Acrylic Adhesives Market Analysis
Acrylic Adhesives Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
The global acrylic adhesives market size is projected to surpass US$ 9 billion by 2027, and register a CAGR of 6.2% over the forecast period (2019 - 2027).
Acrylic adhesives are resin based adhesives that contain methylacrylic polymers or acrylic. Acrylic adhesives have several properties such as efficient bonding, resistance to sunlight and humidity, as well as stability under fluctuating temperatures among others. The strong structural adhesive properties of acrylic adhesives make them ideal for joining a wide range of surfaces, including plastic. Acrylic adhesives are used in liquid form, as well as pastes and tapes. Acrylic adhesive tapes are majorly used in apparels, furniture, automotive, stationary, housewares, and for packaging purposes. Acrylic adhesive paste is most commonly used for wooden surfaces, metal, glass, and for waterproofing purposes.
Acrylic Adhesives are widely preferred for a variety of applications due to their range of advantages over other adhesives. In addition to being strong structural adhesives, acrylic adhesives are also cost effective, which is expected to facilitate their demand in the near future. Liquid acrylic adhesives are often used for applications such as bonding together two objects in carpentry, upholstery, and decorative items. Adhesives are also finding application in end use industries such as pharmaceuticals and food packaging. Furthermore, adhesives are increasingly replacing fasteners used for assembling and in construction applications. In the coming years, the demand for flexible packaging is expected to soar in some regions, which, in turn, is likely to benefit the acrylic adhesives market, owing to its advantages over conventional packaging products such as effective biological and mechanical filtration.
However, certain drawbacks of acrylic adhesives may hamper the growth of the global acrylic adhesives market, such as shorter shelf life, strong odour, and longer set times. Furthermore, there have been an increasing number of occupational hazards among workers due to the strong smell of acrylic adhesives, which in turn may restrain the market growth over the forecast period. Manufacturers are focused on research and development activities to increase the shelf life of modern adhesives, bringing the odour under control, and improving the set time, in order to deliver an effective performance.
Asia Pacific accounts for the largest market share in the global acrylic adhesives market, and the trend is expected to continue over the forecast period. Presence of key players, and rising investments in industrial expansion, as well as the increasing gross domestic product of emerging economies such as China and India is facilitating the market growth in the region. The market in North America and Europe is expected to witness slower growth in comparison with Asia Pacific, due to strict regulations implemented by regional governments. Growing industrialization and urbanization in regions such as Africa and Latin America is also projected to benefit the market growth on a global scale.
Some of the prominent companies operating in the global acrylic adhesives market are 3M, The Dow Chemical Company, Eastman Chemical Company, and Henkel AG & Company among others.