Spray Adhesives Market Size to Reach 3.41 Billion by 2022 with Market Key Players - Bostik SA, H, B, Fuller Company, Henkel AG & Co. KGaA, The 3M Company, Ashland Inc., Quin Global, Sika AG, and BASF SE
The overall size of the spray adhesives market is projected to grow from USD 2.61 billion in 2016 to USD 3.41 billion by 2022, at a CAGR of 4.6% from 2017 to 2022. Spray adhesives are utilized in construction (flooring, roofing, and insulation), transportation (automotive, aerospace, and marine), furniture, and other industries that include textiles, packaging, and leather.
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Spray adhesives market Drivers and Restraints:
Growing demand for spray adhesives products from the construction and automotive industries due to its excellent bonding property is a major factor driving the growth of the global market. Furthermore, rising demand for spray adhesives from furniture industries is another major factor driving the growth of the market. This is because adhesive bonding offers different advantages over other joining methods for wood components. Spray adhesives are used in foams, bonding decorative cushions, laminates, and fabrics to wooden parts of furniture.
The restricting factors such as fluctuating raw material prices and health hazards due to the emission of VOCs from spray adhesives production process are major factors propelled to hamper the extension of the world market to a specific extent.
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Spray adhesives market Geographical Segmentation:
Based on the geographical analysis, Asia Pacific spray adhesives market is expected to account for a significant share in terms of revenue in the global market. The Asia Pacific is also expected to witness the fastest growth in terms of revenue over the next 10 years. China is expected to account for major share in terms of revenue in the Asia Pacific, whereas the Indian market is anticipated to register the highest CAGR over the forecast period.
Increasing growth in urban regions and increasing disposable income of people in this region are major factors fueling the growth of automotive, construction, and furniture industries, which in turn is expected to fuel the growth of spray adhesives in these countries.
Key players of the Spray adhesives market:
Acquisitions, significant forward integration in the value chain, Expansion of product portfolio, sustainability development, and penetration in regional and local markets are the major factors governing the competitiveness of the industry. Bostik SA, H, B, Fuller Company, Henkel AG & Co. KGaA, The 3M Company, Ashland Inc., Quin Global, Sika AG, and BASF SE are some of the major players operating in the industry. In June 2017, BASF launched a new generation of eco-friendly spray foam insulation.
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