Factors that Impact on the acrylic adhesives market in Upcoming Years !
Posted by Robin White on June 6th, 2019
The acrylic adhesives market is projected to grow from USD 8.84 billion in 2017 to USD 11.72 billion by 2022, at a CAGR of 5.81% between 2017 and 2022. The acrylic adhesives market is shifting from traditional solvent-based acrylic adhesives to high-performance products such as cyanoacrylic and pressure-sensitive acrylic adhesives, driven by the requirement of superior performance. This shift is expected to fuel the growth of the acrylic adhesives market in the near future.
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There is a rising demand for acrylic adhesives in applications, including paper & packaging, building & construction, medical, consumer, transportation, and woodworking, among others. Medical is projected to be the fastest-growing application segment of the market, owing to the technological advancements in acrylic adhesives and rising demand for specialty acrylic adhesives in the segment. Recent advancements in medical technology such as lightweight and micro machineries are propelling the demand for UV curable and cyanoacrylic adhesives. This creates opportunities for manufacturers to develop new products for applications where these adhesives can be used to bond medical devices. UV curable and modified acrylics are expected to be rapidly adopted across applications due to good adhesion to plastics, rapid rate of strength build-up, and excellent impact resistance.
Based on formulating technology, the reactive segment is expected to witness the highest growth during the forecast period. This category generally includes any acrylic adhesive that undergoes a reaction to cure and form a bond. In some cases, adhesives form a bond after they are exposed to air, water, or light. In other cases, two components kept separate until the moment of application react when combined to form a bond. Standard reactive acrylic adhesives can be modified to possess various unique properties, including multiple degrees of conductivity, differing cure profiles, and unique optical properties.
Asia-Pacific is the largest consumer of acrylic adhesives. Increasing population and technological advancements in building & construction and transportation industries are expected to fuel the growth of the acrylic adhesives market in Asia-Pacific. China, Japan, and India are the major acrylic adhesives markets in Asia-Pacific. China is estimated to be the largest market in terms of consumption of acrylic adhesives.
Key market players are expected to adopt growth strategies such as new product launches; mergers & acquisitions; investments & expansions; and partnerships, contracts, & agreements to achieve growth in the acrylic adhesives market in the near future.
