Selbyville, Delaware , March 05, 2024 (GLOBE NEWSWIRE) -- Contact Adhesives Market size is projected to accumulate USD 4.6 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The thriving construction and automotive sectors worldwide are increasing the demand for contact adhesives for applications, such as bonding laminates, veneers, trim in furniture, as well as car interior assembly. Due of their capacity to successfully connect varied substrates, contact adhesives are becoming increasingly popular in the industrial sector. The growing popularity of DIY projects among consumers is also helping to drive market progress, since these adhesives are often used for domestic repairs and crafts.
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As per the Association of General Contractors of America, the construction industry of U.S. creates approximately $2.1 trillion worth of structures each year. This increasing construction of buildings, skyscrapers and other structures will positively influence the market growth trajectory. Lately, there have also been significant developments in adhesive technology, such as increased bonding strength and environmental sustainability. The rise in infrastructure development projects, particularly in emerging nations, will drive the demand for contact adhesives in diverse construction applications.
Water-based adhesives to record commendable CAGR
Contact adhesives market from water-based contact adhesives is anticipated to rise at notable rate from 2024 to 2032, on account of the growing environmental legislation in favor of eco-friendly adhesives. The adaptability of water-based adhesives in a variety of applications, including woodworking, packaging, and automotive is amplifying their appeal. These adhesives offer low volatile organic compound (VOC) emissions, emerging ideal for interior applications for matching with environmental concerns. Rapid advances in formulation technology to boost effectiveness along with the greater need to cater to effective bonding solutions will favor the product uptake.
Rising usage in furniture and woodworking
The furniture and woodworking application segment is estimated to account for substantial share of the contact adhesives market by 2032. This can be credited to the global development of the furniture business, along with the rising demand for high-quality, long-lasting furniture. The adaptability of contact adhesives in bonding various materials used in furniture production, such as laminates, veneers, and wood are making them a preferred choice. The growing emphasis on design flexibility and cost-effectiveness will also encourage the use of the adhesives in woodworking for providing increased productivity while satisfying changing consumer expectations.
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Asia Pacific to remain attractive market destination
Asia Pacific contact adhesives market size will exhibit substantial gains during 2023 to 2032. The thriving construction and automotive industries are fueling the demand for contact adhesives in a variety of applications, including the bonding of interior components and insulation materials. Rapid industrialization and urbanization are increasing the demand for effective adhesive solutions in manufacturing and infrastructure projects. The rising disposable incomes and changing lifestyles are further increasing the product demand in furniture and DIY projects across the region. The improvements in product technology and expenditures in R&D are also enhancing the performance and adaptability of contact adhesives for meeting different regional industry requirements.
Contact Adhesives Market Participants
Some of the leading companies operating in the contact adhesives industry include 3M Company, Henkel AG & Co. KGaA, H.B. Fuller Company, Bostik (an Arkema company), Sika AG, Illinois Tool Works Inc, Jowat SE, LORD Corporation, Avery Dennison Corporation, Pidilite Industries Ltd., Mapei Corporation, Ashland Global Holdings Inc., Permabond LLC, Franklin International, Chemique Adhesives Inc. These market players are adopting various business expansion strategies like mergers & acquisitions, partnerships, and launching novel solutions to gain a strong ground over the market. For instance, in June 2022, Toyo-Morton, a prominent Japanese laminating adhesive manufacturer and a member of the Toyo Ink Group, introduced food-safe products to its laminating adhesives portfolio, devoid of epoxy silanes and organic tin compounds.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
