Plastic Adhesives Market Size Forecast to Reach $9.7 Billion by 2026

April 15 23:16 2021
Plastic Adhesives Market Size Forecast to Reach $9.7 Billion by 2026

Plastic Adhesives Market
The Increasing Usage of Polyurethane Adhesive Owing to Its Extremely Strong Adhesion, Flexibility, and Isolation in Woodworking, Construction and Textile Lamination Production Is Anticipated to Raise the Demand for Plastic Adhesives Market Growth.

Plastic Adhesives Market size is forecast to reach $9.7 billion by 2026, after growing at a CAGR of 5.9% during 2021-2026. Globally, the rising demand for plastic adhesives owing to their high bonding strength, thermal shock resistance, impact resistance, dimensional stability, and electrical insulation properties in various end-use industries such as medical, packaging, and e-commerce, is estimated to drive the market growth. The increasing usage of polyurethane adhesives owing to its durability and functionality, in higher strength building and construction activities will also substantially drive the demand for plastic adhesives. Moreover, the increasing demand for hot melt adhesives which is a form of thermoplastic adhesive composed of an ethylene vinyl acetate copolymer, a hydrogenated styrenic block copolymer, a tackifying resin, and a liquid plasticizer in various applications is anticipated to boost the plastic adhesives industry in the projected time frame.

Impact of COVID-19

The COVID-19 pandemic and its disruption to several manufacturing activities declined the growth of the plastic adhesives market in the year 2020. Due to insufficient labor and supply chain disruption, the ongoing construction projects, and packaging, automotive, and electrical and electronic industries were set at a pause which affected the market growth. Furthermore, considering the new government norms and reopening of several industries, it is presumed that the market for plastic adhesives will return to normal conditions and drive the market growth in the forecast period (2021-2026).

Plastic Adhesives Market Segment Analysis – By Resin Type

Polyurethane resin held the largest share in the plastic adhesive market in 2020. Even though a primer is required, polyurethane plastic adhesives give good adhesion to a variety of substrates, including heavily plasticized PVC. The structural bonding and sealing of automotive windshields is the largest use of polyurethane-based plastic adhesives. They are very effective in bonding metals and composites to large-area sheets. Thermoplastic polyurethanes are widely used in different industrial and household environments. Polyurethanes offer a good resistance to chemical and temperature. With increasing demand for polyurethane resin, the segment of polyurethane plastics will increase, which will drive the market in the forecast period.

Plastic Adhesives Market Segment Analysis – By Substrate

Polyethylene (PE) substrate held the largest share in the plastic adhesive market in 2020. Polyethylene is a lightweight, durable thermoplastic with a variable crystal structure which is most commonly used. Since, bonding of polyethylene is considered very difficult thus it is often used in packaging, storage containers, chemical drums, tanks and many other low-cost assemblies. In applications, such as plastic parts, films, laminates, tubes, and others, it is also used. The addition or radical polymerization of ethylene monomers makes polyethylene, and the polymerization of polyethylene is carried out by Ziegler-Natta and Metallocene catalysts.

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Plastic Adhesives Market Segment Analysis – By Technology

Water based plastic adhesives held the largest share in the plastic adhesive market in 2020. Water based plastic are very popular and are conceived as an environmentally sustainable and economically viable alternative to solvent based adhesives. The lack of volatile organic compounds is one of the main benefits of waterborne adhesives (VOCs). In addition, water may be used for cleaning off excess adhesive from mated parts and cleaning the equipment. Usually, water based adhesives are considered rather environmentally friendly. Including vinyl acetate polymers (PVA), ethylene vinyl acetate (EVA) a styrenic block copolymers, and polyurethane polymers, water based plastic adhesives are formulated. These adhesives are, like latex paint, heterogeneous mixtures consisting of an aqueous phase of a dispersed liquid or solid polymer phase. Brush, roller, mist, or beads can be used to apply them. Thus, rising demand for water based adhesives is estimated to drive the plastic adhesives market growth over the forecast period.

Plastic Adhesives Market Segment Analysis – By End Use Industry

The packaging sector held the largest share of more than 24% in the plastic adhesive market in 2020 and is projected to grow at a CAGR of 6.2% during the forecast period 2021-2026. The use of plastic adhesives in flexible packaging provides benefits in terms of reducing the expense of packaging and energy and material use. A variety of plastics are used in food & beverage packaging, such as Polypropylene (PP) and polyethylene terephthalate (PET). These plastics, along with a longer shelf life and a barrier to aroma, vapour and moisture, offer sustainable and creative solutions. Due to the growing demand for packaged food items, the demand for plastic adhesives is rising. Consumption of plastic adhesives in food & beverage applications is motivated by demand for a longer shelf life of food items such as beef, milk, and cheese. Increasing awareness of the nutritional value of food is growing, which has contributed to the increased use of plastic adhesives in food & beverage packaging. Therefore, the plastic adhesive market is estimated to see an upsurge over the forecast period with the growing packaging industry.

Plastic Adhesives Market Segment Analysis – By Geography

The Asia Pacific region held the largest share of more than 38% in the plastic adhesive market in 2020. Globally, the region’s growth in the market is mainly due to strong economic growth and heavy investments in the packaging, automotive, building & construction, medical and electronic industries. APAC is becoming an important commerce and global trade center. With the increasing government investments in several medical and electronic projects in countries such as China, India, Japan, and South Korea the market for plastic adhesive is estimated to grow. According to the India Brand Equity Foundation, in November 11, 2020, Union Cabinet approved the production-linked incentive (PLI) scheme in ten key sectors (including electronics and white goods) to boost India’s manufacturing capabilities, export, and promote the ‘Atmanirbhar Bharat’ initiative. Thus, such initiatives taken by the government for new projects will raise the demand for plastic adhesives market in the forecast period.

Plastic Adhesives Market Drivers

Increasing Demand of Plastic Adhesives in the Construction and Infrastructure Industry

Plastic adhesives are applied to roofing, flooring, insulation, pipes, walls, and others in the building and infrastructure field. In order to bond plastic material with plastic or other substrates, such as wood, metal, ceramic, and others, these particular plastic adhesives are needed. The current boom in construction and infrastructure operation, especially in the Asia-Pacific region, is driving the demand for plastics and thus raising the market for plastic adhesives. For instance, according to the India Brand Equity Foundation, in November 2020, the Union Cabinet authorized investments of Rs. 6,000 crore (USD 816.18 million) in the debt platform of the National Infrastructure Investment Fund (NIIF) to fuel infrastructure development in the country over the next two years. This move will help the organization to raise Rs. 1.10 lakh crore (US$ 15 billion) to support infrastructure projects by 2025. China has resumed work on just under 90% of the main projects, according to the National Development and Reform Commission (NDRC). Countries in the Middle East region have also been supporting the growth of the non-oil industry, which is expected to increase the region’s construction activity. Thus, with the rising government investments in the construction and infrastructure sector, the market for plastic adhesives is predicted to rise in the projected period.

Rising Demand from the Medical Industry will Lead Towards the Growth of the Market

In general, adhesives are the method of choice for joining plastic parts because they reduce concentrations of stress, can be easily applied with automated systems, and come with a range of properties that are untreated and cured. For connecting medical items, such as syringes, dialysis filters, blood bags and tube connections, medical grade adhesive may be used. Typically, these medical products are manufactured from a variety of synthetic materials, including hard-to-bond plastics such as polyethylene (PE) and polypropylene (PP). Also, the increasing use of polyurethane adhesives for medical wearables is anticipated to drive the market. Growing demand of plastic adhesives in the medical industry is therefore expected to drive market growth during the forecast era.

Plastic Adhesives Market Challenges

Rising Demand for Alternative will Hamper the Market Growth

Biodegradable adhesive acts as an environmental friendly alternative for plastic adhesives in various applications. While polymers are sometimes considered to be synonymous with plastic, naturally derived materials can also be made from them. Biodegradable adhesive represents good progress toward making products greener, which should be a priority for the scientific community right now. Also, the production of new, environment-friendly, synthetic adhesive products has focused primarily on lowering overall solvent content while simultaneously lowering solvent emissions. In comparison to synthetic adhesives that can contaminate landfills for hundreds of years, biodegradable adhesives can take a year or less to completely break down in the environment. Thus, the wide acceptance of biodegradable adhesives owing to such alluring properties is anticipated to create difficulties for the plastic adhesives market growth in the upcoming years.

Plastic Adhesives Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the plastic adhesives market. Major players in the plastic adhesives market are Henkel Corporation, 3M, Permabond LLC, H.B. Fuller Company, Arkema, Huntsman, Hexion, LORD Corporation, Sika, and Pidilite Industries among others.

Acquisitions/Technology Launches

In July 2019, Henkel Corporation announced that it will extend its Salisbury operations. At its Salisbury plant, the company will invest up to USD 45 million in new equipment and a range of upgrades, including a new state-of-the-art manufacturing area for UV acrylic adhesives used in tapes and labels for the packaging and consumer goods industries.

Key Takeaways

Asia-Pacific region dominated the plastic adhesives market due to the rising government investments in the electronics, healthcare, and construction and infrastructure segments in countries such as China, India, South Korea, and Australia.

The increasing usage of polyurethane adhesive owing to its extremely strong adhesion, flexibility, and isolation in woodworking, construction, textile lamination, and shoe production is anticipated to raise the demand for plastic adhesives market growth.

Ethylene vinyl acetate (EVA) is formulated as a pressure-sensitive adhesive, which after cooling, remain tacky and can be used for tag and label bonding, and thus drive the growth of the plastic adhesives market over the forecast period.

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B. Packaging Adhesives Market

https://www.industryarc.com/Report/11715/packaging-adhesives-market.html

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