The acrylic adhesives market size is expected to advance at a CAGR of 5.8% during 2021–2030, to reach $14,921.4 million by 2030. This is ascribed to the rising application of these materials in the FMCG, medical devices, and many other sectors. Additionally, automation in the electronics sector and the miniaturization of these products are the major factors driving the growth of the market.
The market is also expected to be driven by the growing demand for eco-friendly bonding solutions in the automotive, construction, electronics, and packaging industries, specifically in the emerging economies of Asia-Pacific.
Water-based acrylic adhesives are dominant in terms of sales, owing to the high demand for them in the construction and woodworking industries globally. These adhesives produce lower emissions when cured and have several other beneficial properties, which make them the most-commonly used type of acrylic adhesives globally.
The expansion of the food & beverage packaging sector in Asia-Pacific is the key factor contributing to the rise in acrylic adhesive demand. The expanding transportation and construction industries are also key market drivers in the region.
In order to gain a larger acrylic adhesives market share than before, material suppliers are focusing on new applications and a customer-oriented strategy.
For instance, Fasson, a brand of Avery Dennison Corporation, offers a patented self-adhesive created via a combination of rubber and acrylic. The product gives an appreciable performance on slightly oily, rough, and even low-surface-energy plastics. The product is majorly targeted at the automotive industry, which is exploring adhesives in place of mechanical fasteners, such as nuts & bolts and welds.
Similarly, the next-gen adhesives developed by Fabtech, a U.S.-based fabricated metal product company, have improvised elongation, are far more resistant to fatigue, and used where mechanical fasteners may not be practical.
Moreover, UV-curable pressure-sensitive adhesives are the latest innovation that is expected to revolutionize the pharmaceutical industry, by emerging as a major substitute for solvent-based adhesives.
The LATAM industry is expected to grow with a CAGR of about 6.1%% during the forecast period.
Dealers of stickable labels are experiencing significant growth due to the increase in consumers’ spending power, which is driving the growth of the end-use industries. Further, to increase brand awareness, organizations require high-quality labels manufactured locally.
In addition, the regional market is expected to benefit from the rising popularity of the water-borne adhesive technology and increasing consumer awareness regarding the sustainability and benefits of such adhesives in industrial applications.
The most-significant acrylic adhesives market players are Henkel AG & Co. KGaA, 3M, ITW Performance Polymers, Avery Dennison Corporation, Sika AG, Huntsman International LLC, The Dow Chemical Company, Bostik SA, Pidilite Industries Ltd., Royal Adhesives & Sealants LLC, Arkema, and Ashland.