The Global Acrylic Adhesives Market is expected to grow at a CAGR of roughly 5%. (2021-2026)
Market Overview
During the forecast period, the Global Acrylic Adhesives Market is expected to grow at a CAGR of roughly 5%. (2021-2026). The COVID-19 pandemic impacted the acrylic adhesives business. The epidemic disrupted the construction business due to national lockdowns and rigorous social distancing measures. Furthermore, nearly 81 million people in Asia-Pacific lost their jobs as a result of the COVID. However, because many countries have been shut down as a result of this deadly virus, it has been vital to stock up on essential supplies such as medicines, dairy products, food, sanitizers, face masks, disinfectants, and a variety of other items. Consumers and customers all around the world prefer packaged products to loose things such as fruits and vegetables that are initially available and sold. The packaging sector has seen an increase in demand as a result of the pandemic.
- The rapidly rising construction industry in Asia-Pacific and the Middle East, as well as increasing usage in the packaging industry, are the primary factors driving the growth of the acrylic adhesives market in the medium term.
- On the other hand, severe VOC laws in North America and Europe are one of the primary roadblocks to the market's expansion.
- The market was dominated by water-based acrylic adhesives. Because of its eco-friendly and low-toxic nature, high solid content, and excellent initial adhesion properties, it is expected to increase throughout the projection period.
- During the projection period, the use of bio-based goods may present chances for the market under consideration.
- Asia-Pacific dominated the global market, with high growth in demand from the construction, transportation, furniture, and packaging industries.
Scope of the Report
Acrylic adhesives are manufactured with acrylic as the primary component. Acrylic can be used as the basis material in pressure-sensitive adhesives because it is suited for a wide range of materials and has critical features such excellent resistance to shear, UV light, moisture, solvents, chemicals, and severe temperatures. Acrylic-based pressure-sensitive adhesives, which can be emulsion- or solvent-based, can be used to create permanent, removable, and repositionable labels. The acrylic adhesives market is divided into three categories: technology, end-use industry, and geography. The market is divided into four categories based on technology: water-based, solvent-based, reactive, and other technologies. Packaging, Building and Construction, Transportation, Appliances, Electrical and Electronics, Sporting Goods, Woodworking, and Other End-user Industries are the market segments..The market size and predictions for acrylic adhesives in 15 countries across significant regions are also covered in the report. Market sizing and forecasting have been done on the basis of revenue for each segment (USD million).
Key Market Trends
Packaging Segment to Dominate the Market Demand
- Packaging is one of the most common applications for acrylic adhesives. Bags, cigarettes, and filters, carton side seams and closures, composite containers and tubes, disposables, envelopes, flexible packaging, labels/signs/decals, specialty packaging, and corrugated boards are just a few of the applications.
- With nations like China and India leading the market, the Asia-Pacific region has seen the highest development in the global packaging business. China's packaging sector is predicted to grow at a rapid pace, with a CAGR of almost 6.8% expected to reach CNY 2 trillion by 2025. This uptick in the packaging business is projected to stoke demand in the market.
- Packaging is one of the fastest-growing industries in India, with an annual growth rate of 15% to 20%. It's quickly establishing itself as a preferred centre for the worldwide packaging sector. Packaging is currently the country's fifth-largest economic sector. The sector has been steadily growing for several years and is likely to continue to grow, particularly in the export market.
- According to data provided by the Trade and Commerce Association, the packaging business in the country is expected to develop in the future due to the country's growing population and income levels. As a result, strong demand for paper packaging is projected throughout the country's high-growth zones.
- Furthermore, as the use of single-use packages increases in the region, the food and beverage industry's packaging demand is continually on the rise, boosting the packaging market.
- The packaging sector in North America and Europe is mature, whereas the Middle East and African region has seen moderate expansion. However, as the e-commerce industry expands in these locations, the packaging industry expands as well, driving up demand for raw materials such as adhesives and other materials.
- As a result, during the forecast period, such changes in the worldwide packaging industry are likely to fuel demand for acrylic adhesives.
Comments
Post a Comment