|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 7.79 Billion||USD 13.06 Billion||6.84%||2022|
Solvent-Based Adhesives Market
The global solvent-based adhesives market size was worth around USD 7.79 billion in 2022 and is predicted to grow to around USD 13.06 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.84% between 2023 and 2030.
The report analyzes the global solvent-based adhesives market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the solvent-based adhesives industry.
Solvent-based adhesives are a type of adhesive. This variant uses solvents as a medium or carrier to dissolve the adhesive components. It consists of a mixture of resins, polymers, and additives that are dissolved in organic solvents. They act as a medium to deliver the adhesive to the desired surface. Once applied, the solvents evaporate, leaving behind a strong bond between the joined surfaces. Solvent-based adhesives are known for high initial bond and excellent adhesion to a wide range of materials including metals, plastics, rubber, wood, and composites. They are also available in several formulations and hence suit different requirements or applications. Some of the most common types of solvent-based adhesives are acrylic-based, rubber-based, polyurethane-based, and epoxy-based. The solvent-based adhesive industry deals with the production and distribution of these adhesives and during the forecast period, industry players can expect several growth opportunities.
Strong adhesive properties to propel market growth
The global solvent-based adhesives market is projected to grow owing to the presence of strong adhesive properties of such compounds. They provide unmatched adhesion to a wide range of materials and hence is a desirable product in several fast-growing industries such as automotive, construction, packaging, and electronics. These industries require durable and strong bonds. Furthermore, solvent-based adhesives are extremely versatile in terms of formulations. This allows them to be tailored to specific requirements and applications. They can create bonds between a variety of materials ranging from metals to wood. As the end-user verticals are registering a high growth rate, the industry stakeholders are expected to come across an increased demand in the market. For instance, in the automotive sector, solvent-based adhesives are used during processes such as interior-trim assembly, exterior body bonding, noise & vibration damping, glass installation, and structural bonding.
Health & safety concerns to restrict market expansion
The global solvent-based adhesive market is plagued by growing concerns over health & safety considerations since long-term exposure to intense solvent-based adhesives can pose severe health-related threats to the workers as well as the end-users. Skin contact or inhalation of the compound can lead to respiratory conditions, skin irritation, and other issues. With the growing awareness rate along with changing preference for compounds with lower toxicity, the industry players may register a certain loss of revenue.
Technological advancements to create several growth opportunities
The global solvent-based adhesive industry is expected to witness certain growth opportunities owing to several technological advancements in the field. The industry has registered higher investments directed toward research & development to improve the sustainability, performance, and safety profile of the compound. There are several advancements associated with the manufacturing of low-volatile organic compounds (VOCs) and ultra-low VOC solvent-based adhesives. The research programs are working toward ensuring that these compounds meet the regulatory requirements while addressing environmental concerns.
Growing shift toward alternate technologies to challenge the market expansion
The global sales volume of the solvent-based adhesive industry may be limited owing to the growing shift toward alternate technologies such as water-based adhesives, hot-melt adhesives, and solvent-free adhesives. These substitutes offer reduced environmental impact and improved sustainability profiles. The growing preference for greener adhesives could pose severe challenges and manufacturers may have to explore product diversification.
The global solvent-based adhesives market is segmented based on end-user, chemistry, and region.
Based on end-user, the global market segments are medical, paper & packaging, building & construction, automotive, and woodworking. The industry registered the highest growth in the paper & packaging sector in 2022. Their application ranges from carton sealing, laminating, and labeling specialty packaging. Solvent-based adhesives can withstand challenging packaging environments and hence are extremely useful in the sector. The automotive sector is another significant contributor to the market where it is used extensively for multiple purposes. In the building & construction sector, solvent-based adhesives are used for applications including flooring installation, roofing, wall paneling, insulation bonding, and general construction purposes. The automotive sector of Europe is responsible for nearly 13.8 million jobs.
Based on chemistry, the global solvent-based adhesive market segments are chloroprene rubber, polyurethane, and synthesized rubber. The highest growth was observed in the polyurethane segment in 2022 since it offers an excellent balance of strength, flexibility, and durability. This makes it suitable for a wide range of applications. They exhibit excellent resistance to environmental and chemical factors and are used extensively in the construction and automotive industry. Chloroprene rubber-based solvent adhesives are also known as neoprene adhesives and offer high heat and weather resistance. Synthesized rubber-based solvent adhesives have more specific applications. The global adhesives market is dominated by China with its top 5 companies occupying nearly 14% of the global share.
|Report Attributes||Report Details|
|Report Name||Solvent-Based Adhesives Market Research Report|
|Market Size in 2022||USD 7.79 Billion|
|Market Forecast in 2030||USD 13.06 Billion|
|Growth Rate||CAGR of 6.84%|
|Number of Pages||216|
|Key Companies Covered||Henkel AG & Co. KGaA, 3M Company, H.B. Fuller Company, Dow Inc., Arkema S.A., Sika AG, Ashland Global Holdings Inc., Bostik SA, Huntsman Corporation, Avery Dennison Corporation, LORD Corporation, Permabond LLC, Illinois Tool Works Inc., Jowat SE, Franklin International, RPM International Inc., Mapei S.p.A., ITW Polymers Sealants North America, Pidilite Industries Limited, Scigrip Adhesives, Hexion Inc., Wacker Chemie AG, Momentive Performance Materials Inc., MAPEI Corporation, and Toyo Polymer Co., Ltd.|
|Segments Covered||By End-User, By Chemistry, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Asia-Pacific to hold its dominance during the forecast period
The global solvent-based adhesives market is expected to witness the highest growth in Asia-Pacific led by countries such as China and India. Asia-Pacific is a leading producer and distributor of several adhesives including solvent-based. It is home to some of the largest companies operating in the chemical & materials sector and has continued to hold its dominance even during tough political and economic hardships. Apart from the revenue earned from large export values, the regional countries have wide-scale in-house applications of solvent-based adhesives.
Factors such as rapid industrialization, infrastructure development, and automotive production in economies like India, China, South Korea, Japan, and other nations have contributed to regional growth. North America may grow at a steady CAGR led by an established manufacturing base and robust demand for adhesive products.
The global solvent-based adhesives market is led by players like:
Solvent-based adhesives are a type of adhesive. This variant uses solvents as a medium or carrier to dissolve the adhesive components.
The global solvent-based adhesives market is projected to grow owing to the presence of strong adhesive properties of such compounds.
According to study, the global solvent-based adhesives market size was worth around USD 7.79 billion in 2022 and is predicted to grow to around USD 13.06 billion by 2030.
The CAGR value of the solvent-based adhesives market is expected to be around 6.84% during 2023-2030.
The global solvent-based adhesives market is expected to witness the highest growth in Asia-Pacific led by countries such as China and India.
The global solvent-based adhesives market is led by players like Henkel AG & Co. KGaA, 3M Company, H.B. Fuller Company, Dow Inc., Arkema S.A., Sika AG, Ashland Global Holdings Inc., Bostik SA, Huntsman Corporation, Avery Dennison Corporation, LORD Corporation, Permabond LLC, Illinois Tool Works Inc., Jowat SE, Franklin International, RPM International Inc., Mapei S.p.A., ITW Polymers Sealants North America, Pidilite Industries Limited, Scigrip Adhesives, Hexion Inc., Wacker Chemie AG, Momentive Performance Materials Inc., MAPEI Corporation, and Toyo Polymer Co., Ltd.