CHICAGO, July 12, 2021 /PRNewswire/ -- According to the new market research report "Solvent Based Adhesives Market by Chemistry (Polyurethane, Acrylic, Chloroprene Rubber, Synthesized Rubber), End-Use Industry (Paper & Packaging, Medical, Automotive, Building & Construction, Woodworking), Region - Global Forecast to 2026", published by MarketsandMarkets™, the Solvent Based Adhesives Market exhibits high growth potential and is projected to reach a market size of USD 8.5 billion by 2026 from USD 7.6 billion in 2021, at a CAGR of 2.3%.
The market growth opportunities solvent-based are increasing due to the strength of solvent-based adhesives. They provide superior shear and peel strength. The growth of the market is supported by the increasing construction and automobile applications and growing demand in the APAC region.
Polyurethane is projected to be the largest chemistry segment of the Solvent-Based Adhesives Market.
Polyurethane provide better tint-ability, adhesion, and abrasion resistance. In the automotive industry, polyurethane adhesives are used in the manufacturing of vehicles, in the repair of auto glass, sealing of metal structures such as containers and trucks, in the manufacturing and installation of air conditioning in HVAC systems, to reduce vibration and provide sealing in metal sheet joints. In APAC, polyurethane adhesives are mainly used in automotive & transportation applications, as the region leads in vehicle production globally. More than 90% of automobiles are produced with bonded windshields and rear windows using polyurethane globally. Therefore, the increasing demand from automotive and other applications in APAC is expected to drive the polyurethane segment.
Medical is the fastest-growing end-use industry segment of the Solvent-Based Adhesives Market.
Medical is the fastest-growing application in adhesives market, in terms of volume. Recently, with the outbreak of COVID-19, the governments, the private sector, and people throughout the world have been affected hugely due to the pandemic. Hence, the healthcare and medical devices sector has become the centerpiece for the recovery of patients. Medical devices are being used in large numbers due to the increased number of positive cases. This has increased the use of adhesives. Another driving factor is the aging population, driven by increasing life expectancy, which fuels the demand for medical devices, ultimately increasing the demand for adhesives.
APAC is the largest Solvent-Based Adhesives Market globally.
APAC is projected to lead the Solvent-Based Adhesives Market during the forecast period. The growth of the market in the region is mainly attributed to high economic growth and heavy investments in paper & packaging, medical, automotive, building & construction industries. APAC is increasingly becoming an important global trade and commerce center. Various companies such as Henkel AG (Germany) and other international players are setting up new plants or expanding their existing solvent-based adhesives production units in this region because of the low cost of production and the ability to serve the local emerging market
The key players in the solvent-based adhesives market include Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (France), 3M Company (US), Huntsman Corporation (US), and Illinois Tool Works Inc. (US).
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