Spray Adhesive Market Industry - Global Growth Drivers & New Opportunities

The spray adhesives market size is projected to reach USD 3.41 billion by 2022, at a projected CAGR of 4.6% between 2017 and 2022. Spray adhesives are known for their characteristics such as easy handling, low wastage, and faster application. They are used to bond a variety of substrates, including foam, fabric, metal, wood, and plastics.

Browse 160 market data Tables and?37 Figures spread through 154 Pages and in-depth TOC on "Spray Adhesives Market by Chemistry (Epoxy, Polyurethane, Synthetic Rubber, Vinyl Acetate Ethylene), Type (Solvent-Based, Water-Based, Hot Melt), End-Use Industry (Transportation, Construction, Furniture), and Region - Global Forecast"

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New product launches and expansions and acquisitions were the key strategies adopted by the leading players to strengthen their positions in the spray adhesives market between 2014 and 2017. Some of the leading players operating in the spray adhesives market are Bostik SA (US), H.B. Fuller (US), Henkel (Germany), Quin Global (US), Sika AG (Switzerland), and 3M (US). These companies adopted strategies such as new product development, expansion, and acquisition to expand their product portfolios and extend their reach to new customers.

Bostik SA has a high brand value in the spray adhesives market. The spray adhesives provided by Bostik are used in transportation, construction, and furniture industries. In 2017, the company opened a new production facility in India to meet the growing demand for hot melt pressure-sensitive adhesives (HMPSA) in the country. In the same year, Bostik acquired a US-based company XL Brands, which manufactures adhesives for resilient and soft flooring. This acquisition will help Bostik to become one of the leaders in floor covering adhesives in the US. These developments have benefited Bostik in terms of increased distribution network and production capacity in developing markets.

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H.B. Fuller has five operating segments: Americas Adhesives, EIMEA (Europe, India, Middle East and Africa), Asia Pacific, Construction Products, and Engineering Adhesives. The Americas Adhesives, EIMEA, and Asia Pacific segments produce and supply industrial adhesives products for applications in various industries such as packaging, consumer goods, furniture, and textile. ?H.B. Fuller completed acquisition of the US-based Royal Adhesives & Sealants in October 2017. This allowed the company to expand its product offering in engineering, durable assembly, and construction adhesives. Royal Adhesives provides spray adhesives under the brand name, Silaprene.

The strategy of acquisition enables industry players to utilize their existing capacity and distribution network, while expansions help in increasing market reach and meet the rising demand from the global market. The Asia-Pacific market is experiencing high growth due to rising demand in emerging economies such as China and India. Many international and domestic industry players are investing in the region, making it the fastest-growing market for spray adhesives.

The spray adhesives market size is projected to reach USD 3.41 billion by 2022, at a CAGR of 4.6% between 2017 and 2022. Spray adhesives are adhesives applied in droplet form using spray method. They are available in aerosol cans and canisters.

The low VOC emission standards in developed regions, such as North America and Europe, are estimated to reduce the growth of solvent-based spray adhesives. This reduction is due to the growth of water-based and hot melt spray adhesives which have VOC content. Water-based spray adhesives use water as a solvent, while hot melt does not need any carrier and, hence, they are eco-friendlier compared to solvent-based. In construction and furniture industries, water-based and hot melt spray adhesives are increasingly expected to be used instead of solvent-based adhesives in indoor applications during the forecast period.??

Hot melt adhesives are thermoplastic in nature. The application of hot melt adhesives involves melting and cooling of the adhesive polymers. As these adhesives do not use solvent or water, their curing time is very less. Hot melt spray adhesives can be used for porous and non-porous surfaces. The high viscosity of hot melt spray adhesives helps in bonding uneven surfaces by filling the gaps. These factors are driving their demand in transportation, furniture, and packaging industries. The growing automotive, furniture, and packaging industries are estimated to fuel the demand for spray adhesives during the forecast period.

Polyurethane spray adhesives are projected to register highest growth rate, followed by vinyl acetate ethylene (VAE), during the forecast period. This growth is attributed to the increasing demand for water-based and hot melt spray adhesives in various end-use industries. Polyurethane adhesives are available as water-based and hot melt spray adhesives, whereas, VAE is largely used in hot melt spray adhesives.

The spray adhesives market in the furniture industry is projected to register the highest growth, in terms of volume, during the forecast period. Adhesives are experiencing high demand from the furniture industry. Adhesive bonding offers several advantages over other joining methods for wood components. Companies are investing in R&D to synthesize environmentally and skin friendly wood adhesives. Spray adhesives are easier to apply and help in achieving clean and neat adhesive application. This makes them more user-friendly than other adhesives. Also, with controlled spray pattern, one can reduce overspray and wastage of adhesive material. The growing disposable income and rising standards of living in APAC countries such as China, India, and Indonesia are estimated to fuel the demand for furniture in the region. The growing demand for furniture and decorative wood showcases in APAC is estimated to drive the demand for spray adhesives during the forecast period?

The tightening environment regulations regarding VOC emissions of adhesives are estimated to restrain the growth of solvent-based spray adhesives. Though water-based and hot melt spray adhesives are available as alternatives for solvent-based, many adhesives users prefer solvent-based spray adhesives due to their superior characteristics. Developing economies such as China, India, and Brazil are estimated to create new opportunities for spray adhesive manufacturers in the coming years. ?