Adhesives Market Analysis

The global adhesives market is segmented by product type into acrylic, polyurethane, vinyl, epoxy, styrene, and others. Amongst these, the acrylic segment held a significant market share of 18.3% in the global market, valued at USD 8,663.5 million in 2019. A wide array of acrylic-based polymers and copolymers are used as a resin material for different adhesives owing to their durability, flexibility, and ability to be used in various applications. Polyurethane segment is among the fastest growing product segments and is expected to grow at a rate of 4.8% during the forecast period. These adhesives are suitable for low and high temperatures and show resistance to chemicals, water, and humidity.

The global market is segmented by formulation technology into solvent-based, water-based, radiation cured (UV/EB), and hot melt. Amongst these, hot melt segment is the fastest growing segment and is expected to touch USD 12,375.30 million by the end of 2020. It is estimated to grow at a rate of 5.4% during the forecast period on the back of its longer shelf life, ability to be disposed of without any special precautions, and reduced VOC emissions. Water-based segment forms the most significant technological segment valued at USD 18,826.10 million in the year 2019 owing to its non-hazardous and eco-friendly nature.

The global adhesives market is segmented by end use application into packaging, construction, textile, footwear, furniture, healthcare, and others. Amongst these, packaging is the largest end-use segment in the global market, valued at USD 15,671.8 million in the year 2019. Adhesives are used in the packaging of various materials ranging from the lamination of printed sheets and construction of corrugated boxes to packaging materials used for different types of consumer products. Also, a diverse range of adhesives is used for flexible as well as rigid packaging applications. Healthcare is the fastest growing end-use segment in the global market, which is expected to grow at a CAGR of 4.9% during the forecast period. In the past few years, the application of different adhesives in the medical sector is continuously increasing on account of significant benefits offered by these adhesives over the mechanical fastening systems.

Our in-depth analysis of the global market includes the following segments