COVID-19 Impact on Adhesive Resin Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the adhesive resin market.
Key Drivers and Restraints of Adhesive Resin Market
- Adhesive resin is primarily employed in the building & construction industry. It is applied as contact adhesive, flooring adhesive, and sealant in the building & construction industry. Adhesive resin provides various positive characteristics such as wettability, adhesion strength, thermal property, chemical resistance, and environmental resistance. Increase in demand for adhesive resin in various building & construction activities is expected to fuel the global adhesive resin market in the next few years.
- Rise in demand for adhesive resin in the automotive industry is also expected to create significant opportunities for the adhesive resin market in the near future. High demand for lightweight and low carbon emitting vehicles and rise in demand for low VOC (volatile organic compounds) are likely to boost the demand for green and sustainable adhesive resins. This is anticipated to create lucrative opportunities for the adhesive resin market.
- Fluctuation in raw material prices is a major factor that is estimated to hamper the adhesive resin market
Adhesive Resin: Resin Segment
- In terms of resin, the global adhesive resin market can be divided into polyacrylic ester (PAE), polyvinyl acetate (PVA), vinyl acetate ethylene (VAE), synthetic rubber (SBS, CR & SIS), polyamide, ethylene vinyl acetate (EVA), polyurethane, epoxy, and others
- The epoxy segment is projected to hold major share of the global adhesive resin market during the forecast period due to improved functionalities such as corrosion protection and mechanical strength. Epoxies are widely used structural adhesives owing to their ability to adhere to a wide variety of materials, high strength, resistance to chemicals and environments, and ability to resist creep under sustained load.
- The polyacrylic ester (PAE) segment is projected to follow the epoxy segment during the forecast period. PAE has excellent water resistance, good impact strength, and exceptional bonding properties. High demand for polyacrylic ester (PAE) resin in the building & construction industry is driving the global adhesive resin market.
Adhesive Resin: End-use Segment
- Based on end-use, the global adhesive resin market can be segmented into paper & packaging, building & construction, transportation, consumer electronics, leather, automotive, and others
- The building & construction segment is projected to gain higher share of the global market during the forecast period. High-performance adhesive resin is used to make laminated woods for decks, walls, and roofs. It is also used in other products that require strong binding to a variety of substrates. High-performance adhesive resin is widely used in the building & construction industry, from flooring and countertops to structural adhesives and paints. Hence, wide usage of adhesive resin in the building & construction industry is expected to drive the adhesive resin market during the forecast period.
- The automotive segment is also projected to hold key share of the global adhesive resin market in the near future. Mechanical strength, metal adhesion, and heat resistance are among the chemical properties of adhesive resin. These properties aid in the protection of car bodywork from corrosion and other damages, potentially doubling a vehicle's lifetime.
Asia Pacific to Hold Leading Share of Adhesive Resin Market
- In terms of region, the adhesive resin market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is expected to hold major share of the global adhesive resin market, followed by Europe and North America, during the forecast period. This can be ascribed to the growth of end-user industries such as automotive, construction, packaging, and consumer goods in developing countries such as China, Japan, South Korea, and India in Asia Pacific. Advancement of emerging technologies is also estimated to fuel the market in developing countries of Asia Pacific during the forecast period.
- Demand for adhesive resin in the automotive industry in North America and Europe is projected to rise at a rapid pace in the near future
Key Manufacturers Operating in Adhesive Resin Market
The adhesive resin market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global adhesive resin market include:
- ExxonMobil Chemical
- Eastman Chemical Company
- Dow Chemical
- Lawter
- Mitsubishi Chemical Corporation
- Georgia-Pacific Chemicals
- Yparex B.V.
- Evonik Industries AG
- DuPont de Nemours, Inc.
- Ashland Inc.
Adhesive Resin: Research Scope
Adhesive Resin Market, by Resin
- Polyacrylic Ester (PAE)
- Polyvinyl Acetate (PVA)
- Vinyl Acetate Ethylene (VAE)
- Synthetic Rubber (SBS, CR & SIS)
- Polyamide
- Ethylene Vinyl Acetate (EVA)
- Polyurethane
- Epoxy
- Others
Adhesive Resin Market, by End-use
- Paper & Packaging
- Building & Construction
- Transportation
- Consumer Electronics
- Leather
- Automotive
- Others
Global Adhesive Resin Market, by Region
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Adhesive Resin: Introduction
- Adhesives help bond two surfaces together. They have the ability to bind diverse materials and provide superior binding strength by distributing stress more efficiently across the joint. Adhesive resin is used to improve the retention capability of composites and compomers, which is also used to prevent bacterial microleakage. Adhesive resins integrate several applications and objects as an adhesive layer to enhance the durability and optimize the integrity of the structure.
- Adhesive resins are extensively used in several industries such as paper & packaging, automotive, and building & construction.
