According to the new market research report “Contact Adhesive Market by Resin Type (Neoprene, Polyurethane, Acrylic, SBC), Technology (Solvent-Based, Water-Based), End-use Industry (Woodworking, Leather & Footwear, Automotive, Construction) – Global Forecast to 2022″, The contact adhesives market is projected to grow from USD 3.87 Billion in 2017 to USD 4.97 Billion by 2022, at a CAGR of 5.15% between 2017 and 2022. Technological advancements are expected to fuel the demand for contact adhesives in mature markets such as North America and Europe. Properties such as less cure time, strong bond, and better adhesion to a variety of substrates in contact adhesive products are expected to drive the growth of the market in the near future. The contact adhesives market is slowly shifting from traditional solvent-based adhesives to water-based adhesives, driven by the requirement of environmental compliance for various end-use industries.
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Woodworking is estimated to be the largest application segment of the contact adhesives market in 2017. Contact adhesives are used extensively in the woodworking end-use industry as they can easily bond wooden and porous substrates to improve performance and develop lightweight designs using multi-materials. There is an increasing focus on developing lightweight components to improve aesthetic appeal. Other end-use industries of contact adhesives include construction, automotive, and leather & footwear, among others.
The solvent-based adhesives segment is estimated to be the largest formulation technology segment of the contact adhesives market in 2017, in terms of both value and volume. Solvent-based is the most broadly-used technology in the formulation of contact adhesives as these adhesives possess unique characteristics, such as temperature, humidity, and discoloration resistance.
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86 – Tables
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Asia Pacific is the largest consumer of contact adhesives. The growing number of residential and commercial buildings, coupled with increasing population and growing urbanization, mainly in China and India, is projected to drive the woodworking and leather & footwear industries during the forecast period.
Mergers & acquisitions was the key strategy adopted by the major players to achieve growth in the contact adhesives market between 2012 and 2017. This strategy accounted for a share of 51% of all growth strategies adopted by key market players. Companies adopted this strategy to provide improved products and develop contact adhesives for use across new applications. 3M (US), Henkel (Germany), Sika (Switzerland), Bostik (France), H.B. Fuller (US), Royal Adhesives and Sealants (US), and Pidilite Industries (India) are some of the leading players that adopted this strategy between 2010 and 2016.
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In June 2016, H.B. Fuller acquired Cyberbond, which has helped the company enhance its overall product offerings in the contact adhesives market.
In April 2016, H.B. Fuller acquired Advanced Adhesives to expand its business operations in Australia and New Zealand. With this acquisition, the company is expanding its offerings for a wide range of industries, including woodworking applications
In August 2016, Henkel expanded its business platform by the launch of a new website for adhesives portfolio in furniture and building components, which is expected to help customers get in-depth knowledge about products and their applications.
New Product Launches:
In October 2015, Henkel presented its product Purbond, under LOCTITE brand, a well-known brand for structural engineered wood at an event named LIGNA. This will help the company display its products and get a competitive advantage over other companies.
In June 2015, At LIGNA 2015, H.B. Fuller announced the launch of new adhesives products for woodworking applications. With this, the company is expected to increase its foothold in the woodworking market.
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