Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The "Plastic Adhesives Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global plastic adhesives market grew from $7.32 billion in 2022 to $7.99 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%.
The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term.
The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The plastic adhesives market is expected to grow to $10.84 billion in 2027 at a CAGR of 7.9%.
The plastic adhesives market consists of sales of plastic adhesives in different forms including pellets, paste and liquid. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Plastic adhesives refers to special type of adhesives used for binding plastic materials together such as polycarbonate, acrylic, styrene, and other plastics. It is used for fixing home appliances such as a computer, phones, audio appliances and for fixing car parts, electrical tubes, and others. Only goods and services traded between entities or sold to end consumers are included.
Asia-Pacific was the largest region in the plastic adhesives market in 2022. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the plastic adhesives report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of resin used in manufacturing plastic adhesives includes epoxy, polyurethane, acrylic, silicone, MMA, cyanoacrylate. Epoxy is a two-part adhesive formed by mixing epoxy resin and hardener.
Increasing demand for plastic adhesives from the construction sector coupled with the growth of the construction industry is anticipated to boost the demand for plastic adhesives market over the forecast period.
In the construction sector, adhesives are used in adhesion of ceramic tiles, carpet laying, manufactured housing and prefabricated housing, fixing of vinyl or resilient flooring, pre-finished panels, fixing roof titles or systems, fixing floor or drywall lamination, and other applications. Economic growth and a rapidly growing urban population is expected to increase the demand for new residential and commercial buildings during the forecast period, thus increase the demand for adhesives.
Large opportunities are expected to arise in Asian countries such as Indonesia, Vietnam and the Philippines which are becoming increasingly popular for export-oriented manufacturing. According to the World Bank, urban population in South Asia is expected to grow by 250 million by 2030.
Adhesive products are potentially hazardous during the manufacturing stages, which negatively impacted the growth of the plastic adhesive market in the historic period. This is mainly because the manufacturing processes involve high temperatures and high-pressure reactions which can be dangerous unless controlled carefully.
Due to this, regulations in the adhesives industry - in assessing and managing the risks involved in the manufacturing, transporting and disposing of chemicals - increased in the historic period. Adhesives have to be compliant with complex regulations that govern labeling, handling, manufacturing, and shipping and storage of the product. Additional compliance costs due to changing regulations, as different countries and geographies have different regulations, was a major restraint for plastic adhesives companies.
Plastic adhesive companies are increasingly using automation and instrumentation solutions to control the production process more effectively. Automation instruments include control valves, temperature transmitters, level transmitters, flow transmitters and pressure transmitters that help improve operational efficiency in manufacturing facilities.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
A selection of companies mentioned in this report includes
- H.B. Fuller Company
- Henkel Corporation
- 3M Company
- Permabond LLC
- Sika AG
- Dowdupont
- Parker Hannifin Corp
- Master Bond Inc.
- Huntsman International Llc.
- Arkema
- Adhesive Research Inc.
- BASF SE
- Bostik
- Buhnen
- Dowdupont
- Hexion
- Lord Corporation
- Mapei Spa
- Pidilite Industry Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/1mf8ag
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