Rockville, Feb. 09, 2023 (GLOBE NEWSWIRE) -- As per the latest published industry report by Fact.MR, a provider of market research and competitive intelligence, the global adhesive resins market is forecasted to reach a valuation of US$ 31 billion by 2033, expanding at a CAGR of 5.1% from 2023 to 2033. Growth opportunities in the global industry are attributed to increasing demand for adhesive resins from automotive, industrial, packaging, construction, and other end-use industries.
In recent years, there has been a significant increase in the demand for adhesive resins across consumer applications and transportation, which is further bolstering growth opportunities in the global market. Some specially-engineered adhesives are manufactured for the purpose of assembling automotive and aircraft parts. Furthermore, due to infrastructural developments owing to rising activities in the building and construction industry, the demand for these adhesive products is also increasing.
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Report Attributes | Details |
| Forecast Period | 2022 - 2032 |
| Value Projection (2032) | US$ 31 Billion |
| Growth Rate (2022-2032) | 5.1% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Key Takeaways from Market Study
- The global adhesive resins market is currently valued at US$ 18.7 billion.
- Worldwide demand for adhesive resins is predicted to expand at a CAGR of 5.1% through 2033.
- The anticipated growth rate of the Canadian market is 4.1% through 2033.
- Sales of adhesive resins are projected to reach a market value of US$ 31 billion by the end of 2033.
- The forecasted CAGR for the market in Germany is 3.7%.
The trend for synthetic and green adhesive resins is also predicted to contribute to opportunities for industry players. Growing awareness about eco-friendly materials is expected to fuel demand for bio-based adhesives. These factors will enable the end-use industries in reducing their issues about the environment. End-use industries are also making a shift towards hot-melt adhesives.
On the flip side, certain challenges and restraints will impact the overall growth of the global market. Some of these factors include time-consuming and stringent regulatory policies and volatility in the prices of raw materials.
Greater difficulty to separate objects during the testing process and decreased stability of these solutions at high temperatures are also restricting growth opportunities for industry players. However, these adhesives provide relative weakness to bonding larger objects with a smaller surface area. Nevertheless, the increasing demand for low carbon-emitting and lightweight vehicles from the automotive industry will bolster demand for adhesives and their resins.
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Competitive Landscape
Numerous strategies, for instance, partnerships, agreements, mergers and acquisitions, novel product launches, better supply chain management, and adherence to safety regulations, are being adopted by industry players to generate novel growth opportunities in the market.
For instance :
- DuPont, in June 2022, announced the completion of the sale of its Biomaterials business unit. The unit has been purchased by the Huafon Group for a price of around US$ 240 million.
- ExxonMobil, in March 2022 said that the construction of the new LAO (liner alpha olefins) production unit is scheduled to start in mid-2023 to cater to local supply. ExxonMobil will produce ten high-purity LAO products and will commercialize them under the brand name, ElevexxTM.
- Mitsui Chemicals, Inc., in December 2021 announced the signing of a capital and commercial partnership agreement with Japan Medical Dynamic Marketing, Inc. Mitsui Chemicals, in conjunction with this agreement, has agreed to the acquisition of shares of Japan MDM. These shares are earlier held by NGK Spark Plug Co., Ltd. which is the largest shareholder of the company’s shares.
Key Companies Profiled
- Ashland, Inc.
- DuPont de Nemours, Inc.
- Evonik Industries AG
- Eastman Chemical Company
- Georgia-Pacific Chemicals LLC
- The Compound Company BV (Yparex)
- Mitsubishi Chemical Corporation
- Lawter B.V.
Winning Strategy
Industry players are adopting various strategies, including mergers & acquisitions and others for the generation of novel growth opportunities in the market.
For instance,
- In April 2019, Eastman Chemical Company acquired the production resources of Marlotherm Heat Transfer from Sasol, a global corporation in chemical and energy in Germany, along with their customer contracts, intellectual property, and associated formulations. This acquisition will help Eastman to offer a wide variety of heat transfer fluids to global consumers.
Segmentation of Adhesive Resins Industry Research
- By Type :
- Epoxy
- Polyurethane
- Synthetic Rubber
- Polyacrylic Ester (PAE)
- Others
- By Application :
- Building & Construction
- Paper & Packaging
- Transportation
- Leather & Footwear
- Consumer/DIY
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global adhesive resins market for the period of 2023-2033.
The study divulges essential insights into the market on the basis of type (epoxy, polyurethane, synthetic rubber, polyacrylic ester (PAE), others) and application (building & construction, paper & packaging, transportation, leather & footwear, consumer/DIY, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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Fire Resins Market: The fire resin market is anticipated to witness a significant growth during the forecast period. Increasing fire safety standards, government rules and regulations may lead to positive impact on the growth.
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