Chicago, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global Contact Adhesives Market size is projected to grow from USD 2.8 billion in 2023 to USD 3.5 billion by 2028, at a CAGR of 4.3%, as per the recent study by MarketsandMarkets™. Contact glue holds wood, cloth, canvas, and leather together. These are low-viscosity, light-colored adhesives that often take longer to cure and set. Because of its capacity to attach wood and fabric substrates, resist vibration, and distribute stresses over a large area, contact adhesives are favored. The contact adhesives market has grown significantly in tandem with the expansion of the housing industry.
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List of Key Players in Contact Adhesive Market:
- Henkel AG (Germany)
- H.B. Fuller (US)
- Sika AG (Switzerland)
- Arkema (Bostik SA) (France)
- 3M (US)
- Huntsman Corporation (US)
- Illinois Tool Works Inc. (US)
- Pidilite Industries Limited (India)
Key Findings of the Study:
- The solvent-based segment is expected to account for one of the largest shares in 2023
- The neoprene segment is expected to account for the largest share in 2023
- Asia Pacific is expected to account for one of the largest share in 2023
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Regulatory authorities in Europe and North America are posing hurdles to the adhesives sector. Various rules and criteria are created by the National Emission Criteria for Hazardous Air Pollutants (NESHAP), Leadership in Energy and Environmental Design (LEED), and government organizations to examine contact adhesive adhesives and analyze their consequences on the emission of HAPS and VOCs. Other associations formed to guide contact adhesives manufacturers and suppliers and to raise awareness of low VOC contact adhesives in the market include the Society for Adhesion and Adhesives (SAA), British Adhesives and Sealants Association (BASA), The Adhesive and Sealant Council (ASC), Association of European Adhesives and Sealants (FEICA), Business and International Furniture Manufacturer's Association (BIFMA), and Kitchen Cabinet Manufacturer's Association (KCMC). These regulations encourage contact adhesives producers to constantly evolve their processes to comply with new policies
The Asia Pacific area includes a wide range of economies with varying levels of economic development and a wide range of sectors. The Asia Pacific contact adhesives market is predicted to grow at the fastest pace during the forecast period, owing to an increase in the number of developments in China, Southeast Asia, and India, which would raise demand for contact adhesives in emerging markets. Asia Pacific is the largest and fastest-growing market in the global contact adhesives market. The Asia Pacific automotive market is expected to grow at the highest rate during the forecast period owing to the increasing demand from China, and India. North America and Europe are the second and third-largest contact adhesives markets, respectively. Despite the fact that the market in Europe and North America is mature, the development of new applications in these areas is projected to significantly boost the industry in the future.
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Neoprene resin type is growing in contact adhesives due to several reasons, including its rapid strength development, autohesion characteristics, high ultimate strength, and resistance to oils. Neoprene-based adhesives have very quick strength buildup due to rapid crystallization, giving them a substantial advantage over other adhesives. Neoprene contact adhesives have high ultimate strength, making them ideal for applications where a strong bond is required.
Contact adhesive is utilized extensively in the automotive sector for a variety of reasons, including its ability to decrease weight, accelerate assembly time, and streamline automobiles. Because adhesives are lighter than traditional mechanical fasteners, they are being used to decrease weight in the automotive sector. Adhesives can also help to shorten assembly times because they take less time to apply than traditional mechanical fasteners. Furthermore, adhesives can help vehicles be more efficient by reducing the need for bulky mechanical fasteners.
The contact adhesives market has various small, medium, and large players. Some of the major market players are Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (Bostik SA) (France), 3M (US), Huntsman Corporation (US), Illinois Tool Works Inc. (US), and Pidilite Industries Limited (India) among others, have framed their strategies to penetrate and create bases in these emerging markets. Furthermore, huge firms are attempting to improve their research and development facilities in order to provide more efficient and sustainable goods. These goods are made in compliance with the constraints set by organizations and governments. Over the next five years, all of these factors are expected to contribute to the long-term development of contact adhesives market participants.
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