Solvent Borne Adhesives Market - Forecast(2023 - 2028)

Report Code: CMR 83617 Report Format: PDF + Excel

Solvent Borne Adhesives Market Overview

Solvent Borne Adhesives Market size is forecast to reach $6.1 billion by 2026, after growing at a CAGR of 4.4% during 2021-2026 due to increasing usage for various applications such as wall covering, industrial coatings, packaging, and so on. Solvent-borne adhesives are mixtures of solvents and thermoplastic or slightly crosslinking polymers such as chloroprene, polyurethane, acrylic, silicone, and synthetic rubbers. Thus, the increasing use of solvent-borne adhesive such as chloroprene rubber in the footwear industry used for bonding leather and the automotive industry for power transmission belt is anticipated to create new opportunities for the growth of the solvent-borne adhesives industry. Furthermore, stringent regulations regarding volatile organic compound (VOC) emission resulting in a shifting trend from solvent-based adhesives to water-based adhesives, which may hinder the growth of the market over the forecast period.

Impact of COVID-19

Due to the nationwide lockdown, the automotive, packaging, and building & construction industries were set at pause. Also, an insufficient supply of raw materials owing to the supply chain disruptions decreased the production of adhesives, which harmed the market growth.

Report Coverage

The: “Solvent Borne Adhesives Market Report – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the solvent-borne adhesives industry.

By Resin Type: Styrenic Block Copolymers, Natural Rubber, Styrene-Butadiene Rubber, Acrylic Polymers/ polyacrylate (Ethyl Acrylate, Butyl Acrylate, Ethylhexyl Acrylate), Chloroprene Rubber, Polyurethane, Silicon, and Others
By End-Use Industry: Building & Construction (Wall Covering, Interior Decoration, Industrial Coatings, Prefabricated Houses, Others) Packaging (Food Packaging, Personal Hygiene & Medical Products, Others), Transportation {Automotive (Light Weight Commercial Vehicles, Heavy Duty Commercial Vehicles, Passenger Vehicles), Aerospace, Railways, Others}, Electrical & Electronics (Electronic Devices, Microwave, Semiconductors, Printed Circuit Boards, Others), Footwear Industry, Wood Industry, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, Taiwan, Indonesia, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways

  • Rising demand for solvent-borne adhesive from the automotive sector in the Europe region is estimated to drive the growth of the market. According to the European Automobile Manufacturer Association (ACEA), the automotive sector is a major investor in R&D in Europe, which has increased by 6.7% to reach €57.4 billion (US$ 64.25 billion) annually as of 2019.
  • The footwear industry makes extensive use of solvent-borne adhesives to produce flexible joints and shole bonding. Thus, with the increasing global demand for footwear, the demand for solvent-borne adhesives is expected to grow during the forecast period.
  • Additionally, due to having sufficient flexibility, end-use industries such as building & construction, packaging sector, automotive, footwear, and so on are expected to drive the demand for solvent-borne adhesives market.

Figure: Europe Solvent Borne Adhesives Market Revenue, 2021-2026 (US$ Billion)

Europe Solvent Borne Adhesives Market Revenue

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Solvent Borne Adhesives Market Segment Analysis – By Resin Type

Chloroprene rubber held the largest share in the global solvent-borne adhesives market in 2020. Chloroprene rubber can stand at low temperatures at the range of -12°C to -46 C° and at the range of high temperature Up to 121 C°, which makes it very useful for the automotive world. Chloroprene rubber is widely used in various constructional application such as window gaskets & seals, highways & bridges seals, deviator pads, and so on due to excellent abrasion resistance and tear resistance. Thus, owing to such properties the demand for solvent-borne adhesive resin types is anticipated to increase over the forecast period.

Solvent Borne Adhesives Market Segment Analysis – By End-Use Industry 

Building & construction sector held the largest share in the global solvent-borne adhesives market in 2020 and is projected to grow at a CAGR of 4.6% during the forecast period 2021-2026. Solvent-borne adhesives or a mixture of crosslinking polymer used as decorative materials for wood panels, PVC tiles, and concrete which is further used in constructional applications. Also, polyacrylates are widely used in construction to provide a bond between decorative floor coverings and ceramic tiles adhesives. Thus, the rising consumption of adhesives from the construction sector is expected to drive market growth. According to the US Census Bureau, new housing unit construction was 11,471 thousand units in 2019 in the United States, which reached 3,642 units in 2020. Moreover, according to the Federal National Mortgage Association, housing starts were expected to jump with 1 million new homes in 2021. Additionally, according to the Indian Brand Equity Foundation (IBEF), the real estate market of India is expected to grow USD 1 trillion by 2030. Hence, with the rising use of polyacrylates owing to their alluring properties, the market is also anticipated to rise in the forecast period. 

Solvent Borne Adhesives Market Segment Analysis – By Geography 

Europe held the largest share with 30% in the global solvent-borne adhesive market in 2020. The demand for solvent-borne adhesive is driven mostly by the increasing production of automotive in economies, such as Germany, Italy, Spain, and others. These adhesives are used for joints of vehicle parts and gaskets. It helps to reduce the weight of automotive vehicles. Thus, the rising demand for lightweight vehicles is expected to increase the demand for solvent-borne adhesives during the forecast period. According to the European Automobile Manufacturers Association (ACEA), automobile manufacturers operate some 226 vehicle assembly and production plants in the European Union. According to the International Organization of Motor Vehicle Production (OICA), automotive production in Spain (passenger cars and commercial vehicles) increased by 2822355 units in 2019 compared to 2819565 in 2018. Thus, the rising production of automotive is anticipated to grow the solvent-borne adhesives market. 

Solvent Borne Adhesives Market Drivers

Increasing Demand from Footwear Industry

Solvent-borne adhesives are used in the footwear industry due to various properties such as excellent bond strength and resistance to temperature. These are used for sports shoes and leather shoes, thus growing demand for more comfort, and trending lifestyle are accelerating the demand for footwear. According to the Council on leather Exports (CLC), India is the second-largest global producer of footwear after China, accounting for 11.63% of global footwear production of 17.7 billion pairs. Furthermore, according to the International Trade Center (ITC), exportation growth in the quantity of footwear (with outer shole of rubber, plastic, and leather composition) was 73% in 2017-2018 in China. Thus, with the increasing global demand for footwear, the demand for solvent-borne adhesives is also expected to grow during the forecast period. 

Increasing Consumption of Solvent Borne Adhesive

Crosslinking polymers, chloroprene rubber, polyacrylate, and others adhesives are used in the packaging industry due to their high tensile strength and extreme versatility. Due to environmental, health, and safety concerns, chloroprene rubber is highly demanded from emerging economies, such as China and India. Thus, the increasing packaging industry is estimated to grow the consumption of these resins. According India Brand Equity Foundation (IBEF), packaged food market in India is expected to double to US$ 70 billion by 2025. In India, the fast-moving consumer goods (FMCG) market has grown at 9-10% in 2020. Thus, such aforementioned factors are expected to drive the solvent-borne adhesives market near future.

Solvent Borne Adhesives Market Challenges

Stringent Environmental Regulations Regarding Volatile Organic Compound (VOC) Emissions

Solvent-based adhesives contain significant amounts of volatile organic compounds (VOCs), which is harmful to the environment. The New England states have adopted regulations that require many facilities to reduce VOC emissions. These emissions can be reduced by changing processes or by installing air pollution control equipment. Adhesives are highly inflammable, toxic, and hazardous when exposed to extreme temperatures and pressures. These regulations increase operating costs for manufactures, which limiting investments for business growth. Thus as a concern, the regulation has limited the demand for solvent borne adhesive.

Solvent Borne Adhesives Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the solvent borne adhesives market. Major players in the solvent borne adhesives market top 10 companies are:

  1. 3M
  2. Alfa International Corporation
  3. Arkema Group (Bostik SA)
  4. Ashland Inc.
  5. Avery Dennison Corp.
  6. Benson Polymers Ltd.
  7. Everad Adhesives SAS
  8. DuPont
  9. H.B. Fuller Company
  10. Henkel AG and Co., KGaA
  11. Huntsman Corp.
  12. Jowat AG
  13. LORD Corp.
  14. Sika AG, and among others.

Acquisitions/Technology Launches

  • In November 2020, Pidilite Industries, an Indian adhesives manufacturing company acquired Huntsman Corporation for US$ 28558.8 million. This acquisition will add a strong portfolio of Pidilite Industries adhesives and sealants and will complement Pidilite Industries' retail portfolio.
  • In November 2020, H.B. Fuller has launched Full-Care 5885 to meet the industry’s growing demand for natural-based hygiene articles. This adhesive offers great value by combining high-performance 100% cotton bonding at a low cost in use.

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1. Solvent Borne Adhesives Market- Market Overview
    1.1 Definitions and Scope 
2. Solvent Borne Adhesives Market - Executive Summary
    2.1 Key Trends by Resin Type
    2.2 Key Trends by End-Use Industry
    2.3 Key Trends by Geography
3. Solvent Borne Adhesives Market – Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Solvent Borne Adhesives Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
    4.1.1 Investment
    4.1.2 Revenue
    4.1.3 Product portfolio
    4.1.4 Venture Capital and Funding Scenario
5. Solvent Borne Adhesives Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Solvent Borne Adhesives Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Solvent Borne Adhesives Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8. Solvent Borne Adhesives Market – By Resin Type (Market Size -$Billion)
    8.1 Styrenic Block Copolymers
    8.2 Natural Rubber
    8.3 Styrene-Butadiene Rubber
    8.4 Acrylic Polymers/ Polyacrylate
        8.4.1 Ethyl Acrylate
        8.4.2 Butyl Acrylate
        8.4.3 Ethylhexyl Acrylate
    8.5 Chloroprene Rubber
    8.6 Polyurethane
    8.7 Silicon
    8.8 Others
9. Solvent Borne Adhesives Market – By End-Use Industry (Market Size -$Billion)
    9.1 Building & Construction
        9.1.1 Wall Covering
        9.1.2 Interior Decoration
        9.1.3 Industrial Coatings
        9.1.4 Prefabricated Houses
        9.1.5 Others
    9.2 Packaging
        9.2.1 Food Packaging
        9.2.2 Personal Hygiene & Medical Products
        9.2.3 Others
    9.3 Transportation
        9.3.1 Automotive
   Light Weight Commercial Vehicles
   Heavy Duty Commercial Vehicles
   Passenger Vehicles
        9.3.2 Aerospace
        9.3.3 Railways
        9.3.4 Others
    9.4 Electrical & Electronics
        9.4.1 Electronic Devices
        9.4.2 Microwave
        9.4.3 Semiconductors
        9.4.4 Printed Circuit Boards
        9.4.5 Others
    9.5 Footwear Industry
    9.6 Wood Industry
    9.7 Others
10. Solvent Borne Adhesives Market - By Geography (Market Size -$Million/Billion)
    10.1 North America
        10.1.1 USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherlands
        10.2.6 Spain
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zeeland
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
    10.5.2 Africa
   South Africa
   Rest of Africa
11. Solvent Borne Adhesives Market – Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. Solvent Borne Adhesives Market – Industry/Segment Competition Landscape Premium
    12.1 Market Share at Global Level - Major companies
    12.2 Market Share by Key Region - Major companies
    12.3 Market Share by Key Country - Major companies
    12.4 Market Share by Key Application - Major companies
    12.5 Market Share by Key Product Type/Product category - Major companies
    12.6 Company Benchmarking Matrix - Major companies 
13. Solvent Borne Adhesives Market – Key Company List by Country Premium Premium
14. Solvent Borne Adhesives Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8  Company 8
    14.9 Company 9
    14.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"