Adhesive Resin Market, by Type (Polyacrylic Ester (PAE), Polyvinyl Acetate (PVA), Vinyl Acetate Ethylene (VAE), Synthetic Rubber (SBS, CR & SIS), Polyamide, Ethylene Vinyl Acetate (EVA), and Others), Technology (Water-Based, Solvent-Based, Hot Melt, Reactive, and Others), Application (Paper & Packaging, Building & Construction, Woodworking, Transportation, and Others), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Adhesive Resin market size was estimated at USD 14.33 billion in 2023 and is projected to reach USD 18.87 billion in 2030 at a CAGR of 4.01% during the forecast period 2023-2030.
Adhesive resin is a carboxylic acid-based precursor plastic compound used to create polymers and adhesives for a variety of applications, including dental work, pressed building board composites, and regular household glues. The construction sector consumes a major portion of the adhesive resin that the oil industry produces, such as urea-formaldehyde, which is mostly used to assemble particle board, fibreboard, and plywood components. Over 80% of all items that need resins employ urea-formaldehyde, the industry leader in adhesive resins
The market is expanding as a result of the rising demand for adhesive resins in transportation and consumer applications. The expansion of activity in the construction and building industry is also having a favourable influence on market growth as a result of infrastructure development. The most recent developments in commercial adhesive resin technology, as well as the trend toward sustainable building and the growth of smart cities, will help to drive demand.
On the other hand, it is anticipated that factors including raw material price volatility and onerous and time-consuming regulatory procedures might slow down the growth of the market throughout the forecast period. Additionally, decreased stability at high temperatures, relative weakness in attaching big items with a limited bonding surface area, and increased difficulty in detaching objects during testing are the possible inhibitors to the overall growth of the adhesive resin market.
The COVID-19 pandemic has had a significant impact on the growth of the market. The pandemic led to decrease in demand for adhesive resins in a number of industries, such as automotive, construction, and packaging industries. This is due to the fact that these industries were negatively impacted by the pandemic. Moreover, the pandemic disrupted the global supply chains, making it difficult for manufacturers to get the raw materials they need to produce adhesive resins.
The adhesive resin market is expected to grow during the forecast period. This growth can be attributed to several factors such as rising demand for adhesive resins in transportation and consumer applications, the expansion of activity in the construction and building industry and the growth of smart cities. However, raw material price volatility, onerous and time-consuming regulatory procedures, decreased stability at high temperatures, relative weakness in attaching big items with a limited bonding surface area, and increased difficulty in detaching objects during testing might slow down the growth of the market during the forecast period.
North America to Dominate the Market