The contact adhesives market has seen steady growth, projected to increase from $3.32 billion in 2023 to $3.53 billion in 2024 at a CAGR of 6.3%. Factors driving growth include consumer preferences, environmental regulations, awareness of health and environmental concerns, raw material price fluctuations, and economic conditions.
The contact adhesives market is expected to grow to $4.53 billion by 2028 at a CAGR of 6.4%. This growth is attributed to industrial demand, increased building and renovation projects, geopolitical factors, market consolidation, and improved distribution channels. Key trends include eco-friendly formulations, advanced performance characteristics, the development of adhesives for high-tech applications, customized solutions, and smart adhesives.
Major Driver In The Contact Adhesives Market
The expansion of the building and construction sector is projected to drive the contact adhesives market. This sector is growing due to urbanization, population growth, and government investments. Contact adhesives facilitate efficient installations by providing strong bonds. In June 2023, the Northern Ireland Statistics and Research Agency reported a 6.5% expansion in the overall construction industry from Q1 2022 to Q1 2023. Hence, the growth of the building and construction sector is driving the contact adhesives market.
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Contact Adhesives Market Competitive Landscape
The Dow Chemical Company, 3M Company, Akzo Nobel N.V., Sika AG, Huntsman Corporation, Wacker Chemie AG, Bostik SA, Pidilite Industries Limited, Tremco Incorporated, Jubilant Industries Ltd., Franklin International Inc., CRC Industries Inc., Jowat SE, RLA Polymers Pty Ltd., Apollo Roofing Solutions LLC, Benson Polymers Ltd., Helmitin Adhesives Inc., Soudal N.V., Chemical Concepts Inc., Mapei S.p.A., Chemique Adhesives Inc., Everbuild Building Products Ltd.
Key Contact Adhesives Market Trend
Companies in the contact adhesives market are developing biobased adhesives made from renewable resources to offer more sustainable solutions. For example, in September 2024, Biophilica Ltd. launched Brightbond, a 100% biobased adhesive that performs similarly to traditional PVA adhesives. This adhesive, made from renewable resources, is non-toxic, environmentally friendly, and suitable for bonding various materials such as plant-based materials, paper, and textiles.
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Global Contact Adhesives Market Segmentation
The contact adhesives market covered in this report is segmented –
1) By Type: Solvent-Based, Water-Based, Solvent-Free, Reactive Contact, Hot Melt
2) By Resin Types: Neoprene, Polyurethane, Acrylic, Styrene-Butadiene Rubber (SBR), Other Resin Types
3) By Substrate: Wood-To-Wood, Metal-To-Metal, Plastic-To-Plastic, Fabric-To-Fabric, Multi-Substrate
4) By Application: Construction And Building, Furniture And Woodworking, Automotive And Transportation, Footwear And Leather Goods, Textiles And Fabrics, Electronics And Appliances, Packaging, DIY And Craft, Other Applications
By Geography:The regions covered in the contact adhesives market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the contact adhesives market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Contact Adhesives Global Market Report 2024 furnishes information about the global contact adhesives market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
