The global low VOC adhesives market is expected to generate $81.1 billion revenue by 2030, advancing at a considerable growth rate during 2021–2030. This can be ascribed to the implementation of environmental safety regulations along with the increase in awareness about the green construction of buildings and the shift toward electric vehicles.
Moreover, the increasing usage of low VOC adhesives across industries, especially in paper and packaging and building and construction; surging applications of sustainable packaging products across industries; and rising application of pressure-sensitive adhesives in flooring are attributing to the growth of the market.
However, the COVID-19 pandemic impacted the market negatively, as operations across several end-use industries were shut down. On the other hand, the e-commerce and medical devices industries showed positive growth, which helped companies operate in the market to survive the crisis.
During the forecast period, the development of new low VOC adhesive formulations and the increase in manufacturing bases in the APAC region, especially in Southeastern countries, are expected to largely drive the market significantly.
Water-based adhesives account for the largest revenue share in the low VOC adhesives market, attributable to their easy application, lower health risks, and low activation temperatures, among other advantages over solvent-based adhesives.
Geographically, the APAC market is expected to depict the fastest growth in the coming years, owing to the surging demand for low VOC adhesives in regional countries such as India, China, and South Korea. Also, companies are setting up their manufacturing base in these countries, due to the availability of low-cost labor and the rise in customer base.
In recent years, major players in the market have been actively involved in product launches and portfolio expansion, in order to stay ahead of their competitors. For instance:
Major players operating in the low VOC adhesives market include 3M, Akzo Nobel N.V., Ashland Global Holdings Inc., H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman Corporation, Sika Services AG, Bostik, Pidilite Industries Ltd., PPG Industries Inc., and Wacker Chemie AG.