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Adhesive Resin Market Size Forecast to Reach $19.65 Billion by 2025

adhesive resin market size forecast to reach 19 65 billion by 2025

Adhesive Resin Marke

iCrowdNewswire   Dec 4, 2020  3:00 AM ET

Adhesive Resin Market size is forecast to reach $19.65 billion by 2025, after growing at a CAGR of 5.20% during 2020-2025. Adhesive resins incorporate several applications and objects as an adhesive layer to enhance the durability and optimize the integrity of the structure. It joins the surface of diverse materials, efficiently distributing the stress at the junction. The application of adhesive resin forms a strong bond very quickly to aid the adhesion process. Application of high-performance adhesive resin the cohesive strength due to which the adhesive resin market is expected to grow during the forecast period.

By Product Type – Segment Analysis

Epoxy segment held a significant share in adhesive resin market in 2019. This is due to improved functionalities such as corrosion protection, mechanical strength etc. Because of their ability to adhere to a wide variety of materials, their high strength, their resistance to chemicals and environments, and their ability to resist creep under sustained load, epoxies are the most widely used structural adhesive. Hot melt adhesives (such as hot glue sticks) and top-of-the line soccer cleats are usually made from Ethylene Vinyl Acetate (EVA), generally with additives like wax and resin.

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By Formulation – Segment Analysis

Water-Based segment held a significant share in adhesive resin market in 2019. The primary components in resin water-based adhesives are vinyl acetate, ethylene vinyl acetate, and acrylic resin emulsion polymers. Vinyl acetate ethylene (VAE) copolymers are formed by the copolymerization of vinyl acetate and ethylene. VAEs are water-based emulsions, also sold in powder form (construction adhesives). VAEs offer unique moisture resistance, flexibility, improved tack and adhesion in low temperature and wet conditions. Vinyl Acetate Ethylene (VAE) copolymers are water-based emulsions that offer considerable performance advantages over Polyvinyl Acetate (PVA) homopolymer adhesive glue due to the ability to alter their glass transition temperature through the incorporation of ethylene monomer.

By End-User Industry – Segment Analysis

Building & Construction segment held a significant share in adhesive resin market in 2019 growing at a CAGR of 5.63% during the forecast period. Epoxy resins are used in the manufacture of adhesives, plastics, paints, coatings, primers and sealers, flooring and other products and materials that are used in building and construction applications. These high-performance adhesives are used to make laminated woods for decks, walls, roofs and other building applications, as well as in other products that require strong bonds to a variety of substrates, for example to concrete or wood. They are widely used in the building and construction industry, from flooring and counter tops to structural adhesives and paints. Hence wide usage of adhesive resin like epoxy resins in the building and construction industry is expected to drive the adhesive resin market.

Geography- Segment Analysis

Asia Pacific dominated the adhesive resin market with a share of more than 39%, followed by North America and Europe. The huge growth of end-user industries such as automotive, construction, packaging, and consumer goods in developing countries such as China, Japan, South Korea, and India is propelling the demand of adhesive resins. In the next few years, the advancement of emerging technologies and rising demand of adhesive resin is estimated to fuel the market growth in the developing region of Asia Pacific. According to U.S. Census Bureau, in 2016, total construction spending increased 6.5% from the previous year. Moreover, in 2014, construction spending was up nearly 11% and in 2015 it increased 10.7%. Furthermore, there is a huge investment scenario in developing countries, which help in the growth of the adhesive resin in the near future.

However, the spread of the novel coronavirus has started impacting ongoing construction projects in APAC, especially in India, with workers increasingly not reporting at the sites. More than 30% construction workers are staying away from work sites due to fear over coronavirus infection and many of them may have returned to their villages or are planning to do so.

Drivers – Adhesive Resin Market

Increasing demand for adhesive resins across various end-use industries

Adhesive resin is most widely used in the packaging of food and beverages, consumer goods, sea foods and meat, tubes, and bottles. In the oil and gas industry, it is used to create linkage between pipelines and coating of pipes. In the plastic industry, the application of adhesive resin is recommended to act as a binding agent in order to enhance the tensile strength of plastic. In the automotive industry, adhesive resin is applied in automotive body parts such as door modules and front-end modules. In the building and construction industry, adhesive resins are applied as contact adhesives, flooring adhesives, and sealants. Due to the efficient sealing feature, adhesive resins find potential use in the transportation industry in manufacturing of abrasive and aerospace components.

Increasing awareness of ecofriendly materials is likely to drive the demand for bio-based adhesive which will enable the end-user industries to minimize their environmental concern. Specially-engineered adhesive resins are being developed for the assembly of aircraft and automotive bodies. Increased demand from end-user industries is influencing the higher growth rate of adhesive resin in the global market.

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Challenges – Adhesive Resin Market

Raw material prices

Increasing fluctuating raw material prices is a major factor estimated to hamper the growth of the adhesive resin market. Moreover, disadvantages of adhesive use include decreased stability at high temperatures, relative weakness in bonding large objects with a small bonding surface area, and greater difficulty in separating objects during testing. The bond formed between epoxy resins is hard to break. Therefore, conducting repairs is almost impossible. Most types cannot withstand extreme temperatures and may fail upon exposure to excess heat.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the adhesive resin market. In 2019, the market of adhesive resin has been consolidated by the top five players accounting for xx% of the share. Major players in the adhesive resin market are E. I. du Pont de Nemours and Company, LD Davis Industries, Inc., Exxon Mobil Corporation, The Dow Chemical Company, Mitsui Chemicals America, Inc., Resinall Corporation, Georgia-Pacific Chemicals LLC, Mitsubishi Chemical Corporation, and Ashland Inc. among others.

Geographical Expansion

In April 2019, ExxonMobil has officially opened two new performance derivative chemical plants at its Singapore integrated refining and petrochemical complex, the company’s single-largest production facility globally.

In June 2018, ExxonMobil started production of hydrogenated hydrocarbon resin and halobutyl rubber at its integrated manufacturing complex in Singapore. Hydrogenated hydrocarbon resin and halobutyl production capacity increased 90,000 tonnes and 140,000 tonnes per year respectively.

Key Takeaways

Adhesive resins available in emulsion form offer the advantage of elasticity and resistance to moisture. In addition to the long-term adhesiveness, applications of resins provide toughness and resistance to aging, temperature, and chemicals.

Increasing awareness of ecofriendly materials is likely to drive the demand for bio-based adhesive which will enable the end-user industries to minimize their environmental concern.

Asia-Pacific dominated the adhesive resin market.

Related Reports :

A. Polyurethane Foam Insulation Materials Market

https://www.industryarc.com/Research/Polyurethane-Foam-Insulation-Materials-Market-Research-501651

B. Ceramic Adhesive Market

https://www.industryarc.com/Research/Ceramic-Adhesives-Market-Research-500215

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