Increased Spray Adhesive Market Growth and the Rising Demand from End-User Industries
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.
Due to the increasing demand from the end-user industries, the market for spray adhesives is anticipated to rise in the coming years. The development of these industries and the emergence of a diver product range along with the expansion of the market will be highly beneficial for the segment’s future growth. The spray adhesive market is likely to rise as the construction industry expands. In addition, increased investment in the construction and building sectors, as well as the development of the packaging industry in emerging areas, are likely to fuel market growth. As the public becomes more aware of the risks of volatile organic compounds, the usage of solvent-based spray adhesives is projected to decline, while the use of hot melt and liquid solutions will increase.
Over the projected period, the increased usage of spray adhesive in the vehicle sector for repairing signboards and other internal decorations is likely to fuel market demand.
These are commonly utilized in the manufacture of many sorts of furniture. Furthermore, throughout the assessment period, the growth of the woodworking sector in developing nations is likely to boost the market growth. The continuous demand for spray adhesives from numerous application industries, including manufacturing, building, and automotive, may be attributed to the expansion of the global market for spray adhesives. Furthermore, spray adhesives from the sector of foods and beverages for healthy packaging of food products is another element assisting market expansion.
Additionally, rising market participation in the form of collaborations and product launches to further promote the adoption of the spray adhesive to enhance their market share is further enhancing the market’s potential possibilities throughout the projection period. For instance, In July 2021, HB Fuller, a worldwide adhesives provider, established a strategic agreement with Covestro, one of the world’s top polymer suppliers, to assist firms in reducing the environmental effect of woodworking, composites, textiles, and the automotive sector. Additionally, Henkel Corporation as well as the FreeDM Systems Engineering Research Center established a new collaboration agreement in February 2021 to explore the influence of materials technology on applications of power electronics.
In the projected period and the next years, transportation is highly influencing the market’s growth
With growing security concerns and increased commercial usage of airplanes as a mode of transportation, demand for aircraft has increased globally. Various aircraft orders have been aligned for shipment in the future years because of this. Spray adhesives are needed for a range of transportation applications. These adhesives are primarily employed in automobile and aircraft interior trim applications. Furthermore, 3M is a global business based in the United States that operates in the domains of manufacturing, worker safety, medical services, and consumer products. It provides transportation adhesives that are categorized into three categories. Hot melt adhesives, water-based adhesives, and solvent-based adhesives are a few examples. All of these product lines are suited to the transportation sector and offer a varied product line. 3M Sprayable Hot Melt Glue 6111 is a heat applied, 100% solid, a sprayable adhesive that provides a quick and clean alternative to aerosol, contact, and solvent-based adhesives. It adheres to a wide range of surfaces, including polymers with low surface energy (LSE). It is ideal for big-area construction and does not harm heat-sensitive materials such as foam, polystyrene foam, and polyethylene. A result of such a diverse product range and the rise of the transportation industry will positively influence the market.
Due to the rise of the construction industry, the market for spray adhesive will witness high demand
The construction industry is expanding globally as a result of growing disposable income and increased government measures to stimulate residential building and infrastructure development. The improved economic circumstances in many areas of the world are likely to be one of the primary drivers of demand for spray adhesives for the construction industry, contributing to market expansion in the coming years. Furthermore, Sika AG, located in Baar, Switzerland, is a Swiss multinational specialty chemical firm that services the construction and automotive industries. The firm creates and manufactures bonding, sealing, damping, strengthening, and protective systems and products. SikaBond SprayFix, a multifunctional, high-performance aerosol spray adhesive that can be utilized for both interim and permanent bonding applications, is available from the firm. It is comprised of synthetic polymer and may last up to two years if stored properly. They must be kept in their original, undamaged packaging, dry, and out of the bright sun, at temperatures ranging from +10°C to +25°C. Therefore, due to the availability of innovative products by companies applying for the construction industry, this segment will majorly boost profitability for the market.
According to analysts, the Asia Pacific region is expected to occupy a notable share of the market in the coming years.
The Asia Pacific region accounts for a sizable part of the worldwide spray adhesives market, which is expected to expand at a healthy rate over the forecast period. This expansion may be ascribed to the existence of large market participants, as well as the region’s established automotive sector. The Asia Pacific spray adhesive market is expected to grow at an exponential rate due to the rising transportation and construction industries in emerging nations such as India and China. Furthermore, the presence of cost-competitive labor and raw materials is a significant factor behind the region’s market expansion.
