Adhesive Resin Market : Global Forecast over 2024
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Adhesive resin finds extensive application in numerous industries such as: packaging, oil and gas, plastic, construction, automotive, and transportation. Adhesive resin is most widely used in the packaging of food and beverages, consumer goods, sea foods and meat, tubes, and bottles. In the oil and gas industry, it is used to create linkage between pipelines and coating of pipes. In the plastic industry, the application of adhesive resin is recommended to act as a binding agent in order to enhance the tensile strength of plastic. In the automotive industry, adhesive resin is applied in automotive body parts such as door modules and front-end modules. In the building and construction industry, adhesive resins are applied as contact adhesives, flooring adhesives, and sealants. Due to the efficient sealing feature, adhesive resins find potential use in the transportation industry in manufacturing of abrasive and aerospace components.
The broad commercial application of adhesive resins in several industries builds a rapidly growing global market. The market for adhesive resins has exhibited an enormous rise in the last few years and a similar positive trend is anticipated to be witnessed during the forecast period. The market of adhesive resin is currently dominated by the Asia Pacific region. The huge growth of end-user industries such as automotive, construction, packaging, and consumer goods in developing countries such as China, Japan, South Korea, and India is propelling the demand of adhesive resins. In the next few years, the advancement of emerging technologies and rising demand of adhesive resin is estimated to fuel the market growth in the developing region of Asia Pacific. North America and Europe also possess a large share of the global market. Improved economy observed in these developed countries is a key factor for the market growth. The rising trend is predicted to continue during the forecast period. A prospective market for adhesive resin is expected to build up in the MEA region. Growing economy of this region is predicted to develop an emerging market of adhesive resins in the next few years.
Increasing awareness of ecofriendly materials is likely to drive the demand for bio-based adhesive which will enable the end-user industries to minimize their environmental concern. Specially-engineered adhesive resins are being developed for the assembly of aircraft and automotive bodies. Epoxy resin holds a large share of the global adhesive resin market currently due to improved functionalities such as corrosion protection, mechanical strength etc. Increased demand from end-user industries is influencing the higher growth rate of adhesive resin in the global market.
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The major players that manufacture adhesive resin are companies such as: E. I. du Pont de Nemours and Company, LD Davis Industries, Inc., Exxon Mobil Corporation, The Dow Chemical Company, Mitsui Chemicals America, Inc., Resinall Corporation, Georgia-Pacific Chemicals LLC, Mitsubishi Chemical Corporation, and Ashland Inc. etc.
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