Asia-Pacific is the largest consumer of acrylic adhesives. Increasing population and technological advancements in the 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. 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.
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Technological advancements are expected to fuel the demand for acrylic adhesives in mature markets, such as North America and Europe. Properties such as less cure time, increased performance benefits, better adhesion to a variety of substrates, and resistance to chemicals and various innovations in acrylic adhesive products are expected to drive the growth of the market in the near future. The acrylic adhesives market is shifting from traditional solvent-based adhesives to high-performance products such as reactive acrylic and pressure-sensitive acrylic adhesives, driven by the requirement of superior performance.
Acrylic adhesives market: major developments
New product launch: major growth strategy adopted by key players
New product launch was the major strategy adopted by key industry players to achieve growth in the acrylic adhesives market between 2010 and 2016. 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 acrylic adhesives for use across new applications. Arkema, Illinois Tool Works Inc., Sika AG, 3M, Huntsman International LLC., AVERY DENNISON CORPORATION, Pidilite Industries Ltd., TOAGOSEI CO., LTD., Permabond LLC., Dymax Corporation, Franklin International, Parker Hannifin Corp, RPM International Inc., TONSAN Adhesive, Inc, Bostik SA, MAPEI S.p.A., among other are some of the leading players that adopted this strategy between 2010 and 2016.
Besides new product launches, companies adopted the strategy of mergers & acquisitions; investments & expansions; and partnerships, contracts, & agreements to increase their market share.
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In February 2017, H.B. Fuller (U.S.) acquired Cyberbond LLC. (U.S.), which helped the company increase its share in the cyanoacrylate adhesives technology market.
In December 2016, Arkema (France) completed the acquisition of Den Braven, a leader in high performance acrylic adhesives and sealants for insulation and construction in Europe. This acquisition helped Arkema to increase its share in the global acrylic adhesives market.
In December 2016, Avery Dennison (U.S.) signed an agreement to acquire Hanita Coatings. Hanita Coatings is an Israel-based manufacturer of pressure-sensitive materials and specialty films. The acquisition is expected to aid the company to expand its product portfolio and leverage Hanita’s strong R&D base.
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New product launch:
In April 2017, Sika AG (Switzerland) launched SikaFast-3300 and SikaFast-3500 Structural methyl methacrylate (MMA) adhesives for transportation and industrial assembly applications.
In September 2016, Henkel AG & Company (Germany) introduced Loctite 3090, it is the first gap-filling instant cyanoacrylic adhesive in the market, which fills gaps up to 5 mm wide. This adhesive overcomes the drawback of conventional cyanoacrylate adhesives, which have low viscosity and no-gap filling parts.
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