Market Overview
Spray Adhesive Market Size is projected to be worth USD 4.3 Billion by 2027, registering a CAGR 4.7% during the forecast period (2022 - 2027). The Spray Adhesive Market Size is expected to rise in response to rising demand from the expanding construction sector. Furthermore, growing investment in the building and construction sector, as well as the expansion of the packaging industry in developing regions, are expected to propel the market forward. The understanding of the dangers of volatile organic compounds is expected to reduce the use of solvent-based spray adhesives, while increasing the use of hot melt and water-based adhesives. Growing use of spray adhesives in the automotive industry to fix hoardings and other interior accessories is expected to drive market demand over the forecast period. These are often used in the production of a variety of furniture. Furthermore, during the assessment period, the expansion of the woodworking industry in developed economies is expected to propel market growth. Spray Adhesive's growing use in packaging materials like tapes, envelopes, and labels is expected to drive market development. Spray adhesive will see increased use due to its excellent properties such as fast track, solid bond, and excellent durability at higher temperatures, which will drive demand growth during the forecast period.
Market Segmentation
The Global Spray Adhesive Market Size is fragmented on the basis of technology, chemistry, application, and region. On the basis of technology, Spray Adhesive Market Size is segmented into water, solvent, hot- melt, and others. On the basis of chemistry, the market is segmented into epoxy, polyurethane, synthetic rubber, vinyl acetate ethylene, and others. On the basis of application, the market is segmented into paper & packaging, building & construction, automotive, leather & footwear, wood working, and others.
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Regional Overview
The Global Spray Adhesive Market Size is segmented into five regions namely - Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Due to increased demand from various applications such as building & construction, automotive, and paper & packaging, Asia Pacific is expected to rise at the fastest CAGR during the review period. Because of rising vehicle production and sales, demand for spray adhesive is expected to rise in emerging economies such as India, China, and Vietnam. Furthermore, the relatively low cost of labor, the ease with which raw materials are readily available, and the use of new production strategies to meet the demand for Spray Adhesives as a result of their expanding applications are all important factors in the regional market's growth.
Asia Pacific has surpassed North America and Europe as the main market for Spray Adhesive Market Size Statistics. The revival of the manufacturing sector, combined with growing investments to revitalize the building and construction sector, is expected to propel the Spray Adhesive Market Size in North America to new heights. North American countries like the United States, Canada, and Mexico are major contributors to regional Spray Adhesive Market Size growth and are projected to see substantial regional market growth in the coming years.
Due to developed end-use industries and increased R&D and innovation investment, countries such as Russia, Spain, Germany, and the United Kingdom have emerged as prominent consumer markets in Europe. Due to increased awareness of the product's benefits and rising consumption in the automotive industry, the European market is expected to expand at a moderate pace.
With the involvement of new business models, Latin American countries such as Colombia, Brazil, and Argentina are expected to experience moderate growth. Furthermore, the Middle East and Africa are projected to rise steadily over the forecast period. During the review era, rising investment in the residential and commercial construction sectors in Turkey, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) is expected to positively influence industry growth.
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Competitive Dashboard
Some of the prominent players operating in the Global Spray Adhesive Market Size are Gemini Adhesives Ltd. (U.K), AFT Aerosols (U.K.), Phillips Manufacturing (U.S.), 3M (U.S.), Henkel AG & Co. KGaA (Germany), H.B.Fuller (U.S.), AVERY DENNISON CORPORATION. (U.S.), BASF SE (Germany), Bostik S.A. (France), ND Industries, Inc. (U.S.), UniSeal, Inc. (U.S.), Ashland, Inc. (U.S.), Beardow Adams (U.K), Sika AG (Switzerland), Eastman Chemical Company(U.S.).
Some of the most well-known market players in the global Spray Adhesive Market Size have shifted their attention to Asia Pacific as a source of growth. Aside from that, the major operating players are concentrating their efforts on expanding their product range through strategic acquisitions and mergers, joint partnerships, product releases, and exclusive agreements. To meet the rising demand for spray adhesive, several main players are increasing their manufacturing capability. Furthermore, several manufacturers have introduced a range of products in order to strengthen their market position.
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