To overcome aging infrastructure and maintenance needs in
industries such as construction, infrastructure maintenance, and
repair, plastic adhesives offer cost-effective solutions for
repairing and reinforcing aging structures, providing a viable
alternative to more invasive and expensive methods such as welding
or mechanical fastening.
WILMINGTON, Del., April 26,
2024 /PRNewswire/ -- Allied Market Research
published a report, titled, "Plastic Adhesives
Market by Resin Type (Polyurethane, Epoxy, Acrylic,
Silicone, and Others), Technology (Solvent based, and Water based),
and End-Use (Automotive, Building and Construction, Electrical and
Electronics, Packaging, and Others): Global Opportunity Analysis
and Industry Forecast, 2024-2032". According to the report, the
plastic adhesives market was valued at $8.3
billion in 2023 and is estimated to reach $13.4 billion by 2032, growing at a CAGR of 4.9%
from 2024 to 2033.
Prime determinants of growth
The global plastic adhesives market is experiencing growth due
to several factors such as an increase in demand for the automotive
and aerospace industries. However, health and safety concerns are
expected to hinder market growth to some extent. Moreover, the
surge in medical device assembly is expected to offer remunerative
opportunities for the expansion of the global plastic adhesives
market.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2022
|
$8.3 billion
|
Market Size in
2032
|
$13.4
billion
|
CAGR
|
4.9 %
|
No. of Pages in
Report
|
300
|
Segments
Covered
|
Resin Type, Technology,
End-Use, and Region
|
Drivers
|
Rise in construction
activities
Surge in demand for
automotive and aerospace industries
|
Opportunity
|
Increase in smart
wearables
|
Restraint
|
Limited temperature
resistance
|
The epoxy is expected to grow faster throughout the forecast
period.
By resin type, the polyurethane segment held the highest market
share in 2023, accounting for more than one-fourth of the plastic
adhesive market revenue. This can be attributed to polyurethane
adhesives being used for bonding various automotive components such
as panels, trim, and interior parts. They provide excellent
adhesion to different substrates, including metals, plastics, and
composites, and offer resistance to temperature variations and
vibrations. However, the epoxy segment is expected to witness a
CAGR of 5.7%. Plastic adhesives are utilized in automotive
manufacturing and repair for bonding plastic components,
metal-to-plastic bonding, panel bonding, structural bonding, and
sealing applications. They provide strong and durable bonds that
withstand vibrations and environmental stress.
The solvent based segment is expected to lead throughout the
forecast period.
By technology, the solvent based segment held the highest
market share in 2023, accounting for more than half of the global
plastic adhesives market revenue and is projected to retain its
dominance throughout the forecast period, whereas solvent-based
plastic adhesives are utilized in the construction of plastic
structures, including bonding plastic sheets, pipes, and fittings
in plumbing, as well as for bonding plastic laminates in
countertops and furniture. The water based segment is expected to
witness a CAGR of 5.0%. Water-based adhesives are extensively used
in the packaging industry for bonding plastic films, laminates, and
labels. They provide strong bonds for packaging materials while
being safe for food packaging applications.
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The packaging segment dominated the plastic adhesives
market.
By end-use, the packaging segment held the highest market
share in 2023, accounting for more than one-third of the
market share and is projected to retain its dominance throughout
the forecast period. Plastic adhesives are used in packaging for
sealing bags, pouches, and containers for food and beverage
products. They provide secure seals to maintain product freshness
and prevent leakage or contamination. The electrical and
electronics segment is expected to witness a CAGR of 5.7% during
the forecast period. Plastic adhesives are used for bonding various
components in electronic devices, such as circuit boards,
semiconductors, connectors, and displays. They provide strong and
durable bonds while ensuring electrical insulation between
components.
Asia-Pacific to maintain its
dominance by 2032.
By region, Asia-Pacific held
the highest market share in terms of revenue in 2022, accounting
for more than two-fifths of the plastic adhesive market revenue and
is expected to dominate in terms of revenue throughout the forecast
timeframe, whereas Asia-Pacific is
expected to witness a CAGR of 5.4% during the forecast period. Many
Asia-Pacific countries have robust
manufacturing sectors, including electronics, automotive, and
consumer goods. Plastic adhesives are commonly used in these
industries for bonding various components together. China accounts for a significant portion of
plastic adhesive consumption in the Asia-Pacific. The country's vast manufacturing
sector, encompassing industries such as electronics, automotive,
construction, and packaging, drives substantial demand for plastic
adhesives.
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Strategies:
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Players: -
- Henkel Corporation
- 3M
- H.B. Fuller Company
- SIKA CORPORATION
- Arkema
- Huntsman International LLC.
- Dow
- MAPEI Corporation
- Jowat Corporation
- Avery Dennison Corporation
The report provides a detailed analysis of these key players in
the global plastic adhesive market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others, to increase
their market share and maintain dominant shares in different
regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive scenario.
𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬
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Industry Forecast, 2023–2032
- Waterproofing Products Market: Global Opportunity Analysis and
Industry Forecast, 2023–2032
About Us
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Market Research, is leading the organization toward providing
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market data that helps us generate accurate research data tables
and confirms utmost accuracy in our market forecasting. Each and
every data presented in the reports published by us is extracted
through primary interviews with top officials from leading
companies of domain concerned. Our secondary data procurement
methodology includes deep online and offline research and
discussion with knowledgeable professionals and analysts in the
industry.
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