The global spray adhesive market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. The major factor driving the growth of the market studied is rapidly growth of construction sector in emerging economies.
- Increasing demand for low VOC adhesives is likely to create opportunities for the market in the coming years.
- Increasing demand for hygienic food packaging is projected to boost the market for spray adhesives in the future.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from Transportation Sector
- Spray adhesives are required for a variety of applications in the transportation sector. These adhesives are majorly used in the interior trim application of vehicles and aircrafts.
- Spray adhesives help in bonding foam, fabric, fiberglass, leather and other materials to the body of the vehicle.
- With the increasing security concerns and increasing commercial use of aircraft as a medium of conveyance, the demand for aircraft has been increasing across the world. With this, various aircraft production orders have been lined up for delivery in the coming years.
- For instance, according to Boeing, by 2038, the deliverables of commercial aircraft are expected to reach about 17,390 units in the Asia Pacific, 9,130 units in North America and about 8,990 units in Europe.
- Hence, with the production of aircraft to deliver the aircraft orders from the defense as well as the aviation industry, the demand for spray adhesives is projected to increase worldwide, during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
- Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
- The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
- Due to all such factors, the market for spray adhesive in the region is expected to have a steady growth during the forecast period.
The spray adhesive market is partially consolidated in nature. Some of the major players in the market include Arkema Group, H.B. Fuller Company, Henkel AG & Co. KGaA, Sika AG, and 3M, among others.
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