2020 to 2027
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments Covered  Type, End User, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Phillips MFG, Asbury Carbons, GrafTech International, Mitsubishi Chemical Corporation, SojitzJECT Corporation, Indian Oil Corporation, 3M, Sumitomo Corporation, Open Corporation
 Customization Scope  Free report customization with purchase

 

Market Segmentation:

  • By Type
    • Water based
    • Solvent based
    • Hot melt
    • Others
  • By End User
    • Construction
    • Packaging
    • Furniture
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Russia
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Thailand
      • Taiwan
      • Indonesia
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the spray adhesives market size by 2027?
A1. The spray adhesive market is expected to reach a total market size of US$6.334 billion in 2027. 


Q2. What are the growth prospects for the spray adhesives market?
A2. The global spray adhesive market is expected to grow at a CAGR of 7.51% over the forecast period. 


Q3. What is the size of the global spray adhesives market?
A3. Spray Adhesive Market was valued at US$3.816 billion in 2020. 


Q4. What factors are anticipated to drive the spray adhesives market growth?
A4. The spray adhesives market growth is attributable to the fact that there is increasing adoption of spray adhesive among various end-user industries with the major demand coming from industries such as packaging, construction, and automotive & transportation among others.  


Q5. Which region holds the largest market share in the spray adhesives market?
A5. The Asia Pacific accounts for a significant share of the global spray adhesives market and is projected to grow at a healthy rate throughout the forecast period. 

 

1. Introduction
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis

5.  Spray Adhesive Market Analysis, By Type
5.1.  Introduction
5.2. Water based
5.3. Solvent based
5.4.  Hot melt
5.5.  Others

6. Spray Adhesive Market Analysis, By End User
6.1.  Introduction
6.2. Construction
6.3.  Packaging
6.4.  Furniture
6.5.  Others

7. Spray Adhesive Market Analysis, By Geography
7.1.  Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. UK
7.4.2. Germany
7.4.3. France
7.4.4. Italy
7.4.5. Russia
7.4.6. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Others
7.6. Asia Pacific
7.6.1. Japan
7.6.2. China
7.6.3. India
7.6.4. South Korea
7.6.5. Thailand
7.6.6. Taiwan 
7.6.7. Indonesia 
7.6.8. Others

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
9.1.  Phillips MFG
9.2. Asbury Carbons
9.3. GrafTech International
9.4. Mitsubishi Chemical Corporation
9.5.  SojitzJECT Corporation
9.6. Indian Oil Corporation

Phillips MFG

Asbury Carbons

GrafTech International

Mitsubishi Chemical Corporation

SojitzJECT Corporation

Indian Oil Corporation

3M

Sumitomo Corporation

Open Corporation

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