Elastic Adhesive Market

Elastic Adhesives Market Size-(2023-2028)

The Elastic Adhesive Market is predicted to rise from $ 19.7 billion in 2022 to $ 24.3 billion by 2028, at a current annual growth rate of 8.5% between 2023-2028

Elastic adhesives are essential materials that have a high elasticity like rubber and offer various adhesive properties. They have little distortion or shrinkage when subjected to any type of hardening treatment and absorb external problems caused by shock and vibration. Important sectors for end-users of elastic adhesives include industry, construction, automotive, and transportation. Elastic adhesives can be defined as general-purpose adhesives that provide excellent bond strength to a wide variety of materials. Once the adhesive cures, it forms a strong, flexible, rubber-like elastic body. Elastic adhesives improve aesthetics in a variety of applications, such as windows, consumer durables, and glazing, by limiting the use of screws, nails, corner glue, and lighting fixtures. These are widely used in applications such as glazing, flooring, and assembly.

Elastic Adhesives Market Drivers and Restraints

Growth in end-use businesses such as building, industry, automotive, and transportation, as well as the rising call for silicone and SMP adhesives are significant factors promoting the global elastic adhesive industry. Increasing demand for glazing and window panel applications is also considered a notable growth factor. The glazing and window panels in many new high-rise buildings are not screw-fastened but are glued with adhesives, offering better mounting properties, aesthetics, and longer service life. These buildings have an improved aesthetic and offer exceptional resistance to UV rays and weathering. Joining glass panels and window panels with elastic adhesives offers several advantages, such as vibration damping; reduced assembly time; excellent quality of finish; and a lower requirement for cold conductive metal frames on windows and panels. The advanced infrastructure designs, architectural configurations, and benefits of glazing highly augment the call for the elastic adhesives industry. The growing demand for aircraft with the increase in air traffic and the growth of tourism in emerging countries is another factor that should stimulate the growth of elastic adhesives.

Challenges in the Elastic Adhesives Market

However, the acceptance rate of elastic sealants remains low among end-users. This low acceptance rate may be owing to a lack of knowledge of the presence of elastic adhesives or the end user's choice for utilizing traditional sealants. End-users are satisfied with the results obtained with conventional adhesives and sealants, even if these adhesives do not have the advantages of elastic sealants but serve to bond the substrates together. To keep costs lower for end products, manufacturers always overlook additional benefits such as improved flexibility/elongation, impact/thermal cycle resistance, peel strength, and long-term durability, which can be obtained with elastic adhesives.

Opportunities in the Elastic Adhesives Market

Factors such as the growing demand for glazing and window panel applications, as well as advances in bonding, which in turn lead to new applications, are driving the market growth. Opportunities such as the growing demand for durable, green, and non-hazardous elastic sealants and adhesives are also benefiting market growth. Strict regulatory approvals required for production are hampering this industry expansion.

ELASTIC ADHESIVES MARKET REPORT COVERAGE

Elastic Adhesives Market Segmentation:

Elastic Adhesives Market - By Resin:

• Polyurethane

• Silicone

• SMP

• Others

The polyurethane (PU) segment is expected to account for the majority during the forecast period. Polyurethanes are primarily used to bond windshields, side and rear windows to passenger cars, trucks, tractors, and specialty vehicles because they have better adhesion and paint characteristics.

Elastic Adhesives Market - By End-use:

• Construction

• Industrial

• Automotive and Transportation

The auto and transportation industries are expected to have the highest CAGR during the forecast period. Elastic adhesives have many uses in cars, such as the front glass windshield, side windows, and car body. They are used in places that require moderate adhesion but high elongation.

Elastic Adhesives Market - By Region:

• North America Elastic Adhesives Industry includes U.S. and Canada.

• Europe Elastic Adhesives Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific Elastic Adhesives Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America Elastic Adhesives Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• Middle East & Africa Elastic Adhesives Industry includes KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

APAC is a growing and lucrative industry for elastic adhesives, owing to industrial advancement and enhanced economic conditions. This region represents approximately 61% of the world's population, driving growth in the manufacturing and processing sectors. The Asia-Pacific market has grown in recent years due to rising income levels, especially among middle-class people, and increased public investment, mainly in the building and building division of the area. Additionally, increased demand for automobiles due to increased spending on automobiles is driving the market growth. The Asia-Pacific region is gradually becoming a major center of world trade. The region is present, the fastest growing and largest elastic adhesive market in the world. With economic saturation and shrinking markets in North America and Europe, manufacturers are expected to move their base to the Asia-Pacific region. Europe is expected to experience significant growth during the period considered, with increasing demand for light commercial vehicles due to emission targets set by the European Union. Additionally, increased consumption of packaged foods and beverages due to convenience and improved shelf life is expected to drive market growth. Latin America is expected to experience considerable growth in the expansion of the automotive industry, particularly in Brazil and Mexico. The Middle East and Africa area is expected to experience moderate growth during the period under review due to growing demand due to increased sales of vehicles manufactured by the PSA Group.

Impact of COVID-19 on the Elastic Adhesives Market:

The elastic adhesives market is among those industries that witness an adverse impact during the shutdown caused by the Covid-19 pandemic across the globe. The temporary closing of manufacturing units in different end-user verticals has resulted in a fall of revenue in this market in the second quarter of 2020. The downfall is predicted to continue for some time until the whole situation becomes normal globally.

Recent Developments in the Elastic Adhesives Industry

• Henkel launches a new PU 1K adhesive for bus construction. New products continue to revolutionize vehicle construction. In addition to the most efficient engines, advancements in the smallest components of a vehicle also play a role in achieving fuel economy and emission reduction goals.

• Bostik, a member of the Arkema group of companies, has announced the launch of a new olefinic elastic fixing adhesive. The product is the very first high-stress hot melt polyolefin adhesive that can be employed to combine elastic strands to products such as disposable diapers and adult incontinence goods.

Key Players Listed in the Elastic Adhesives Market

Henkel AG & Co., KGaA (Germany), Arkema (France), DowDuPont (U.S.), 3M (U.S.), Wacker Chemie AG (Germany), H.B. Fuller (U.S.), CEMEDINE Co., ltd (Japan), ThreeBond Holdings Co., Ltd (Japan), WEICON GmbH & Co.KG (Germany), Mapei Construction Products India Pvt Ltd (India), and SAMEDIA (Germany).