|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD3.45 billion
|
|
CAGR (2023-2028)
|
5.00%
|
|
Fastest Growing Segment
|
Epoxy
|
|
Largest Market
|
Asia Pacific
|
Market Overview
Global Spray Adhesives Market has valued at USD3.45 billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 5.00% through 2028. Spray adhesives are widely used in
various industries such as transportation, construction, and furniture. In the
transportation industry, these adhesives find applications in interiors and
upholstery for vehicles, aircraft, and ships. In construction, they are
extensively utilized for flooring and roofing applications. Moreover, spray
adhesives are also commonly employed in packaging, arts and crafts, and textiles.
One of the key advantages of using spray adhesives is their ability to wet the
base of joining surfaces, resulting in better and stronger bonds by
consistently transferring loads between the blended surfaces. It is worth
mentioning that some spray adhesives may contain volatile organic compounds
(VOCs) that are emitted during their application.
In recent years, the demand for hygienic food
packaging has been increasing, which is expected to further drive the growth of
the Spray Adhesives Market. Additionally, the use of spray adhesives in bonding
laminates, decorative cushions, fabrics, and foams to furniture will contribute
to the growth of the industry. These versatile adhesives are also commonly used
for gluing drywalls, plasters, fiberglass, and suspended ceilings. Moreover,
they find applications in the construction industry for bonding EPS foams, pipe
insulation, roofing membranes, and carpet tile installation.
Spray adhesives have emerged as excellent
alternatives to tape glues, white glues, and hot glues due to their superior
properties such as strong bonding, resistance to heat and moisture, and more.
Furthermore, the increasing economic growth in countries like Indonesia,
Malaysia, the Philippines, and Thailand is anticipated to drive the growth of
the Spray Adhesives Market, fueled by the growing investments in the
infrastructure sector.
The favorable socio-economic and demographic
factors, including urbanization, population growth, disposable incomes, and
improved living standards, are expected to positively impact the global spray
adhesives market. However, there are certain challenges and restraints that
need to be addressed. For instance, the high VOC emissions associated with
solvent-based adhesives pose hurdles to market growth. Additionally, epoxy
resin-based adhesives, which are commonly used in the industry, are subject to
price fluctuations as they are derived from petroleum. Nevertheless, the
increasing demand for low-VOC and eco-friendly adhesives, along with ongoing
innovations in the field of hot melts and low-VOC formulations, are expected to
create lucrative growth opportunities in the market.
Overall, the Spray Adhesives Market is poised for
growth, driven by its wide range of applications and the need for efficient
bonding solutions in various industries.
Key Market Drivers
Growing Demand of Spray Adhesives in Construction
Industry
The global spray adhesives market has been on a
consistent upward trajectory, driven by a multitude of factors. One of the key
drivers of this growth is the ever-increasing demand for spray adhesives in the
construction industry. The construction sector, being one of the pillars of
economic development, relies heavily on efficient and reliable materials, and
spray adhesives have emerged as a go-to solution for many applications in this
field.
Spray adhesives, which are specialty glues packaged
in convenient aerosol cans or cylinders, offer a myriad of benefits that make
them highly sought after in construction projects. Their ability to provide an
even distribution of adhesive ensures strong bonding, while their fast-drying
time saves valuable time during construction. Furthermore, spray adhesives
exhibit remarkable resistance to heat and moisture, making them ideal for
various challenging environments.
In the construction sector, spray adhesives find
widespread use due to their versatility, efficiency, and durability. They have
proven to be indispensable in applications such as insulation attachment,
drywall lamination, carpet tile installation, and ceiling tile adhesion, among
others. The quick and efficient method of securing materials together that
spray adhesives offer significantly reduces both the time and labor required
for construction projects, enhancing overall productivity.
Another noteworthy aspect of spray adhesives is
their compatibility with a wide range of materials. Whether it's wood, metal,
concrete, foam, fabric, or more, spray adhesives exhibit excellent adhesion
properties, making them a reliable choice for diverse construction needs. This
versatility further adds to their appeal and utility in the industry.
The construction industry is experiencing
substantial growth worldwide, fueled by factors such as increasing
urbanization, population growth, and infrastructure development projects. As
the industry expands and evolves, the demand for efficient and reliable
materials like spray adhesives continues to surge. Moreover, the growing trend
towards green building and sustainable construction practices has emphasized
the need for products that are low in volatile organic compounds (VOCs) and
contribute to improved indoor air quality. Spray adhesives, with their low VOC
content, align perfectly with these requirements, further driving their
adoption in construction projects.
In conclusion, the increasing demand for spray
adhesives in the construction industry serves as a significant driver for the
global spray adhesives market. As the construction industry continues to thrive
and evolve, the demand for effective and environmentally friendly products like
spray adhesives is anticipated to witness a further surge, propelling the
market's growth to new heights.
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Growing Demand of Spray Adhesives in Packaging
Industry
Spray adhesives, which are typically packaged in
aerosol cans or cylinders, are a specialized type of glue that is specifically
designed for easy and quick application. These adhesives are known for their
exceptional bonding strength, fast-drying time, and resistance to both heat and
moisture. One of their key advantages is the ability to provide an even
distribution of adhesive, making them a preferred choice for a wide range of
applications, particularly in the packaging industry.
In the packaging industry, spray adhesives play a
crucial role and are extensively utilized due to their exceptional versatility
and efficiency. They offer a fast, durable, and robust bond that is ideal for
securing various types of packaging materials, including cardboard, plastic,
and foam. The flexibility of spray adhesives also allows for both temporary and
permanent bonding, depending on the specific requirements of the packaging.
This adaptability makes them suitable for a wide range of packaging applications,
ranging from food and beverage packaging to electronics and consumer goods
packaging.
The packaging industry is experiencing robust
growth globally, fueled by factors such as increasing consumerism, the booming
e-commerce sector, and the expanding food and beverage industry. As this
industry continues to grow, the demand for efficient and reliable materials
like spray adhesives is also on the rise.
Furthermore, there is a growing emphasis on
sustainable packaging solutions, which has led to an increased demand for spray
adhesives that are low in volatile organic compounds (VOCs) and comply with
environmental regulations. This shift towards eco-friendly practices has
further propelled the demand for spray adhesives in the packaging industry.
In conclusion, the increasing demand for spray
adhesives in the packaging industry is a significant driving force behind the
growth of the global spray adhesives market. As the packaging industry
continues to evolve towards more sustainable practices, the demand for
efficient and environmentally friendly products like spray adhesives is
anticipated to rise, further boosting the growth of the global spray adhesives
market. The continuous development and innovation in spray adhesive technology
are expected to cater to the evolving needs of the packaging industry, ensuring
its vital role in the market for years to come.
Key Market Challenges
Volatility in Prices of Raw Materials
Spray adhesives, known for their convenience in
aerosol cans or cylinders, are specialized glues formulated with a range of raw
materials including resins, solvents, and propellants. However, the cost of
these raw materials is subject to fluctuations influenced by various factors
such as changes in crude oil prices, supply chain disruptions, trade policies,
and geopolitical events. These price volatilities can significantly impact the
overall cost of production, subsequently affecting the profitability and
pricing of spray adhesives in the global market.
The volatility in raw material prices not only
affects production costs but also creates challenges for manufacturers in
predicting and managing costs, potentially resulting in reduced profit margins.
Moreover, these price fluctuations can disrupt the competitive landscape, as
smaller companies may struggle to absorb the increased costs, leading to a
potential consolidation of the market in favor of larger players who have
better capabilities to manage these challenges.
Additionally, the impact of volatile raw material
prices extends beyond production costs. It can also result in increased
logistics costs, further straining the resources of market participants and
adding complexity to their operations.
Key Market Trends
Surge in Technological Advancements
Technological advancements in the field of spray
adhesives are driven by the constant pursuit of improving product efficiency,
reducing environmental impact, and expanding application areas. In this quest
for innovation, researchers and engineers are continuously developing new
formulations that offer superior bonding strength, faster drying time, and
compatibility with an even wider range of materials.
One notable development in recent years is the
introduction of water-based spray adhesives. These environmentally friendly
alternatives have gained significant attention and are projected to capture a
substantial market share. Their low volatile organic compound (VOC) emissions
and compliance with stringent environmental regulations make them an ideal
choice for industries that prioritize sustainability.
As a result of these technological advancements,
the global spray adhesives market has witnessed a significant transformation.
New and improved product formulations, coupled with enhanced application
techniques, have expanded the use of spray adhesives across various industries.
In the transportation sector, for example, the adoption of spray adhesives has
surged for interior and upholstery applications. Technological innovations have
provided superior bonding strength and durability, meeting the demanding requirements
of this industry.
Furthermore, advancements in technology have
enabled the development of spray adhesives that can withstand extreme
temperatures and harsh environmental conditions. This has opened up new
possibilities for applications in industries such as aerospace and automotive,
where adhesives need to perform reliably under challenging circumstances.
As the demand for efficient and environmentally
friendly adhesives continues to grow, the role of technological advancements
becomes even more critical. Companies operating in the spray adhesives market
must continually invest in research and development to stay ahead of evolving
industry trends and consumer demands. The shift towards green and sustainable
practices is expected to drive further advancements in the formulation of spray
adhesives, particularly in the development of bio-based or recyclable adhesives.
By pushing the boundaries of technology, the spray
adhesives industry is poised to revolutionize the way materials are bonded and
revolutionize various sectors, including transportation, packaging, and
construction.
Segmental Insights
Chemistry Insights
Based on the category of chemistry, the epoxy
resins segment emerged as the dominant player in the global market for Spray
Adhesives in 2022. The excellent resistance offered by Epoxy Resins towards
heat and chemical applications is greatly boosting its demand among various
end-use industries. The outstanding durability of epoxy resin makes it an ideal
choice for use with a wide range of materials including fabric, wood, metal,
and glass. Its low shrinkage, remarkable mechanical strength, and strong
fatigue properties contribute to the projected revenue growth of this segment.
Additionally, epoxy adhesives offer numerous advantages such as strong adhesive
and cohesive strength, material versatility, accelerated cure time, and
exceptional environmental resistance. These remarkable features make epoxy
resins a preferred choice for a variety of applications in different
industries.
Type Insights
The water-based segment is projected to experience
rapid growth during the forecast period. The water-based segment is projected
to hold a significant revenue share in the global spray adhesives market. This
is primarily attributed to the presence of stringent regulations governing the
emissions of volatile organic compounds (VOCs). As awareness grows regarding
the negative effects of VOCs on human health, the demand for water-based
adhesives is increasing in comparison to solvent-based adhesives. One of the
key advantages of water-based adhesives is their absence of VOCs, making them a
more environmentally friendly option.
Moreover, water-based adhesives offer various
benefits such as consistency, bond stability, versatility, and
cost-effectiveness. These factors are driving the revenue growth of the
water-based segment. Additionally, water-based adhesives can be successfully
utilized on a wide range of substrates, including synthetic and natural
textiles, paper, cardboard, and plastics. Their advanced bonding capabilities
make them suitable for meeting demanding applications in various end-use
markets.
Furthermore, the use of water-based spray adhesives
contributes to the improvement of quality, efficiency, and sustainability in
the furniture and building components industry. With the increasing
construction of green buildings, the demand for water-based spray adhesives is
expected to witness significant growth in the construction sector. This is
mainly because water-based adhesives are non-hazardous and eco-friendly,
aligning with the sustainability goals of green buildings.
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Regional Insights
Asia Pacific emerged as the dominant player in the Global
Spray Adhesives Market in 2022, holding the largest market share in terms of
value. Rapid urbanization, industrial development, and expansion in the transportation
and construction sectors in developing countries of the region are projected to
drive the growth of the spray adhesives market during the forecast period. This
growth is fueled by the rising investment of governments in several countries, including
India, China, Indonesia, Philippines, Malaysia, and Thailand, for the
development of the infrastructure sector. As the living standards of consumers
continue to rise, there is a growing demand for high-quality and customized
furniture, further boosting the demand for spray adhesives.
Moreover, the growth in the automotive sector of
the region, driven by the increasing demand for fuel efficiency and emission
reduction, is also contributing to the growing demand for eco-friendly
products, including spray adhesives. China, being the largest manufacturer of
automobiles in the world, is expected to play a significant role in boosting
the growth of the spray adhesives market in the country.
Additionally, the increasing production of
commercial aircraft in the region is further contributing to the demand for
spray adhesives in the aerospace industry. As the aerospace industry continues
to expand, the need for reliable and high-performance adhesives becomes
crucial, making spray adhesives an essential component in aircraft
manufacturing processes.
Overall, the combination of infrastructure
development, growing demand for customized furniture, and the expansion of the
automotive and aerospace sectors in the region is driving the demand for spray
adhesives, positioning the market for significant growth in the coming years.
Recent Developments
- In 2023, H.B. Fuller, a leading adhesive
manufacturer, introduced Swift Melt 1515-I, a groundbreaking bio-compatible
adhesive specifically designed for medical applications in the IMEA region
(India, Middle East, and Africa). This innovative adhesive offers superior
bonding properties and meets the stringent requirements of the medical
industry, ensuring safe and reliable performance.
- In 2021, Sika, a global company specializing in
adhesives and sealants, expanded its production capabilities in India to meet
the growing demand for high-quality adhesives and sealants in the region.
Alongside this expansion, Sika also inaugurated a state-of-the-art technology
center, equipped with cutting-edge research and development facilities. This
move showcases Sika's commitment to driving innovation and providing advanced
solutions to customers in India and beyond.
Key Market Players
- Henkel AG
& Co KGaA
- 3M Co.
- HB Fuller
Co
- Avery
Dennison Corp
- Bostik SA
- ND
Industries Inc.
- Sika AG
- Illinois
Tool Works Inc
- Kissel+Wolf
GmbH
- Quin GmbH
|
By Chemistry
|
By Type
|
By End User
|
By Region
|
- Epoxy
- Polyurethane
- Synthetic
Rubber
- Vinyl
Acetate Ethylene
- Others
|
- Solvent-Based
- Water Based
- Hot Melt
|
- Transportation
- Construction
- Furniture
- Packaging
- Textile
- Others
|
- North
America
- Europe
- Asia Pacific
- South
America
- Middle East
& Africa
|
Report Scope:
In this report, the Global Spray Adhesives Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Spray Adhesives Market, By Chemistry:
o Epoxy
o Polyurethane
o Synthetic Rubber
o Vinyl Acetate Ethylene
o Others
- Spray Adhesives Market, By Type:
o Solvent-Based
o Water Based
o Hot Melt
- Spray Adhesives Market, By End User:
o Transportation
o Construction
o Furniture
o Packaging
o Textile
o Others
- Spray Adhesives 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 Spray Adhesives Market.
Available Customizations:
Global Spray Adhesives Market report with the given
market data, Tech Sci 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).
Global Spray Adhesives Market is an upcoming report
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