Market Overview
The global acrylic adhesives market was worth USD 7,589 million in 2021. It is expected to reach USD 12,393 million by 2030, growing at a CAGR of 5.6% during the forecast period (2022–2030).
Acrylic adhesives consist of acrylic or methyl acrylic polymers. Acrylic adhesives are among the strongest adhesives. This is primarily attributed to their cohesion and adhesion. Cohesion is the ability of an adhesive to adhere to itself, whereas adhesion is its potential to adhere to other objects. Acrylic adhesives are difficult to produce because they must be polymerized, dissolved in a catalyst, and cured. These adhesives are extremely powerful and effective at bonding multiple objects. They are resistant to sunlight, water, and humidity and can withstand temperature fluctuations. These characteristics make acrylic adhesives the most popular type.
Acrylic adhesives are among the evolving industries due to their high performance and ability to be utilized in various industries, from construction to packaging to pharmaceutical. The robust supply chain of acrylic adhesive remains the driving force behind the market's growth. The extensive reach and availability make it suitable for various industries worldwide. The shift from mechanical fasteners to acrylic adhesives in the construction industry indicates a favorable outlook for its widespread adoption. Extensive research and development and constant innovation in the global adhesives industry are the primary contributors to the growth of the acrylic adhesives market.
Market Dynamics
Technological Advancement in Acrylic Adhesives
Emerging economies, technological advancements, globalization, and environmentally friendly adhesives and sealants significantly impact the adhesives market. Growth for technologically advanced and cost-effective operations in the automotive, aerospace, and construction industries, among others, is one of the major forces propelling the acrylic adhesives industry. Technological advancements will permit acrylic adhesives in the paper and packaging industry, including the production of labels, cases, and cartons on a global scale. In addition to building and construction, woodworking, the consumer sector, transportation, and the leather and footwear industry, acrylic adhesives are also utilized.
In the Electronics Industry, where there is a growing demand for miniaturization and automation, acrylic adhesives are used primarily in two sectors: hard disc drives and touch screens & displays. In hard disc drives, pressure-sensitive adhesives are used for permanent and easily removable labels, filters, seals, damping, and component assembly. In China, solution-acrylic adhesives produce premium tapes and labels, detergents, specialty polymers for water treatment, packaging coatings, and emulsions for decorative coatings. Acrylic adhesives are also used for bag re-closure labels (or tapes), tobacco, textiles, coffee, and dry and wet tissues.
Regional Analysis
Asia-Pacific Surpasses Other Regions
Region-wise, the global acrylic adhesives market is segmented across North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.
Asia-Pacific is expected to be the largest market shareholder, growing at a CAGR of 7.9% during the forecast period. The Asia-Pacific region is characterized by low-cost skilled labor and easy access to land. A shift in the production scenario toward growing economies, especially China and India, is anticipated to positively impact market growth over the forecast period. The region is home to many rapidly expanding industries, including packaging, automotive, e-commerce for electronics, and others, which present the enormous market potential for acrylic adhesives.
Additionally, Acrylic adhesive elastomers were the most popular product in Asia-Pacific due to their extensive use in the production of automotive components. It is anticipated that the product's high load-bearing capacity, impact, and shock resistance will drive its demand over the forecast period. Middle-class income growth in China and India is expected to stimulate automobile sales. These factors are anticipated to increase the demand for acrylic adhesive elastomers in transportation applications in the region.
Europe is the second-largest region in the market. It is expected to expand at a CAGR of 5.1%, accounting for USD 3,007 million by 2030. The European Acrylic adhesives market comprises countries such as Germany, France, and the United Kingdom, which are likely to dominate the regional market due to the high demand from several major end-use industries, such as furniture, construction, packaging, E-commerce, automotive, and FMCG. In addition, rising disposable incomes and expenditures on e-commerce and corrugated packaging in these regions will likely contribute to market expansion.
Europe is one of the most popular locations for manufacturing acrylic adhesive corrugated. According to a report published by the European Federation of Corrugated Board Manufacturers (FEFCO) on acrylic adhesive, in 2013, there were approximately 706 corrugated manufacturing plants in the region, directly employing around 83,000 people in Europe. Consequently, there is a high demand for acrylic adhesives, particularly water- and hot-melt-based adhesives.
Segmental Analysis
Cost Fluctuations of Raw Materials and Stringent Regulations
Since the mid-1980s, increasing environmental protection laws and stringent regulations compelled the transition of adhesive industries from solvent-based adhesive systems to thermoplastic adhesive films in most industrialized nations. The European nation has stipulated environmental protection-compliant standards for the acrylic adhesives market. Fluctuations in raw materials prices, enhanced environmental and safety concerns, and government regulations are the current constraints on the industry.
Aside from these, the research and development costs are comparatively higher than in other industries, and OEM and component manufacturers' strict certifications are constant industry constraints. For manufacturers to serve the labeling and labeling industries, a direct and continuous supply of acrylic monomers is required to produce labels, stamps, and other items requiring acrylic adhesives. Because of the restricted availability of raw materials, prices often skyrocket, making the goods more expensive than intended.
Extensive Usage in End-Use Industries
The applications for adhesives are highly diverse and can be found in various fields, including aviation, marine, automotive, wind energy, and others. The primary factors propelling the adhesives market forward are an increase in the use of acrylic adhesives in end-use applications, an increase in the use of composites in industries such as the automotive and aerospace industries, and an increase in the use of fasteners in place of adhesives. Material suppliers concentrate on growth potential through new innovative applications, competency in the development of the process, and customer-oriented & innovation-driven growth strategy to gain a competitive edge in the market. This makes it easier for businesses to look for retailers and distributors in this market segment.
The global acrylic adhesives market is segmented into technology and application.
By Technology-wise
The global acrylic adhesives market is classified into Water-Based, Solvent-Based, Reactive, and Others.
By Water-Based
Technology acquires the largest market share and is anticipated to grow at a CAGR of 6.8% during the forecast period. The water-based acrylic adhesives are carriers for the solids during the coating process, eliminated during the curing phase. Acrylic adhesive based on water-based technology offers aggressive bond strength, high-temperature resistance, and low-temperature flexibility, making it ideal for adhering low energy substrates. Acrylic adhesives are typically used in fastening tapes widely in daily life, such as clothing, shoes, furniture, housewares, stationery, automobiles, and packaging for fast-moving consumer goods.
By Solvent-Based
Acrylic adhesives serve a dual purpose during the coating process; in addition to holding the solids, they are removed during the curing process. Compared to water-based adhesives, the coating process with these goes more slowly. The solvent-based adhesives are resistant to high temperatures and moisture, solvents, and aging. Other adhesives include heat-activated, thermal release, electrically conductive, and thermally conductive.
The global acrylic adhesives market is classified into Furniture, Construction, Electronics & Appliances, Automotive, Footwear, and Packaging.
Packaging is estimated to hold the maximum share, growing at a CAGR of 7.1% during the forecast period. Acrylic adhesives are widely utilized in the food and beverage and pharmaceutical industries. PSA or pressure-sensitive adhesive is more economical because it offers a custom-fit container with each shipment and form-fitting cushioning that safely protects and transports items. Due to its exceptional mechanical and biological filtration properties, PSA has several benefits over conventional packaging materials. Customized foam packaging materials for hardware, porcelain, jewelry, and telescopes are also available. The expansion of major end-use sectors served by packaging is a significant factor driving the demand for acrylic adhesive in flexible packaging applications.
Construction is the second-largest segment based on application. Numerous construction and building applications employ acrylic adhesive due to its high strength-to-weight ratio, insulation properties, durability, and versatility. Various acrylic adhesive pipe materials and vacuum insulation panels are utilized for passive and low-energy buildings. Acrylic adhesive decreases energy costs by reducing the quantity of energy used for temperature control in buildings. Due to its superior mechanical strength, adhesion, and hardness, acrylic adhesive is utilized extensively in the woodworking and furniture manufacturing industries. Acrylic adhesives are quickly becoming the industry standard in place of mechanical fasteners due to the introduction of recently developed cutting-edge technologies.
In the Transportation segment, cracked hard plastics are repaired with the ability to color-match acrylic adhesive. It helps repair thermoplastics utilized in transportation, such as bumpers and interior trims. These types of acrylic adhesives are also commonly used for repairing aircraft components. Due to their high strength and non-staining properties, hybrid polymers are frequently employed in the transportation industry. However, their durability is inferior to silicon, and they are not as resistant to corrosion.
In the Medical industry, acrylic adhesives are frequently used because they are the most suitable type of medical adhesive. They contain high Tg monomers for improved cohesive strength and low Tg monomers for improved tactility in slower adhesion build-up and application on wet surfaces. Acrylic adhesives are generally used for surgical tapes, protective wound coverings, dressing, and other applications. Due to their low Tg monomers, acrylic adhesives reduce hardness and increase skin adhesion.
In Electronics & Appliances, acrylic tapes are one of the most widely used products because of their superior performance characteristics, including a high level of adhesion and a low level of outgassing. Hard disc drives are the sector that sees the most application of acrylic adhesive tapes because the tapes help protect the disc drives from being damaged by heat or vibration. This makes hard disc drives the most common application sector.
Top Key Players
The Dow Chemical Company
Henkel, Bostic Inc.
H.B. Fuller Company
Avery Dennison
Illinois Tool Works Inc.
Sika AG
Pidilite Industries
Others
