|
Forecast Period
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2024-2028
|
|
Market Size (2022)
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USD18.09 billion
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CAGR (2023-2028)
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6.25%
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Fastest Growing Segment
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Polyurethane
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|
Largest Market
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Asia Pacific
|
Market Overview
Global Elastic Adhesive Market has valued at USD18.09 billion in 2022 and is anticipated to project robust growth in the forecast period
with a CAGR of 6.25% through 2028. Elastic Adhesives are versatile and flexible
adhesives that offer exceptional adhesive strength to a wide range of
materials. These adhesives find extensive applications in various industries
such as building and construction, automotive, and transportation. By forming
an elastic or rubber connection, they significantly enhance the longevity of
bonded items.The market for Elastic Adhesives is poised for
substantial growth, driven by the expansion of end-use industries including
construction, industrial, automotive, and transportation. Additionally, the
increasing demand for silicone and SMP adhesives will further fuel the market's
expansion. These adhesives not only provide improved joining qualities and
aesthetics but also offer an extended bond life. Moreover, their structures
exhibit enhanced aesthetics and provide exceptional UV and weathering
protection, further bolstering the market's growth.
However, despite the promising growth prospects,
the market faces certain challenges. The relatively low end-user acceptance
rate of elastic sealants poses a hindrance to the overall expansion of the
market. Additionally, limited awareness among end-users regarding the
availability and benefits of Elastic Adhesives and sealants contributes to the
market's constraint.
On a positive note, the non-residential and
residential building industries are expected to witness increased investments,
presenting numerous market opportunities for Elastic Adhesives. Nonetheless,
addressing the end-user preference for traditional sealants and raising
awareness about the benefits of Elastic Adhesives are crucial steps towards
expanding the Elastic Adhesive Market.
Key Market Drivers
Growing Demand of Elastic Adhesive in Automotive
Industry
The global elastic adhesive market is experiencing
a remarkable upward trajectory, primarily driven by the escalating demand from
the automotive industry. With the industry's growing emphasis on lightweight
materials and high-performance adhesives, the need for elastic adhesives is
witnessing substantial growth.
The automotive sector is in a constant state of
evolution, continually striving to enhance vehicle performance, fuel
efficiency, and sustainability. To achieve these goals, one of the key
strategies employed by the industry is the utilization of lightweight
materials. This is where elastic adhesives play a pivotal role.
Elastic adhesives are not only used to bond
different lightweight materials together, thereby reducing the vehicle's weight,
but they also contribute to improving its overall fuel efficiency.
Additionally, these adhesives are utilized to seal joints and fill gaps,
ensuring the durability and longevity of the vehicle.
Furthermore, with the rise of electric vehicles
(EVs), the demand for elastic adhesives has witnessed an even greater surge.
These adhesives play a critical role in EV production, as they are used to bond
batteries and other components while ensuring utmost safety.
Numerous automotive manufacturers have recognized
the immense benefits of employing elastic adhesives in their production
processes. For instance, Audi, the renowned German car manufacturer,
extensively uses elastic adhesives in the production of its Q2 model to achieve
weight reduction and enhance vehicle performance.
Similarly, Tesla, a leading player in the EV
market, heavily relies on elastic adhesives in the manufacturing of its
electric cars. These adhesives are employed to bond different parts of the
vehicle, including the battery pack, thus contributing to the vehicle's overall
safety and performance.
The growing demand for elastic adhesives in the
automotive industry is projected to continue fueling the growth of the global
elastic adhesive market. As the industry continues to evolve, with an unwavering
focus on lightweight materials and electric vehicles, the necessity for
high-performance adhesives like elastic adhesives will only intensify.
In conclusion, the surging demand for elastic
adhesives in the automotive industry serves as a significant driver of the
global elastic adhesive market. With the industry's steadfast commitment to
enhancing vehicle performance and fuel efficiency, the role of elastic
adhesives becomes increasingly crucial. This trend is poised to continue,
promising robust growth for the market in the forthcoming years.
Growing Demand of Elastic Adhesive in Construction
Industry
The construction industry is undergoing a rapid
evolution, driven by the desire to create structures that not only possess
aesthetic appeal but also exhibit exceptional durability and safety. In this
transformative landscape, elastic adhesives have emerged as an indispensable
component, thanks to their unique properties that offer unparalleled benefits.
Elastic adhesives find diverse applications in the
construction industry. They are used for bonding different materials like
glass, wood, concrete, and metal, thereby facilitating secure and reliable
connections. Additionally, these adhesives play a crucial role in sealing
joints and filling gaps, ensuring structural integrity. What sets elastic
adhesives apart is their remarkable flexibility, which enables them to
accommodate various types of movement, including thermal expansion,
contraction, or vibration. This flexibility significantly enhances the
longevity and durability of the constructed structures.
Furthermore, as the global focus on green buildings
and energy efficiency intensifies, the demand for elastic adhesives continues
to soar. These adhesives contribute to improving the insulation of buildings,
thereby reducing energy consumption, and supporting sustainability efforts.
Numerous noteworthy construction projects worldwide
have harnessed the advantages offered by elastic adhesives. For instance,
during the construction of the iconic One World Trade Center in New York,
elastic adhesives were meticulously employed to bond the glass panels,
amplifying the building's aesthetic appeal while ensuring its long-lasting
resilience. Similarly, in the renovation of the historic London Bridge Station,
elastic adhesives played a pivotal role in bonding various materials and
sealing joints, significantly contributing to the successful completion of the
project.
With the rising demand for elastic adhesives in the
construction industry, the global elastic adhesive market is poised for
substantial growth. As the industry continues to pursue innovation, placing an
emphasis on sustainability and durability, the need for high-performance
adhesives like elastic adhesives will only intensify.
In conclusion, the escalating demand for elastic
adhesives within the construction industry serves as a significant driving
force for the growth of the global elastic adhesive market. As the industry
consistently strives to build structures that are not only durable and safe but
also energy-efficient, the role of elastic adhesives becomes increasingly
pivotal. This trend is expected to persist, promising robust market expansion
in the years to come, as elastic adhesives continue to shape the future of
construction.
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Key Market Challenges
Volatility in Prices of Raw Materials
Elastic adhesives are widely recognized for their
exceptional properties, encompassing outstanding adhesion strength, remarkable
flexibility, and impressive resistance to temperature and chemicals. These
qualities make them highly sought after and extensively utilized across diverse
industries such as automotive, construction, and manufacturing.
However, despite the promising growth prospects,
the market for elastic adhesives faces a significant challenge in the form of
fluctuating raw material prices. The production of these adhesives heavily
relies on raw materials whose prices are closely tied to the volatility of
crude oil prices. Consequently, any fluctuations in crude oil prices directly
impact the cost of these raw materials, subsequently affecting the cost of
producing elastic adhesives.
Moreover, the volatility of raw material prices is
further exacerbated by regional supply-demand variations, production outages,
and currency fluctuations. These factors contribute to the overall instability
in raw material prices, posing a significant challenge for manufacturers. The
fluctuating prices not only affect their cost calculations and profitability
but also impact their overall business planning and decision-making processes.
It is important to note that the impact of volatile
raw material costs extends beyond the manufacturers themselves. This ripple
effect can be felt throughout the entire elastic adhesive market. Increased
product prices resulting from the fluctuating costs might discourage potential
customers, particularly in price-sensitive markets. Additionally, the
intensified competition among manufacturers, as they strive to maintain their
profit margins while keeping their products affordable, adds another layer of
complexity to the market dynamics.
In light of these challenges, manufacturers in the
elastic adhesive industry must navigate the intricate landscape of raw material
prices and adapt their strategies accordingly. Finding ways to mitigate the
effects of price instability, such as exploring alternative raw materials or
implementing efficient supply chain management practices, becomes crucial for
sustaining profitability and ensuring long-term success in this dynamic market.
Key Market Trends
Surge in Technological Advancements
Elastic adhesives, known for their high
flexibility, excellent adhesion strength, and resistance to temperature and
chemicals, are increasingly finding applications across numerous industries.
Their unique properties make them a versatile choice for various bonding needs.
However, it's the continuous technological advancements in this field that are
truly revolutionizing the market.
Recent years have seen considerable research and development
efforts aimed at enhancing the properties and performance of elastic adhesives.
Innovations are focused on increasing durability, enhancing bonding
capabilities, reducing curing time, and improving resistance to environmental
factors. These advancements are driven by the need to meet the ever-evolving
demands of industries and to ensure the adhesives can withstand the most
demanding conditions.
Moreover, as industries move toward automation,
there is an increasing demand for adhesives that can be applied using automated
processes. This has led to the development of elastic adhesives that are
compatible with robotic application systems. The ability to integrate
seamlessly into automated production lines not only improves efficiency but
also opens up new possibilities for industries seeking to optimize their
manufacturing processes.
The surge in technological advancements not only
boosts the performance of elastic adhesives but also expands their potential
applications. For instance, the development of heat-resistant elastic adhesives
has made them suitable for use in high-temperature environments such as engines
and industrial machinery. This breakthrough has revolutionized industries that
rely on adhesives to maintain structural integrity under extreme heat
conditions.
On the other hand, advancements in eco-friendly
adhesives align with the growing focus on sustainability, opening up
opportunities in green construction and manufacturing sectors. The demand for
adhesives that are not only high-performing but also environmentally friendly
is driving the development of greener alternatives. This trend ensures that
industries can make conscious choices that contribute to a more sustainable
future.
As technology continues to evolve, the trend of
technological advancements in the elastic adhesive market is expected to
persist. The future will likely see the development of smarter, more efficient,
and more sustainable adhesives that cater to the changing needs of different
industries. The possibilities are vast, and the potential for further growth in
the elastic adhesive market is immense.
In conclusion, the surge in technological
advancements is a key trend driving the growth of the global elastic adhesive
market. As these advancements continue to unfold, they promise to unlock new
possibilities for the market and fuel its growth in the years to come. With
continuous innovation and research, the elastic adhesive industry is poised for
a dynamic future, where new applications and improved performance will shape
the landscape of various industries.
Segmental Insights
Resin Type Insights
Based on the category of resin type, the polyurethane
segment emerged as the dominant player in the global market for Elastic
Adhesive in 2022. The Polyurethane segment is expected to dominate the Elastic
Adhesive Market due to its exceptional adhesion and painting qualities. These
adhesives are primarily utilized for bonding windscreens, side windows, and
rear windows of various vehicles such as cars, trucks, and tractors. Moreover,
they undergo polyaddition processes to cure, resulting in a somewhat
reticulated structure and elastomer properties. This unique combination of
properties makes Polyurethane adhesives highly versatile and reliable for a
wide range of automotive applications, ensuring long-lasting and durable bonds.
End User Insights
The construction segment is projected to experience
rapid growth during the forecast period. The growth in the industry can be
attributed to several factors. Firstly, the increasing urbanization across
various regions has led to a rise in demand for construction and infrastructure
development. With rising disposable income, people are investing in new
residential complexes, high-rises, and commercial buildings, further driving
the demand for construction materials.
Moreover, the industrial application segment is
expected to experience significant growth. This can be attributed to the
increasing demand for industrial equipment and machinery, which is supported by
the rising investment in infrastructure projects such as new factories and
power plants. Additionally, the adoption of green technologies and innovations
in manufacturing processes is also contributing to the growth of the industry.
Overall, these trends indicate a positive outlook
for the industry, with both the construction and industrial sectors expected to
experience sustained growth over the forecast period.
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Regional Insights
Asia Pacific emerged as the dominant player in the Global
Elastic Adhesive Market in 2022, holding the largest market share in terms of value.
The region is expected to maintain its dominance over the forecast period due
to the high product demand from various sectors such as automotive,
construction, and industrial. This demand is driven by the rapid growth of the
manufacturing industry in India and China, which benefits from low labor costs
and government support. Furthermore, Europe's demand for elastic adhesives has
outpaced other regions, particularly in packaging and medical applications like
surgical gloves, masks, condoms, and diaphragms. The growing usage of elastic
adhesives in these applications is attributed to their effectiveness and
reliability. Additionally, stringent regulations regarding fuel emissions set
by European governments are anticipated to further boost the usage rates of
elastic adhesives in the automobile industry. These factors collectively
contribute to the positive growth outlook for the region during the forecast
period.
Recent Developments
- In April 2023, Bostik, the adhesive company of
Arkema, introduced a groundbreaking product known as Flexcryl ClearCycle 1000,
the first-ever all-temperature, wash-off label adhesive. This adhesive has
revolutionized the industry by providing a solution that surpasses previous
limitations. Notably, Flexcryl ClearCycle 1000 received official recognition
from the Association of Plastic Recyclers (APR) for its exceptional
compatibility with PET bottle label recycling and its significant contribution
to recycling streams.
- In November 2022, Henkel, a global leader in
adhesive technologies, unveiled its latest innovation, the Loctite UK 2073-2173
adhesive. This cutting-edge adhesive is formulated using advanced two-component
polyurethane (2K-PU) technology, making it solvent-free, highly elastic, and
capable of delivering exceptional performance across a wide range of
substrates. Henkel's commitment to expanding its diverse range of 2-component
polyurethane adhesives led to the introduction of Loctite UK 2073-2173, a
product designed to meet the evolving needs of various industries.
- At the prestigious 5th China International Import Expo
(CIIE 2022) in November 2022, Dow, a renowned chemical company, made a
significant impact with the launch of VORATRONTM MA 8200S high-bonding
adhesives. This groundbreaking adhesive has revolutionized the performance of
battery packs for electric cars, enhancing safety, sturdiness, sustainability,
and overall quality. The introduction of the New VORATRONTM MA 8200S adhesive
has set a new benchmark for integrated assembly and has garnered widespread
acclaim for its ability to meet the stringent demands of the automotive
industry.
Key Market Players
- Henkel AG & CO.
- Sika AG
- 3M
Company
- H.B.
Fuller Company
- Bostik
(Arkema) SA
- DuPont de
Nemours Inc
- Weicon
GmbH & Co. KG
- Three
Bond Co. Ltd.
- Beijing
Comens New Materials Co Ltd
- Wacker
Chemie AG
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By Resin Type
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By End User
|
By Region
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- Polyurethane
- Silicone
- Silane
Modified Polymers (SMP)
- Others
|
- Construction
- Industrial
- Automotive
- Others
|
- North
America
- Europe
- Asia Pacific
- South
America
- Middle East
& Africa
|
Report Scope:
In this report, the Global Elastic Adhesive Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Elastic Adhesive Market, By Resin Type:
o Polyurethane
o Silicone
o Silane Modified Polymers (SMP)
o Others
- Elastic Adhesive Market, By End User:
o Construction
o Industrial
o Automotive
o Others
- Elastic Adhesive Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global
Elastic Adhesive Market.
Available Customizations:
Global Elastic Adhesive Market report with the
given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
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