OVERVIEW
Research by Global Market Studies has reported a CAGR of 6.51% for the Water-based Adhesive Market, expecting to expand to a value of USD 31.753 billion by 2028.Â
Water-based adhesives, also known as waterborne adhesives, are a type of adhesive that are formulated using water as the primary solvent or carrier. Unlike solvent-based adhesives that use organic solvents, water-based adhesives rely on water to disperse the adhesive components and facilitate bonding. These adhesives have gained significant popularity due to their environmentally friendly nature, as they contain lower levels of volatile organic compounds (VOCs) and are less harmful to both human health and the environment.
Water-based adhesives are used in various industries, including packaging, woodworking, furniture, automotive, construction, paper and packaging labels, textile, assembly, medical, graphic arts, and footwear. They provide strong bonds for various materials, such as cardboard, paper, and corrugated materials, and offer secure adhesion without compromising appearance.
Market Dynamics
Table of Content
Drivers:
Water-based adhesives are becoming increasingly popular due to environmental regulations, health and safety concerns, end-user demand, innovation, and rising costs of solvents. These eco-friendly alternatives offer a sustainable and eco-friendly alternative to solvent-based adhesives, improving indoor air quality and worker health. Additionally, water-based adhesives are more cost-effective due to their stability and reduced reliance on volatile raw materials.Â
As economies grow, demand for consumer goods, packaging, and infrastructure also drives the demand for adhesives in various applications. Furthermore, water-based adhesives can positively impact a company’s brand image and reputation, as many companies adopt sustainable practices as part of their CSR initiatives. Overall, water-based adhesives offer a sustainable and eco-friendly alternative to solvent-based adhesives.
Opportunities:
Water-based adhesives are environmentally friendly and compliant with regulations aimed at reducing air pollution and chemical exposure. They are versatile and compatible with various substrates, making them suitable for various industries and applications. They emit minimal odour and toxicity, making them suitable for indoor applications. Water-based adhesives offer fast curing and bonding speeds, enhancing production efficiency and reduced assembly times.Â
They also have high initial tack, making them usable in high-speed production processes. Adhesive manufacturers can customize properties to suit specific application requirements, such as viscosity, bond strength, flexibility, and curing speed. They are available in various packaging formats, including pails, drums, totes, and cartridges, catering to different manufacturing scales and processes.Â
Many water-based adhesives meet industry standards and certifications for safety, performance, and environmental impact, providing customers with confidence in their usage. Adhesive suppliers often provide technical support, application guidance, and training to help customers achieve optimal bonding results. Adhesive manufacturers invest in R&D to improve performance, durability, and applicability, driving innovation in the industry.
Restraints:
Water-based adhesives have made significant advancements in bonding performance, but they may still have slightly lower initial bond strength compared to solvent-based alternatives. This can limit their use in applications with high bond strength requirements. Additionally, water-based adhesives may be sensitive to moisture during curing, which may limit their use in areas with high humidity.Â
Longer drying/curing times may impact production efficiency and cycle times, especially in industries with rapid assembly processes. Substrate compatibility may also be a concern, as some adhesives may not perform optimally on hydrophobic or chemically resistant substrates. Temperature resistance may be limited, especially when exposed to extreme heat or cold, which may restrict their suitability for applications with significant temperature fluctuations.Â
Complex application requirements may require specialized equipment and techniques for applying water-based adhesives, which can increase production complexity and cost. Lastly, price competitiveness may be a factor, as initial costs may be higher compared to solvent-based alternatives, making it difficult for cost-sensitive industries to adopt these adhesives.
Regional Information:
North America: Stricter environmental regulations, consumer demand for sustainable products, and advanced manufacturing industries drive the use of water-based adhesives in North America. Industries like packaging, automotive, and construction are major consumers.
Europe: Europe is known for its stringent environmental standards, which have spurred the adoption of water-based adhesives across various industries, particularly in packaging, textiles, and automotive sectors.
Asia-Pacific: Rapid industrialization, urbanization, and a growing middle class contribute to the demand for water-based adhesives in Asia-Pacific. The region’s diverse manufacturing landscape, spanning electronics, automotive, textiles, and more, creates a broad market for these adhesives.
Recent Developments:
• June 2022:Sulayr, OEM Bobst, BASF, and Evertis created a strategic partnership that led to the development of a multi-layer PET recycling technology employing water-based adhesives, allowing the participating companies to separate and reuse PET as part of a closed-loop system.
• In May 2021, Sika AG acquired a Brazilian manufacturer of water-based adhesive technologies, Polypag. This acquisition will help Sika AG expand its product offerings and strengthen its presence in the South American market.
Key Players:
Henkel, Sika, Bostik, Sulayr, RPM, KCC, Fuller, 3M, Illinois Tool Works, Avery Dennison, Huntsman, DowDuPont, Ashland, MapeiI, Akzo Nobel.
Frequently Asked Questions
1) What is the projected market value of the Water-based Adhesive Market?
– The Water-based Adhesive Market is expected to reach a value of USD 31.753 billion by 2028.
2) What is the estimated CAGR of the Water-based Adhesive Market over the 2023 to 2028 forecast period?
– The Water-based Adhesive Market is expected to grow at a CAGR of approximately 6.51% from 2023 to 2028.
3) Who are the key players in the Water-based Adhesive Market?
– Henkel, Sika, Bostik, Sulayr, RPM, KCC, Fuller, 3M, Illinois Tool Works, Avery Dennison, Huntsman, DowDuPont, Ashland, MapeiI, Akzo Nobel.Â
4) What are the drivers for the Water-based Adhesive Market?
– Water-based adhesives gain popularity due to environmental regulations, health, safety, and cost-effectiveness, improving indoor air quality and worker health, and positively impacting brand image.
5) What are the restraints and challenges in the Water-based Adhesive Market?
– Water-based adhesives offer improved bonding performance but may have lower initial bond strength, moisture sensitivity, longer drying/curing times, substrate compatibility, temperature resistance, specialized equipment, and higher initial costs compared to solvent-based alternatives.
6) What are the key applications and offerings of the Water-based Adhesive Market?
– Water-based adhesives are used in various industries, including packaging, woodworking, furniture, automotive, construction, paper and packaging labels, textile, assembly, medical, graphic arts, and footwear.
7) Which region is expected to drive the market for the forecast period?
– Asia Pacific has the highest value share in the global market and is expected to dominate shares in forecast period.
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