As per Acumen Research & Consulting findings, the global Contact Adhesives Market reached a valuation of USD 2,713.8 Million in 2022. It is anticipated to witness substantial growth, with an estimated value of USD 4,432.8 Million by 2032, reflecting a steady CAGR of 5.1% over the forecast period
The contact adhesives business is expanding due to a number of causes, including increased demand for adhesives in a variety of end-use sectors such as construction, automotive, packaging, and others. From 2023 to 2032, the industry is predicted to increase at a 5.1% CAGR. Growth in the construction business is one of the industry's driving drivers. As building activity expands across the world, so does the demand for adhesives in the construction sector. The usage of contact adhesives in flooring, wall cladding, and other building applications is further increasing demand. Another aspect driving business expansion is the increased need for lightweight and fuel-efficient automobiles.
Contact adhesives are utilized in the automobile industry for a variety of applications including interior trim, exterior components, and composite bonding. The need for contact adhesives in the automobile sector has risen as a result. Furthermore, the expansion of the packaging business contributes to the expansion of the contact adhesives industry. Contact adhesives are in high demand due to rising need for packaging materials such as tapes, labels, and bags.
Contact Adhesives Market Statistics
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Contact Adhesives Market Dynamics
Growing Construction and Infrastructure Projects Worldwide is Fueling the Contact Adhesives Market Value
The global expansion of building and infrastructure projects is a primary driver of the contact adhesives industry. Contact adhesives are widely utilized in the construction sector for a variety of applications such as flooring, paneling, roofing, insulation, and wall cladding installation. The need for new buildings, roads, bridges, and other infrastructure projects is expanding in tandem with urbanization and population growth. This is increasing the demand for high-quality adhesives to ensure the lifespan and durability of the materials used in construction. Because of their excellent bonding qualities and capacity to survive severe conditions, contact adhesives are favored in the construction sector. They can connect a variety of materials, including wood, metal, plastic, and concrete, making them useful in a variety of applications.
Infrastructure project expansion is occurring not only in Western countries, but also in developing economies such as China, India, and Brazil. These nations are substantially investing in infrastructure to promote economic growth, generating a huge potential for the contact adhesives industry. Furthermore, as the building sector moves towards more sustainable infrastructure, water-based, solvent-free, and low-emission contact adhesives are becoming more popular. This is driving innovation in the contact adhesives market, with manufacturers creating new solutions to satisfy the expectations of sustainable building projects. Overall, the expansion of building and infrastructure projects throughout the world is likely to fuel demand for contact adhesives in the coming years, creating substantial potential for market players to diversify their product portfolios and enhance their market share.
Development of Bio-Based and Sustainable Contact Adhesive Formulations Will Generate Surplus Worldwide Contact Adhesives Market Opportunities
The development of bio-based and sustainable contact adhesive formulations is a major market driver for contact adhesives. With the growing demand for environmentally friendly and sustainable goods, several manufacturers are producing bio-based and sustainable contact adhesive formulations.
Bio-based adhesives are created from renewable resources, reducing their dependency on petroleum-based chemicals. This makes them more sustainable and ecologically friendly, which appeals to environmentally conscious consumers. Sustainable contact adhesives are intended to lessen the environmental effect of adhesives. They are designed to emit minimal levels of Volatile Organic Compounds (VOCs), limiting their influence on indoor and outdoor air quality. This also makes the personnel who apply the adhesives safer. There are various advantages to developing bio-based and sustainable contact adhesive formulations for the contact adhesive market.
For starters, it enables producers to tap into a rising market of environmentally concerned customers ready to pay a premium for ecologically friendly products. Second, it allows producers to distinguish their products from competitors who still use traditional adhesives. Furthermore, the use of bio-based and sustainable formulations in contact adhesives can assist manufacturers in lowering their carbon footprint and reducing waste. This makes them not only more ecologically friendly, but also more cost-effective.
Overall, the development of bio-based and sustainable contact adhesive formulations is projected to fuel market expansion in the future years. Manufacturers who invest in environmentally friendly adhesives can gain a competitive edge and appeal to an expanding market of environmentally concerned customers.
Contact Adhesives Market Segmentation
The global contact adhesives market has been categorized into resin type, technology, application, and region
Contact Adhesives Market Share
The contact adhesives market forecast indicates that the neoprene sub-segment will maintain the largest market share from 2023 to 2032.
Solvent-based technology held a significant market share in 2022, and this trend is expected to continue in the future.
In the coming years, construction and building are projected to lead the market, while automotive and transportation is anticipated to gain significant traction from 2023 to 2032.
Contact Adhesives Market Regional Outlook
North America and Europe are expected to remain significant markets for contact adhesives owing to the well-established construction industry and infrastructure development in these regions. In these locations, the rising trend of sustainable building and restoration activities will increase demand for bio-based and sustainable contact adhesives.
The Asia-Pacific area is predicted to grow significantly as a result of increased urbanization and infrastructural development in nations such as China and India. The increased production of electronics, together with the expanding demand for automotive bonding, will fuel demand for contact adhesives in the region.
The Middle East and Africa (MEA) area is seeing rapid growth as a result of ongoing increases in building activity and infrastructure development in nations such as the United Arab Emirates (UAE) and Saudi Arabia. During the projected period, Latin America is predicted to develop at a modest rate, led by the expansion of industries such as automotive, construction, and electronics.
Contact Adhesives Market Players
Some prominent contact adhesives companies covered in the industry include 3M Company, Bostik, Ashland Inc, Delo Industrial Adhesives, Henkel, Dymax Corporation, Hernon Manufacturing, Inc., H.B. Fuller, Hexcel Corporation, Huntsman International, Illinois Tool Works, Loxeal Engineering Adhesives, Jubilant Industries, and Lord Corporation, LLC.
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Acumen Research and Consulting