DUBLIN--(BUSINESS WIRE)--The "Plastic Adhesives Market by Resin Type (Epoxy, PU, Acrylic, Silicone, MMA, Cyanoacrylate), By Substrate (PE, PP, PVC), By Application (Packaging, Building & Construction, Automotive & Transportation, Assembly, Medical), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global plastic adhesives market exhibits high growth potential and is projected to reach a market size of USD 9.2 billion by 2025 from USD 6.8 billion in 2020, at a CAGR of 6.3%.
APAC is the largest plastic adhesives market and is also projected to register the highest CAGR. This high growth is due to the growing demand from the packaging, building & construction, and automotive & transportation sectors. There is rising awareness about the use of eco-friendly adhesives in this region.
Medical is projected to be the fastest-growing application of plastic adhesives. Medical device assembly varies widely and typically involves bonding materials that are otherwise difficult to create adhesion. Few substrates may even require the use of primers or other surface preparation to achieve satisfactory adhesion. In addition to bonding parts successfully, medical device adhesives must be compatible with direct or indirect contact with the body and may be required to withstand multiple sterilizations.
The packaging segment is projected to be the largest end-use market of plastic adhesives.
The packaging is the largest application segment, in terms of value, between 2020 and 2025. The demand for plastic adhesives is high due to the rising demand for packaged food products. The demand for longer shelf life of food products such as meat, milk, and cheese is driving the consumption of plastic adhesives in the food & beverage application. There is rising awareness among consumers about the nutritional value of food, which has led to the increased use of plastic adhesives in the packaging of food & beverage.
Cyanoacrylate resin is the fastest-growing segment of the plastic adhesives market.
Cyanoacrylate is the fastest-growing segment, I term of volume, between 2020 and 2025. Cyanoacrylate adhesives are prepared from a special type of acrylic monomer, which is generally ester of 2-cyanoacrylic acid. Cyanoacrylates offer quick curing and exhibit high bond strengths when applied to plastic and rubber materials. Their versatile nature makes them useful in all industries. They are used in electronics for printed circuit board wires and components, and also in medical technology for disposable plastic medical devices. They also find applications in toys, small and large appliances, automotive, and cosmetic packaging.
APAC is the fastest market for plastic adhesives during the forecast period.
APAC is projected to be the largest and the fastest-growing market for plastic adhesives during the forecast period. With economic contraction and saturation in European and North American markets, the demand is shifting to the APAC region. Plastic adhesives manufacturers are targeting this region, as it has the strongest construction industry, accounting for approximately 40% of the global construction spending. Countries such as India and China are investing heavily in various end-use industries, which is likely to influence the growth of the plastic adhesives market in these countries.
Market Dynamics
Drivers
- Increased Demand in the Medical Industry
- Growth in the Appliance Industry
- Growing Demand from Packaging and E-Commerce Industries
Restraints
- Decline in the Automotive Industry
Opportunities
- Increasing Opportunities in APAC and Middle East
Challenges
- Environmental Challenges and Stringent Government Regulations
Companies Mentioned
- 3M Company
- Arkema (Bostik Sa)
- Ashland Inc.
- Astral Adhesives
- Beijing Comens New Materials Co., Ltd.
- Delo Industrie Klebstoffe GmbH & Co. KGaA
- Dow Inc.
- Dymax Corporation
- H.B. Fuller
- Henkel Ag
- Hernon Manufacturing Inc.
- Hubei Huitian New Materials Stock Co., Ltd.
- Huntsman International LLC.
- Illinois Tool Works Inc.
- IPS Corporation (Scigrip Adhesives)
- Jowat Se
- Mapei S.P.A.
- Master Bond Inc.
- Panacol-Elosol GmbH
- Parker Hannifin Corp (Parker Lord)
- Permabond LLC.
- Pidilite Industries Ltd.
- Sika Ag
- Threebond Holdings Co., Ltd.
- Weicon GmbH & Co. Kg
For more information about this report visit https://www.researchandmarkets.com/r/90q3j3
