Solvent Based Adhesives Market Growth Analysis | 2024-2030

Market Insights

“The Solvent Based Adhesives market size was US$ 8.1 Billion in 2023 and is likely to grow at a decent CAGR of 2.2% in the long run to reach US$ 9.8 Billion in 2030.”

Market Dynamics

Introduction

The globally expanding solvent-based adhesives market finds applications across many industries, most significantly in the automotive and construction sectors. Such adhesives have beneficial uses in the context of strong bonding and durability for vehicle manufacturing processes, repair, and infrastructure projects, while in the context of green and sustainable packaging. The surge in demand from the healthcare sector for medical devices during the COVID-19 pandemic continues to this day. Although stringent environmental regulations are forcing manufacturers to introduce low-VOC and eco-friendly solutions, the market is on the verge of rapid growth due to technology advancements, increased expenditure on healthcare globally, and rising consumer demand for green products.

Market Drivers

• This pandemic has significantly boosted the demand for healthcare and medical devices sectors and, as a result, also increased the consumption of solvent-based adhesives for medical devices like ventilators, pulse oximeters, oxygen concentrators, and syringe pumps.
• Along with the aging world population, life expectancy is increasing, which in turn creates more demand for medical devices and boosts the demand for the application of adhesive-based products.
• Improving economies in developing nations coupled with rapid economic growth, increasing medical awareness, and aging populations are the factors that predict higher use of solvent-based adhesives within healthcare products and services.
• Due to an increase in expenditure towards healthcare, globally, there has been a subsequent rise in the sale of medical devices. This growth of medical device companies mostly based in the US boosts product demand for solvent-based adhesives.
• Here, support for the growth of the solvent-based adhesives market through the increase in demand by the medical industry is visible in the growing health expenditure across all regions except Sub-Saharan Africa and South Asia during the last two decades, according to the World Bank.

Challenges

• Stringent regulations by authorities such as the USEPA, Europe's REACH, and LEED compel the manufacturers to manufacture eco-friendly adhesives with no or low levels of VOCs, thus creating a challenge for the solvent-based adhesives market.
• The shift toward sustainable products means manufacturers need to innovate and develop environmentally compliant adhesives—a move that hits traditional, solvent-based adhesive formulations.
• Influential companies, such as Henkel, provide solvent-free products for compliance with environmental regulations, reflecting the pressure on the market.
• Greater demand for green buildings is consequently creating demand for the development of green and sustainable adhesive solutions that will raise the challenge to the solvent-based adhesives market in the quest to meet new standards.
• Growing interest in green adhesive solutions based on renewable, recycled, remanufactured, or biodegradable raw materials is increasing, and therefore it is necessary for change or a loss of market share for solvent-based adhesives.

Market Segments' Analysis

By Chemistry

“Polyurethane is expected to remain the dominant chemistry in the market during the forecast period”.

• Polyurethane is likely to be the fastest-growing chemistry in the solvent-based adhesives market during the forecast period due to the following reasons: tint-ability, adhesion, and abrasion resistance are good.
• In the automotive industry, large consumptions of polyurethane adhesives are noted in vehicle manufacturing, auto glass repair, and sealing metal structures. Such adhesives couple vibrating components of HVAC systems in order to reduce vibration and seal metal sheet joins.
• As the Asia-Pacific region is the global leader in vehicle production, PU adhesives are predominantly applied in the region for the automotive and transportation segment.
• It is also the case that over 90% of cars around the world have windshields and rear windows attached using polyurethane, which makes this material quite indispensable for car production.
• Rapidly increasing demand for polyurethane adhesives from the automobile industry and other industries in APAC.

By End-Use Industry

“Paper & Packaging is expected to remain the largest end-use industry for the Solvent Based Adhesives market during the forecast period”

• In the year 2023, dominance was observed in the paper and packaging segment of the solvent-based adhesives market, as it was driven by huge growth in developing countries through the process of urbanization and the expansion of e-commerce activities.
• Acceleration in trends of eco-friendly package development with global economic growth and demographic changes that boost consumer spending on packaged goods is seen.
• Furthermore, it is expected that the growth in the packaging industry will be propelled by the increasing demand for packaged goods that will result from growing incomes.
• The demand for pharmaceutical packaging has increased, especially in developed markets, like Japan, mainly due to increasing life expectancy and the effects of COVID-19.
• The COVID-19 pandemic also fueled online shopping, increasing the demand for packaging, and the shortage of raw materials in developing nations due to waste management practices in developed countries.

Regional Analysis

“Asia-Pacific is expected to remain the largest market for Solvent Based Adhesives during the forecast period”.

• APAC is projected to be the largest solvent-based adhesives market during the forecast period, driven by increasing domestic demand, rising income levels, and easy access to resources.
• The automotive industry is a major consumer of solvent-based adhesives in the region, contributing significantly to market growth.
• Economic growth in emerging markets such as India, Taiwan, Indonesia, Malaysia, Thailand, and Vietnam is leading to a surge in infrastructure projects, which boosts demand for solvent-based adhesives in the building and construction industry.
• The COVID-19 pandemic, which began in China and spread rapidly across other Asian countries, caused lockdowns and a temporary decline in traffic, construction, mining activities, and manufacturing industries.
• Despite the pandemic's impact, APAC's role as a global manufacturing hub and its robust economic fundamentals are expected to ensure it remains the largest market for solvent-based adhesives during the forecast period.

Key Players

The market has a presence of over 30 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the Solvent Based Adhesives market:

Here is the list of the Top Players (Based on Dominance)

• Henkel AG (Germany)
• H.B. Fuller (US)
• Sika AG (Switzerland)
• Arkema (France)
• 3M Company (US)
• Huntsman Corporation (US)
• Illinois Tool Works Inc. (US)

Note: The above list does not necessarily include all the top players of the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The global solvent based adhesives market is segmented into the following categories. 

Solvent Based Adhesives Market, by Chemistry

• Polyurethane (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Acrylic (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Polyamide (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Vinyl Acetate (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Chloroprene Rubber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Synthesized Rubber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Natural Rubber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• PVC Copolymers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Nitrile Rubber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Solvent Based Adhesives Market, by End-Use Industry

• Paper & Packaging (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Medical (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Building & Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Woodworking (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Aerospace (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Leather & Footwear (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Solvent Based Adhesives Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabian, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Solvent Based Adhesives market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]