The spray adhesive market is expected to grow at a CAGR of 5.20% over the forecast period to reach a total market size of US$5,635.667 million by 2025, increasing from US$4,157.667 million in 2019. Spray Adhesives are used in a variety of applications across various end-user industry verticals. There is an availability of different types of spray adhesives according to different strengths and uses. It helps in less work and is neat, easier to apply avoiding problems like overspray. The boost in the market growth is attributable to the fact that there is increasing adoption of spray adhesive among various end-user industries with the major demand coming from industries such as packaging, construction and automotive & transportation among others. In addition, the increasing participation by market players in the form of partnerships and product launches to further expand the adoption of the spray adhesive to increase their market share is further boosting the market, growth opportunities during the forecast period. For instance, in March 2018, 3M launched its Hi Tack Composite spray adhesive 71 for infusion composites fabrication application specifically for industrial, marine and transportation markets.
Construction end user industry is expected to grow at a significant rate during the forecast period.
The construction sector is growing across the globe on account of rising disposable income coupled with increasing government initiatives to boom the residential construction and infrastructural development. The improving economic condition in many parts of the world is expected to be one of the key drivers to amplify the demand for spray adhesives for construction industry and add up to the growth of the market during the coming years. For instance, according to the US Department of Commerce, the total value of construction including the public and private for both residential and non-residential sectors in the United States has increased from USD$ 788,332 million in 2011 to USD$1,303,469 million by 2019.
Growing adoption in packaging industry is expected to augment the market growth opportunities inthe 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, 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 the 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 a 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 growth further over the forecast period. Also, in order to ensure the effectiveness of the adhesives for catering to different applications in various industries is of utmost importance, as 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 significant share in the market.
On the basis of type, the spray adhesives market has been segmented into the water-based, solvent-based, and hot melt among others. Solvent based is expected grow at a significant share in the market owing to its wider application across different industry verticals. Also, hot melt segment is growing at an exponential rate on account of stringent environment regulations.
Asia Pacific is estimated to hold a significant share in the market.
By geography, the global spray adhesive market has been segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific (APAC) regions. The Asia Pacific accounts for the significant share of the global spray adhesive market in 2019 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 expanding the 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 industry coupled with favorable government policies in the region. Similarly, in the Middle East region, the government of the major countries like Saudi Arabia and UAE have their main focus in the development of commercial infrastructure which is indicated from the fact, that there are various initiatives taken by the government of major countries like Saudi Vision 2030, UAE Vision 2021 and UAE Vision 2023 that include 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.
Prominent key market players in the global spray adhesive market include Marston, Domsel GmbH, Siliconi commerciale Spa, FAC GB s.r.l., Gemini Adhesives Ltd, and Bostik among others. At present, these companies hold a significant share in the market and are adopting various growth strategies such as new product launches, M&A, and partnerships to expand their global footprint. For instance, recently, Pidilite announced the acquisition of nearly seventy percent share in Tenax India a leading manufacturer of adhesives, coating, surface treatment chemicals and abrasives for the marble, granite and stone Industry. Besides, companies are focusing on improving the quality of spray adhesive through research and development and by developing spray adhesive which can be used in the manufacturing of highly durable UHP electrodes. Furthermore, companies investing in technology and manufacturing strengths and capabilities to hold a competitive advantage over their competitors.