Global Solvent-Based Adhesives Market

Chemicals By End Use Market Characteristics

The automotive adhesives market consists of sales of automotive adhesives products by entities (organizations, sole traders, and partnerships) that are used as binding substances by automotive equipment manufacturers (OEMs) to bond different substrates of metal, eliminating the need for welding and mechanical bolts, welds, and rivets. Adhesives are lightweight components that are used to join metals, composites, plastics, and other materials together. In the automotive sector, adhesives are used to join various automobile components such as closures and structural modules. Adhesives in automobiles assembly successfully and safely solve important applications that have previously relied on mechanical fasteners (e.g., rivets, welds, screws, and clinches) while giving modern automobiles more design freedom and thus, improve the aesthetic appeal of automobiles. Automotive adhesives are frequently utilized in sealing, holding, and structural applications in both the manufacturing and aftermarket of automobiles. The main types of automotive adhesives by resin type include polyurethane, epoxy, acrylics, silicone, SMP (silane modified polymer), MMA (Methyl Methacrylate adhesives), and others. Polyurethane adhesives are thermoplastic glue or polymers that contain organic chain unit copies joined by urethane links. Epoxy adhesives are formed from epoxy or Epichlorohydrin, a compound that produces a hard layer upon complete curing. Acrylics are resin-based adhesive, comprised of acrylic or methyl acrylic polymers. Silicone resin is a liquid form of adhesive, which appears and functions like a gel. SMP sealants are one component, moisture curing products which form permanent elastic bonds. Methyl Methacrylate adhesives are widely used in the automotive and transportation industry. The market is segmented by adhesive type into structural adhesives, tapes and films, threadlocks and retainers, and liquid gaskets. Major applications of automotive adhesives include body in white (BIW), glazing, powertrain, paint shops, and upholstery. By vehicle type, automotive adhesives are mainly used in passenger cars, light commercial vehicles, trucks, buses, and aftermarket. The global automotive adhesives market size is expected to grow from $4.82 billion in 2021 to $5.11 billion in 2022 at a compound annual growth rate (CAGR) of 6.06%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The automotive adhesive market is expected to reach $6.51 billion in 2026 at a CAGR of 6.24%. The rising demand for lightweight and low-carbon emitting vehicles is expected to propel the growth of the automotive adhesives market. With the implementation of stricter emissions laws as a result of increased exhaust emissions, automobile manufacturers are focusing on producing lightweight automobiles to reduce CO2 emissions. Automotive adhesives are used to replace the nuts and bolts, rivets welding, and more to make vehicles lighter and tougher and hence improve fuel economy and reduce emission. For instance, according to Trading Economics, around 12.8 million autos and light-weighted trucks were sold in the USA in November 2021. According to the European Automobile Manufacturers Association (ACEA) report, 28,704 new plug-in electric LCV registrations were recorded in 2019 (up 21.1% from 23,314 in 2018), accounting for 1.3% of the entire automotive market. Hence, the rising demand for lightweight and low carbon-emitting vehicles will drive the automotive adhesives market. The launch of new adhesives is a key trend in the automotive adhesives market. New product launches increase the product portfolio of a manufacturer and help for the rise of market share. For instance, in August 2020, Bostik a leading global adhesive specialist for industrial, construction and consumer markets, launched a new, innovative water-based adhesive, Aquagrip® 3720, for automotive interior assembly applications, which is used for bonding low surface, rigid substrates to the closed-cell foam and foam-backed materials. In October 2021, Arkema launched a new range of high-performance anaerobic adhesives. This adhesive provides engineers with cost-effective, and convenient alternatives to commonly used mechanical fastening solutions such as washers, gaskets, pins, hemp, and tapes. The new anaerobic adhesive has been launched to address the challenges faced by engineers with increasingly demanding environmental and safety regulations, smaller and more complex designs, and more adaptable and faster processes in the automotive, general assembly, and more. In May 2021, Sika AG, a Switzerland-based chemical supplier of the building and automotive industry, agreed to acquire Hamatite, the adhesive business of The Yokohama Rubber Co., Ltd., for an undisclosed amount. The acquisition of Hamatite, which provides adhesives and sealants to the automotive and construction industries, will boost Sika's market position in Japan by improving access to OEMs and the construction industry. Hamatite is a leading brand in the Japanese automotive and construction industries. Polyurethanes, hot melts, modified silicones, and diverse technologies are among the products in its range and are a preferred solution among regional OEMs for glass bonding and hot melt applications. Major players in the automotive adhesives market are Henkel AG & Co. KGaA, Arkema S.A., 3M Company, DuPont de Nemours, Inc, H.B. Fuller Company, Sika AG, Huntsman Corporation, The DOW Chemical Company, Jowat SE, Hexion Speciality Chemicals, Covalence Adhesives, Solvay S.A., Bayer A.G, Hindustan Adhesives Limited, PPG Industries, ITW Performance Polymers, Ashland Speciality Company, Tesa SE, Bostik S.A, Cytec Solvay, and BASF SE. Asia Pacific was the largest region in the automotive adhesives market in 2021. The regions covered in the automotive adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the automotive adhesives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global automotive adhesives market is segmented - 1) By Adhesive Type: Structural, Tapes and Films, Threadlocks and Retainers, Liquid Gaskets 2) By Vehicle Type: Passenger Cars, LCVs, Trucks, Buses, Aftermarket 3) By Resin Type: Polyurethane, Epoxy, Acrylics, Silicone, SMP, MMA, Others 4) By Application: BIW, Glazing, Powertrain, Paint Shops, Upholstery

The adhesives market consists of the sales of adhesives, glues, and caulking compounds by entities (organizations, sole traders, or partnerships) that produce adhesives, glues, and caulking compounds. The main types of adhesives are water-based adhesives, solvent-based adhesives, hot-melt-based adhesives, reactive and other types of adhesives. Water-based adhesives are formulated with natural and synthetic polymers that will readily dissolve in water. They harden by evaporating water or by absorption of water into the porous substrate. The product types are acrylic, PVA, polyurethanes, styrenic block, epoxy, Eva, and other product types. The various applications involved are packaging, construction, laminates, woodstock and furnishing, automobile, footwear, and other applications. The global adhesives market size is expected to grow from $69.74 billion in 2021 to $76.77 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The global adhesive market size is expected to grow to $109.28 billion in 2026 at a CAGR of 9.2%. During the historic period, technological development was a key driver of the global economy. Industries such as the adhesives industry which involve technology benefited from this trend. Technologies such as hot melts, reactive acrylics, and UV systems became popular because of their safety and energy efficiency. Adhesives also replaced mechanical fastening systems due to better performance and overall lower costs. These factors drove the grwoth of the adhesives market during the historic period. Increasing geopolitical tensions had a negative impact on the adhesives market during the historic period. Repercussions of geopolitical tensions included sanctions on Russia, trade protectionism, and heightened military tensions in Middle East. Many countries placed trade restrictions, especially on imports, to boost local production. For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe. The US is also implementing several trade restrictions, especially with China, to boost its local production. For instance, the US imposed tariffs on $550 billion worth of Chinese goods including chemicals and plastics as of January 2020. Continued violence and terrorism in Middle East and other parts globally are also expected to have a negative impact on the market. Many adhesive companies are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to obtain real-time insights and identify inefficiencies in the manufacturing process. The data obtained is processed, analyzed, and interpreted by plant managers and senior-level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers of possible machine breakdowns. For instance, some of the major companies adopting IoT include BASF SE, The Dow Chemical Company, and H.B. Fuller. Major companies in the adhesives market include Henkel AG & Co KGaA, Sika AG, 3M Company, Arkema SA, H.B. Fuller, MAPEI, DuPont Inc, Beiersdorf AG, Sekisui Chemical Co Ltd, and RPM International Inc. Asia Pacific was the largest region in the adhesives market in 2021. North America was the second-largest region in the global adhesives market. The regions covered in the global adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the adhesives market are Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, and Vietnam. The global adhesives market is segmented - 1) By Type: Water-Based Adhesives, Solvent-Based Adhesives, Hot-Melt-Based Adhesives, Reactive & Other Adhesives 2) By Product Type: Acrylic, PVA, Polyurethanes, Styrenic Block, Epoxy, EVA, Others 3) By Application: Packaging, Construction, Laminates, Woodstock and Furnishing, Automobile, Footwear, Others

The water-based adhesives market consists of sales of water-based adhesives. Water-based adhesives are formulated either from natural polymers or soluble synthetic polymers which may be supplied as solutions or formulated as dry powders. The main types of water-based adhesives are acrylic polymer emulsion (PAE), polyvinyl acetate (PVA) emulsion, vinyl acetate ethylene (VAE) emulsion, styrene butadiene (SB) latex, and polyurethane dispersion (PUD). Vinyl acetate ethylene (VAE) emulsions are made by copolymerizing vinyl acetate and ethylene, with the vinyl acetate percentage ranging from 60 to 95 percent and the ethylene content ranging from 5 to 40% of the whole formulation. The product types are vinyl acetate adhesives, starch/dextrin adhesives, rubber latex adhesives, protein/casein adhesives, and other types that are used in paper and packaging, building and construction, automotive and transportation, and other sectors. The global water-based adhesives market size is expected to grow from $33.11 billion in 2021 to $37.09 billion in 2022 at a compound annual growth rate (CAGR) of 12.0%. The global water-based adhesive market size is expected to grow to $56.43 billion in 2026 at a CAGR of 11.1%. The adhesives market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019 and 2020 and 3.6% from 2021 to 2023. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India’s GDP is expected to grow at 7.3%, whereas China is forecasted to register a GDP growth of 6.2% in 2019. Stable economic growth is expected to increase investments at the end-user markets, thereby driving the growth of the adhesives market during the forecast period. Slower drying and freezing at low temperatures are the major issues with water-based adhesives. Due to the volatile characteristics of water, the drying process is taking long hours and the work process might be delayed. For example, companies such as Henkel are producing Technomelt adhesives which are hot melt adhesives in the automotive and furniture industry as they are quick to dry adhesives. Thus, the slower drying nature is limiting the growth of water-based adhesives. Many adhesive companies are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real-time insights and locate gaps in the manufacturing process. The data obtained is processed, analyzed, and interpreted by plant managers and senior-level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers of possible machine breakdowns. For instance, some of the major companies adopting IoT include BASF SE, The Dow Chemical Company, and H.B. Fuller. In November 2020, Pidilite Industries, an Indian adhesives manufacturing company acquired Huntsman Corporation for $ 28558.8 million. Through this acquisition, Araldite will add to the already very strong portfolio of Pidilite Industries adhesives and sealants and will complement Pidilite Industries' retail portfolio. Huntsman Corporation, is an American manufacturer and marketer of chemical products for consumers and industrial customers. Major players in the water-based adhesives market are Henkel, H.B. Fuller, Arkema (Bostik), Sika, Dowdupont, DIC, 3M, Illinois Tool Works, Ashland, and Mapei. Asia Pacific was the largest region in the water-based adhesives market in 2021. North America was the second-largest region in the water-based adhesive market. The regions covered in the water-based adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the water-based adhesives market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia. The global water-based adhesives market is segmented - 1) By Type of Resin: Acrylic Polymer Emulsion (PAE), Polyvinyl Acetate (PVA) Emulsion, Vinyl Acetate Ethylene (VAE) Emulsion, Styrene Butadiene (SB) Latex, Polyurethane Dispersion (PUD) 2) By Product Type: Vinyl Acetate Adhesives, Starch/Dextrin Adhesives, Rubber Latex Adhesives, Protein/Casein Adhesives, Others 3) By Application: Tapes and Labels, Paper and Packaging, Building and Construction, Automotive and Transportation, Others (Consumer and DIY, Leather and Footwear, Sports and Leisure, and Assembly)

The hot-melt-based adhesives market consists of sales of hot-melt-based adhesives. Hot-melt-based adhesives are known as hot glue, a form of thermoplastic adhesive that is heated to create a melt before applying to the surface and is designed to be melted in an electric hot glue gun. The main types of hot-melt-based adhesives are thermoplastic polyurethane, ethylene vinyl acetate, styrenic-butadiene copolymers, polyolefins, polyamide, and other resin types. Polyamide is a polymer in which the amide group (CONH) connects the monomer units. The hot-melt-based adhesives are applied in packaging solutions, nonwoven hygiene products, furniture and woodwork, bookbinding, and other sectors that are used by building and construction, packaging, transportation, electrical and electronic appliances, healthcare, and other industries. The global hot-melt-based adhesives market size is expected to grow from $14.14 billion in 2021 to $15.58 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The global hot-melt-based adhesive market size is expected to grow to $22.13 billion in 2026 at a CAGR of 9.2%. With growing awareness to preserve the environment, customers/consumers are fetching for eco-friendly products. Features like affordability, non-release of VOC into the environment, longer shelf life, reusability without degradation, and fast-drying ability are making hot melt adhesives as environmentally friendly adhesives when compared to other adhesives. For example, companies such as Bostik, is providing hot-melt polyurethane adhesive for the textile industry by using a solventless technology that reduces the usage of hazardous solvent like methylene chloride. There is a visible success of hot-melt polyurethane adhesive in underwear, sportswear, and medical garment manufacturers in Asia. The increasing demand for hot-melt polyurethane adhesives will drive the hot melt adhesives market. Many products produced by adhesives companies are potentially hazardous during the manufacturing stages. This is mainly because the manufacturing processes involve high temperatures and high-pressure reactions which can be dangerous unless controlled carefully. In addition, some of these manufactured dyes harm both living organisms and the environment. Due to this, regulations in the adhesives industry – in assessing and managing the risks involved in the manufacturing, transporting, and disposing of chemicals – increased in the historic period. Adhesives have to be compliant with complex regulations that govern the labeling, handling, manufacturing, shipping, and storage of the product. Additional compliance costs for these changing regulations, as different countries and geographies have different regulations, were a major restraint for hot melt-based adhesives companies. Many hot melt-based adhesive companies are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real-time insights and locate gaps in the manufacturing process. The data obtained is processed, analyzed, and interpreted by plant managers and senior-level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers of possible machine breakdowns. For instance, some of the major companies adopting IoT include BASF SE, The Dow Chemical Company, and H.B. Fuller. Major players in the hot-melt-based adhesives market are Jowat Se, Sika AG, Tex Year Industries Inc., DowDuPont, Costchem SRL, American Chemical Inc., Bostik Inc., Huntsman Corp., Beardow & Adams Ltd., and Hexcel Corporation. Asia Pacific was the largest region in the hot-melt-based adhesives market in 2021. North America was the second-largest region in the hot-melt-based adhesive market. The regions covered in the hot-melt-based adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the hot melt-based adhesives market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia. The global hot-melt-based adhesives market is segmented - 1) By Type: Thermoplastic Polyurethane, Ethylene Vinyl Acetate, Styrenic-butadiene Copolymers, Polyolefins, Polyamide, Other Resin Types 2) By Application: Packaging Solutions, Nonwoven Hygiene Products, Furniture and Woodwork, Bookbinding, Others 3) By End-User: Building and Construction, Packaging, Transportation, Electrical and Electronic Appliances, Healthcare, Others

The oil-based printing inks market consists of sales of oil-based printing inks. Oil-based inks consist of a pigment or pigments of the required color mixed with oil. For example, black inks are made from carbon blacks and thick linseed oil. The main types of oil-based printing inks are vegetable oil-based printing inks and mineral oil-based printing inks. Vegetable-based printing ink is created from vegetable oil as a substitute for petroleum, such as soybean or maize oil. The amount of VOCs (volatile organic compounds) discharged into the air during printing is greatly reduced by using vegetable-based inks. The oil-based printing is applied in marking and coding, package printing, and signage that are used by packaging, print media, commercial Printing, and other sectors. The global oil-based printing inks market size is expected to grow from $10.88 billion in 2021 to $11.35 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The global oil-based printing ink market size is expected to grow to $12.95 billion in 2026 at a CAGR of 3.3%. The demand for environmentally friendly inks is increasing and it is expected to drive the growth of oil-based printing inks market in the forecast period. The supply and use of several important chemicals, including ingredients used in paints, coatings, and printing inks have been banned due to an explosion and fire that occurred in March 2019 in Jiangsu Province, China. The incident has increased the demand for oil-based printing inks which can be used as a substitute for petroleum and chemical-based inks and it is produced from vegetable oils such as soybean, sunflower, cottonseed, safflower, and canola oils. For instance, Mojoprint, which is Japan's number one English-language printing service company uses vegetable oil-based printing inks derived from soy, palm, and other vegetable oils because these inks are an environmentally friendly and sustainable alternative to petroleum-based inks. A shortage of raw materials, resulting in their increasing market prices, is expected to negatively affect the printing inks market. Printing ink companies globally are suffering from a shortage of raw materials, including resins, monomers, photoinitiators, oligomers, and additives. This is mainly due to raw material plant closures in China, a major source of these raw materials, as the country has placed significant emphasis on improving its environment by cutting industrial pollution. China is dominant in printing inks raw materials supplies due to the presence of strong refinery capacity and associated chemicals manufacturing ecosystem. Market players have already started facing challenges due to shortages of raw materials. For instance, Sun Chemical, a global printing ink manufacturer, faced disruptions in its printing inks supply due to global raw material shortages resulting from ongoing environmental regulatory compliance inspections in Chinese raw material plants and factories. The printing inks industry has introduced high-resolution replacement inks as a cost-effective alternative for barcode case coding applications. High-resolution inks are more effective than traditional inks as they allow fine and solid printing at high speed. They also enable re-printability and drastically reduce the number of cleaning stencils required. For instance, IIMAK introduced Sure Scan II Plus, a high-resolution replacement compatible inkjet ink, which reduces the cost of printing and downtime, and eliminates waste. This functions as a replacement option that offers performance in various high-resolution inkjet printers such as Foxjet, Matthews, and Diagraph. Top companies in the market are developing high definition inks with premium durability, fast dry time, and a 12-month shelf life. In October 2020, Flint Group Packaging Inks, an India-based Chemical manufacturer acquired Poteet Printing Systems LLC for an undisclosed amount. This acquisition strengthens Flint Group Packaging Inks’ position within, and technical support to, the Paper & Board market in North America. Poteet Printing Systems LLC, a USA-based Chemical manufacturer. Major players in the oil-based printing inks market are Nazdar Ink Technologies, Van Son Holland Ink Corp., Superior Printing Inks, Flint Group, Hubergroup, Sun Chemical, Wikoff Color Corp., and Siegwerk Druckfarben AG & Co. Western Europe was the largest region in the oil-based printing inks market in 2021. Asia Pacific was the second-largest region in the oil-based printing ink market. The regions covered in the oil-based printing inks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the oil-based printing inks market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia. The global oil-based printing inks market is segmented - 1) By Type: Vegetable Oil-Based Printing Inks, Mineral Oil-Based Printing Inks 2) By Application: Marking and Coding, Package Printing, Signage 3) By End-User Industry: Packaging, Print Media, Commercial Printing, Others

The polyurethane market consists of the sales of polyurethane and related services which are used in foams as an insulation material, coatings, adhesives and sealants, and an elastomer. Polyurethane refers to a form of plastic polymer material which is used to produce modern, versatile, and safe consumer and industrial products that are environmentally friendly. Polyurethane is formed by reacting a polyol (an alcohol with more than two reactive hydroxyl groups per molecule) with a diisocyanate or a polymeric isocyanate in the presence of suitable catalysts and additives. They are also widely used in medical devices such as pacemakers, artificial hearts, and other blood-contacting applications. The main product types of polyurethane are coatings, adhesives and sealants, flexible and rigid foams, elastomers, and other product types. The adhesive is a substance that is capable of holding materials together in a functional manner by a surface attachment that is resisting separation. The raw materials are MDI, TDI, and polyols. The end-use industries are furniture, construction, electronics and appliances, automotive, footwear, and other end-use industries. The global polyurethane market size is expected to grow from $67.27 billion in 2021 to $78.01 billion in 2022 at a compound annual growth rate (CAGR) of 16.0%. The global PU market size is expected to grow to $136.65 billion in 2026 at a CAGR of 15.0%. The adoption of polyurethane in home furnishings is driving the polyurethane market. Furniture manufacturing companies are enhancing comfort, durability, health, and safety by using flexible polyurethane foam (FPF) as a cushioning material for upholstered furniture, bedding, and carpet underlay. Furthermore, with the introduction of an advanced manufacturing process, polyurethane form provides more uniform, predictable, and durable end products. For instance, according to American Chemistry Council, it is proven that FPF when compressed by 90% for 22 hours, could recover more than 90% of its original height, which is highly durable than any other form of furniture material. Moreover, completely cured polyurethane products are considered to be inert and safe and were concurred by the U.S. EPA (Environmental Protection Agency). The durability, comfort, and safety provided by polyurethane continue to be the major reasons for use in the furniture industry, thereby, driving the demand of the polyurethane industry going forward. Polyurethane providers globally faced uncertain environmental regulations in the historic period. These regulations are to reduce the emission of toxic air pollutants from the flexible polyurethane foam industry and mandate the installation of add-on control equipment at manufacturers’ sites. For instance, the Environmental Protection Agency (EPA) issued a regulation to reduce the emission of the toxic air pollutant methylene chloride from the flexible polyurethane foam market. All the polyurethane manufacturers have to comply with this regulation and eliminate the use of methylene chloride for the production of molded foam and rebond foam. Therefore, uncertain government regulations towards environment protection restrain the growth of the polyurethane market. Demand for sustainable products from the construction, automotive, and footwear industry is witnessing a rising demand for the manufacturing of bio-based polyurethane (PU) with rising awareness of environmental concerns worldwide. Bio-based polyurethanes (PU) are derived from biodegradable materials constituting a rich source of precursors for the synthesis of polyols and isocyanates. These chemicals are readily available at lower cost with less environmental impact and are highly biodegradable. In addition, with increasing commercialization and growing demand for flexible foam for car seats, headrests from major automotive OEMs, polyurethane manufacturers have shifted focus towards developing sustainable and environmentally friendly products of renewable materials, will drive the use of bio-based polyurethane products in various industries including construction, automotive, coating, and footwear. In January 2020, BASF announced a single-digit million-euro investment in the potential expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The development will allow BASF to increase its production capacity by 30 percent. In May 2020, Covestro, a German-based polymer company, accelerated the expansion of its thermoplastic polyurethanes (TPU) business by raising its stake in the joint venture DIC Covestro Polymer Ltd. (DCP) from 50% to 80%. Both the parties agreed to not disclose any financial details of the transaction. The closing of the deal is planned for the early second quarter of 2019, subject to approval from the relevant authorities. The investment is part of Covestro’s expansion of its global TPU business. DIC Covestro Polymer Ltd. is a Japan-based supplier of thermoplastic polyurethanes. Major players in the polyurethane market are The Dow Chemical Company, BASF SE, Covestro, Huntsman Corp, Eastman Chemical Co, Mitsui Chemicals, Inc, DIC Corp, Nippon Polyurethane Industry Corp Ltd, Recticel S.A, and Woodbridge Foam Corp. Asia Pacific was the largest region in the polyurethane market in 2021. North America was the second-largest region in the global PUR market. The regions covered in the global polyurethane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the polyurethane market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia. The global polyurethane market is segmented - 1) By Product Type: Coatings, Adhesives and Sealants, Flexible and Rigid Foams, Elastomers, Others 2) By Raw Material: MDI, TDI, Polyols 3) By End-User Industry: Furniture, Construction, Electronics and Appliances, Automotive, Footwear, Others

The adhesive tapes market consists of sales of adhesive tapes by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing and selling the adhesive tapes. Adhesive tapes are a combination of a material and an adhesive layer that can be used to join two objects or materials together. It consists of a pressure-sensitive adhesive, which is coated onto a backing material like paper, plastic film, cloth, or metal foil and has removable release liners protecting the adhesive before usage. The main resin types of adhesive tapes are acrylic, rubber, silicone, and other resin types. Silicone is defined as an inert synthetic compound that can be in the form of rubber, resin, or oil. They are generally present in adhesives, sealants, medical applications, lubricants, insulation, and cookware. The major material types of adhesive tapes are polypropylene (PP), paper, polyvinyl chloride (PVC), and other material types. The main technology types of adhesive tapes include solvent-based, hot-melt-based, and water-based. The various end-uses of adhesive tapes are packaging, consumer and office, healthcare, automotive, electrical and electronics, building and construction, and Other End-Users. The global adhesive tapes market size is expected to grow from $60.82 billion in 2021 to $65.24 billion in 2022 at a compound annual growth rate (CAGR) of 7.3%. The global adhesive tape market size is expected to grow to $83.91 billion in 2026 at a CAGR of 6.5%. The growth of the automotive industry and the rapid increase in demand for adhesive tapes from the automotive sector worldwide are expected to propel the adhesive tapes market during the forecast period. Adhesive tapes are lightweight, compact, and smooth, making them ideal for use in car interiors for bonding electronic products, parking sensor retainers, door cladding, spoiler, and seals among others. The global passenger car market is expected to increase from $1321.7 billion in 2020 to $1988.7 billion by 2025. Due to an increased affinity for lightweight, metal fasteners are increasingly being replaced in cars with adhesive tapes, thus, the increased production of automobiles will lead to an increased demand for adhesive tapes and boost their sales. Adhesive products are potentially hazardous during the manufacturing stages, which negatively impacted the growth of the adhesive tapes market in the historic period. This is mainly because the manufacturing processes involve high temperatures and high-pressure reactions which can be dangerous unless controlled carefully. Due to this, regulations in the adhesives industry – in assessing and managing the risks involved in the manufacturing, transporting, and disposing of chemicals – increased in the historic period. Adhesives have to be compliant with complex regulations that govern the labeling, handling, manufacturing, shipping, and storage of the product. Additional compliance costs due to changing regulations, as different countries and geographies have different regulations, were a major restraint for adhesive tape companies. The launch of eco-friendly tapes is a key trend in the adhesive tapes market. Several countries around the world have banned the use of toxic materials used in the manufacture of adhesive goods. Increased demand for recyclable tapes has been driven by federal policies as well as a change in end-user emphasis toward environmentally sustainable goods. Many companies are shifting from plastic to bio-degradable materials like paper and cellulose for manufacturing tapes. For instance, in January 2021, Italy-based IRPLAST launched its ECO+ tape which is made of 34% post-industrial recycled IRPLAST BOPP film. The cores are made from recycled cardboard and the tape reduces emissions with no loss in adhesion quality. In another instance, in January 2020, Monta, a German-based manufacturer of self-adhesive tapes for packaging and consumer use, has introduced Monta Biopack, a modern self-adhesive tape. Monta Biopack is made up of about 90% renewable materials. This environmentally friendly adhesive tape biodegrades in a matter of months, closing the natural recycle circle. In March 2021, ATP Adhesive Systems Group, a Switzerland-based company engaged in developing and manufacturing client-specific adhesive products announced the acquisition of BDK Industrial Products Ltd. for an undisclosed amount. The acquisition is expected to improve the market position of both the companies and help them to provide a broader variety of customized products such as medical adhesive tapes and customized adhesive tapes to their clients. BDK Industrial Products Ltd. is a UK-based specialized adhesive tape converter that has developed itself as a solution provider for healthcare and other industrial customers. Major players in the adhesive tapes market are 3M, Nitto Denko Corporation, Tesa SE, Lintec Corporation, Avery Dennison Corporation, Intertape Polymer Group Inc, Henkel AG, Lohmann GmbH & Co., Scapa Group PLC, and DuPont de Nemours Inc. Asia Pacific was the largest region in the adhesive tapes market in 2021. The region is predicted to record the fastest growth of the global adhesive tapes market during the forecast period. The regions covered in the global adhesive tapes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the adhesive tapes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The global adhesive tapes market is segmented - 1) By Resin Type: Acrylic, Rubber, Silicone, Others 2) By Material Type: Polypropylene (PP), Paper, Polyvinyl Chloride (PVC), Others 3) By Technology Type: Solvent-Based, Hot-Melt Based, Water-Based 4) By End-User: Packaging, Consumer and Office, Healthcare, Automotive, Electrical and Electronics, Building and Construction, Others