The global solvent-based adhesives market size was worth around USD 7.79 billion in 2022 and is predicted to grow to around USD 13.06 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.84% between 2023 and 2030.
During the forecast period, the research examines the impact of market drivers, constraints, and challenges on the global solvent-based adhesives market. The paper also investigates new possibilities in the market for solvent-based adhesives.
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The Market for Solvent-Based Adhesives: A Synopsis
One variety of glue is the solvent-based variety. In this kind, solvents are used to dissolve the adhesive parts. Resins, polymers, and additives are blended together and then dissolved in organic solvents to form this compound. They serve as a conduit for the glue to reach its final destination. When the solvents have evaporated after application, a strong bond is left between the two surfaces. High initial bond strength and great adhesion to a broad variety of substrates, including metals, plastics, rubber, wood, and composites, are hallmarks of solvent-based adhesives. They come in a variety of forms to meet a wide range of needs and settings. Acrylic, rubber, polyurethane, and epoxy-based adhesives are some of the most widely used solvent-based adhesives. Over the next several years, those involved in the manufacturing and distribution of solvent-based adhesives can look forward to a number of promising expansion prospects.
Key Takeaways:
• Our research analyst projects that, between 2023 and 2030, the worldwide market for solvent-based adhesives will expand at a compound annual growth rate (CAGR) of roughly 6.84%.
• The worldwide market for solvent-based adhesives was worth about $7.79 billion in 2022, and it is expected to be worth about $13.06 billion by 2030.
• Because of its superior adhesive qualities, the market for solvent-based adhesives is expected to expand at a rapid pace.
Adhesive qualities that will drive market expansion
Due to the compounds’ high adhesiveness, the global market for solvent-based adhesives is expected to expand. They offer superior adhesion to a wide variety of substrates, making them a sought-after product in a number of dynamic sectors like the automotive, construction, packaging, and electronics sectors. Strong relationships are essential in these types of industries. The formulation options for solvent-based adhesives are extensive. This makes it possible to modify them for use in particular situations. They are capable of joining together everything from metal to wood. Industry participants can anticipate a rise in demand as the market for end-user verticals continues to expand rapidly. Solvent-based adhesives are utilised in many automotive processes, including interior-trim assembly, exterior-body bonding, noise and vibration damping, glass installation, and structural bonding.
Market growth will be stifled due to health and safety concerns.
Health and safety concerns continue to plague the worldwide solvent-based adhesive market because of the serious risks that prolonged exposure to these adhesives poses to both employees and consumers. The substance causes breathing problems, skin irritation, and other symptoms if it comes into contact with the skin or is breathed in. Companies in this sector may see a decline in profits as a result of rising consumer knowledge and a subsequent shift in choice towards substances with lesser toxicity.
Opportunities for expansion will multiply as a result of technological developments.
Several recent technological developments in the solvent-based glue business have created promising prospects for expansion. Increased spending on R&D indicates that the industry is committed to bettering the compound in terms of its sustainability, performance, and safety. There have been many developments in the production of low- and ultra-low volatile organic compound (VOC) solvent-based adhesives. Studies are being conducted to guarantee that these chemicals are safe for human and environmental use, as required by law.
Increased interest in competing technologies threatens to slow market growth.
Because of rising interest in alternatives like water-based and hot-melt adhesives and solvent-free adhesives, the worldwide sales volume of the solvent-based adhesive business may be constrained. These alternatives are more sustainable and have a lower impact on the environment. Manufacturers can face serious difficulties as demand rises for environmentally preferable adhesives, prompting them to consider product diversification.
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The Global Solvent-Based Adhesives Market is segmented based on product, application and region.
Global Solvent-Based Adhesives Market: Product Segment Analysis
● Chloroprene Rubber
● Polyurethane
● Synthesized Rubber
Global Solvent-Based Adhesives Market: Application Segment Analysis
● Medical
● Paper & Packaging
● Building & Construction
● Automotive
● Woodworking
Recent Changes:
• Brilliant Polymers, based in Mumbai, is the country’s leading producer of lamination adhesives for flexible packaging, and in August 2022 it announced that it will be expanding its production facility in Ambernath. With this change, the factory’s output will increase from the current 23,300 tonnes per year to 45,600 tonnes per year, thanks to an investment of more than INR 100 crore.
• The HERBERTSTM 700 product series was released by Bostik, a market leader in sealants and adhesives, in June of 2020. Products in this line will supply the medical, industrial, and food packaging sectors in the Asia-Pacific region with high-performance, flexible, and environmentally friendly laminating solutions.
• During the 25th China Adhesive and Tape Industry Conference in September 2022, Covestro debuted a new and eco-friendly adhesive solution.
• Brilliant Polymers unveiled a brand-new line of merchandise in May 2023 at Dusseldorf’s Interpack 2023. Both the Brilliant Max Cure fast-curing solvent-free adhesive and the GLYMO-free high-performance solvent-based adhesive are available throughout these product lines.
The global solvent-based adhesives market is led by players like:
● Henkel AG & Co. KGaA
● 3M Company
● H.B. Fuller Company
● Dow Inc.
● Arkema S.A.
● Sika AG
● Ashland Global Holdings Inc.
● Bostik SA
● Huntsman Corporation
● Avery Dennison Corporation
● LORD Corporation
● Permabond LLC
● Illinois Tool Works Inc.
● Jowat SE
● Franklin International
● RPM International Inc
During the anticipated time period, Asia-Pacific will continue to dominate.
Countries like China and India in Asia Pacific are driving the expansion of the worldwide solvent-based adhesives market. The Asia-Pacific region is a major hub for the manufacturing and distribution of adhesives, particularly solvent-based adhesives. It has maintained its status as a leader in the chemical and materials industries despite significant political and economic challenges. The countries in the region utilise solvent-based adhesives extensively, which contributes to their economies beyond the value of their exports. India, China, South Korea, Japan, and other countries’ increasing industrialization, infrastructural development, and automobile manufacture have all contributed to the region’s prosperity. Established production and strong demand for adhesive goods may drive sustained CAGR growth in North America.
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