Global Solvent-borne Adhesives Market - 2024-2031

Overview

Global Solvent-borne Adhesives Market reached US$ 7.99 billion in 2023 and is expected to reach US$ 10.30 billion by 2031, growing with a CAGR of 3.23% during the forecast period 2024-2031.

Solvent-based systems can be regarded as the starting point, for any trend line in adhesive development. They epitomize the most ancient technologies and encompass a diverse array of chemistry. Solvent-based adhesives have long been appreciated for their provision of rapid drying conditions and excellent adhesive characteristics, particularly durability.

Solvent-based adhesives are renowned for their exceptional adhesive strength and unmatched adaptability, making them well-established in various industries and trades for several decades. Their capacity to form a permanent bond upon solvent evaporation renders them very efficient in applications that demand both high initial strength and endurance.

Solvent-based adhesives offer solution-oriented properties particularly suitable for intricate bonding needs, ranging from the production of upholstered furniture to the contemporary automobile sector. The achievement of crafting novel formulations that are both ecologically sound and capable of meeting anticipated performance standards illustrates the strong dedication to innovation and sustainability within this industry.

The APAC region has been a prominent producer and consumer of solvent-based adhesives, driven by escalating domestic demand, increasing income levels, and readily available resources. The automotive sector is a primary consumer of solvent-based adhesives in this area. The economic expansion in the APAC area, especially in rising nations like India, Taiwan, Indonesia, Malaysia, Thailand, and Vietnam, is driving the rise in infrastructure projects.

Dynamics

Technological Advancements and Customization

An outstanding advantage of solvent-based PSA is its versatility in being used with various substrates and environments. These adhesives provide customized solutions designed to meet the unique requirements of various industries, ranging from industrial tapes to outdoor graphics to medical device production. With the progress of technology, anticipate the emergence of further customization possibilities, which will empower manufacturers to enhance adhesion, especially for the most demanding applications.

The future seems good for solvent-based phase change materials (PSA) with improved durability and performance properties. Due to their sophisticated formulations and additives, these adhesives exhibit exceptional resilience to severe temperatures, moisture, and chemicals. These product benefits will further expand the range of applications where dependability is of utmost importance, including outdoor signage and aircraft components. Sorbent-based adhesives will remain the preferred choice for durable labels, automotive tapes, vehicle and display graphics and other challenging applications that require excellent consistency.

Enhancing Performance and Environmental Sustainability

Considerable research and development efforts are focused on improving their performance while simultaneously addressing environmental issues. Technological advancements prioritize the reduction of volatile organic compound (VOC) emissions while maintaining adherence to strict environmental standards without affecting adhesive characteristics.

In an age characterized by sustainability, the future of solvent-based photosynthesis agents (PSA) depends on their capacity to reduce environmental impact. Current trends indicate that manufacturers are allocating resources towards the development of environmentally friendly solvents and procedures to enhance responsible manufacturing and disposal methods. Moreover, the current infrastructure for solvent-based coating is in line with the eco-friendly principle of reincorporating existing resources, therefore reducing waste by utilizing what has already been constructed. Products activated by UV and LED light are a significant option that enables manufacturers to reduce their VOC emissions.

Volatility In Raw Material Prices

Solvent-based adhesive manufacturers must take into account the price and availability of raw materials as important considerations in determining the cost structure of their products. Polyester polymer (PP), paper, polyvinyl chloride (PVC), adhesives, and release liners are the primary components utilized in the production of solvent-based adhesives.

The majority of these basic materials are petroleum-derived intermediates that are susceptible to variations in commodity prices. Past oil prices have exhibited significant volatility mostly attributed to the rising global demand and political instability in the Middle East region. The market is being adversely impacted by the unpredictability and volatility in the pricing and availability of feedstock.

The adhesives sector is impacted by elevated production expenses arising from escalated energy rates. The rising worldwide demand for chemicals and the limitations in supply capacity for main chemicals and resin feedstock have contributed to the escalation in raw material costs. The scarcity of monomers, namely Piperylene and C9 monomers, which are essential for the production of adhesive raw materials, has resulted in a rise in the prices of these raw materials.

Segment Analysis

The global solvent-borne adhesives market is segmented based on resin, end-user and region.

Increase Use Of Solvent Borne Adhesives In The Footwear

The footwear industry extensively utilises solvent-borne adhesives for the production of flexible joints, insole bonding, edge folding, and other related applications. Solvent-borne adhesives expedite chemical bonding procedures and find use in many assembly operations. Solvent-borne adhesives find application in the production of athletic footwear and leather footwear. They are utilized for adhering the flat bottoms of running shoes, folding the edges, and joining the upper half of the shoes, among other applications.

The seamless application of solvent-borne adhesive renders it highly appealing to footwear producers. Furthermore, the footwear sector places great importance on the features of this adhesive, such as its exceptional bond strength and tolerance to temperature and weather conditions. Intense global demand for footwear is being driven by an increasing desire for enhanced comfort, the introduction of new models, and changing lifestyle patterns. Adhesives possessing high strength and other mechanical characteristics, such as water resistance, have become essential in the footwear sector.

Geographical Penetration

Growing Local Demand, Increasing Income Levels, And Convenient Availability Of Resource In Asia-Pacific

The automobile sector is a significant consumer of solvent-based adhesives in this geographical area. The economic expansion in the Asia-Pacific (APAC) region, namely in the promising economies of India, Taiwan, Indonesia, Malaysia, Thailand, and Vietnam, is fueling the rise in infrastructure projects. This, in turn, is anticipated to stimulate the demand for solvent-based adhesives in the building and construction sector.

Germany constitutes the largest economy in Europe and ranks as the fifth largest economy globally, based on GDP. The German automotive sector has achieved a turnover over EUR 400 billion, accounting for circa 20% of the whole revenue generated by the German industry. Within Europe, Germany represented almost 30% of the overall production of passenger automobiles and 20% of all new car registrations.

The widespread use of solvent-borne adhesives in the production of automobile seats, securing cables in roof liners, bonding door sill protectors, anchor plates, emblems, and other plastic components is anticipated to drive the demand for solvent-borne adhesives in tandem with the expansion of the automotive sector.

Competitive Landscape

The major global players in the market include 3M, Alfa International Corporation, Arkema Group (Bostik SA), Ashland Inc., Avery Dennison Corp., Benson Polymers Ltd, Everad Adhesives SAS, Dow, H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman Corp., Jowat AG, LORD Corp., Sika AG

Russia-Ukraine War Impact Analysis

The ongoing conflict between Russia and Ukraine has had a substantial effect on the worldwide supply chain, particularly in the petrochemical industry, which plays a vital role in manufacturing solvent-based adhesives. Both Russia and Ukraine are significant providers of energy and important raw resources such as crude oil and natural gas. Disruptions in energy supply and escalating crude oil prices have resulted in higher manufacturing expenses for solvent-based adhesives, reducing their competitiveness in the worldwide market. Furthermore, this has resulted in increased pricing instability and uncertainty in supply for manufacturers who depend on solvents obtained from petrochemical operations.

Moreover, the conflict has expedited legislative imperatives in Europe and other areas to decrease reliance on unpredictable petrochemical imports, compelling industry to pursue alternate, more environmentally friendly adhesive solutions. The heightened geopolitical tensions have intensified the transition towards water-based and bio-based adhesives, which present fewer environmental issues and reduced vulnerability to volatile petrochemical markets, therefore further impeding the expansion of solvent-based adhesives.

Resin

• Polyurethane
• Acrylic
• Polyamide
• Vinyl Acetate
• PVC Copolymers
• Others

End-User

• Building and Construction
• Paper, Board, and Packaging
• Woodworking and Joinery
• Transportation
• Footwear
• Electrical and Electronics
• Other

By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In February 2023, 3M unveiled a novel medical glue with a durability of 28 days. The present product has been specifically engineered to exhibit prolonged skin adhesion in comparison to the preceding tape, which had a temporary wear duration of 14 days. Its intended application is in conjunction with a range of sensors, health monitors, and long-term medical wearables. Extended duration of the device and monitor usage can result in financial savings, enhanced data gathering for improved decision-making, and decreased interruption to patient care. The recently developed adhesive, 3M Medical Tape 4578, incorporates liner-free stability and has a storage duration of up to one year, therefore providing device manufacturers with increased versatility in the design phase.
• In July 2022, Arkema finalized the purchase of Permoseal, a leading technology in adhesive solutions for do-it-yourself, packaging, and construction, and strengthened its position in South Africa.
• In February 2022, Arkema declared its intention to acquire Ashland's performance adhesives division in the United States. This acquisition is in line with Arkema's strategy to enhance its adhesive solution division.

Why Purchase the Report?

• To visualize the global solvent-borne adhesives market segmentation based on resin, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of the solvent-borne adhesives market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global solvent-borne adhesives market report would provide approximately 63 tables, 52 figures, and 224 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies