Some of the prominent factors that positively influence the growth of the Spray Adhesive Market are rising disposable income, constant urbanization, and improved living standards. Additionally, increasing automotive sales in the developed as well as developing regions along with the demand for fuel efficient vehicles is estimated to accelerate the market growth over the forecast period. Moreover, speedy growth in construction sector is predicted to fuel the market growth over the forecast period. These are widely used in woodworking application, innovations in furniture & décor coupled with the increasing demand for aesthetic furniture is expected to propel the demand for spray adhesive during the review period.
Market Segmentation:
The Global Spray Adhesive Market is segmented on the basis of technology, chemistry, application, and region. Based on technology, spray adhesive market is segmented into water, solvent, hot melt, and others. Based on chemistry, the market is segmented into epoxy, polyurethane, synthetic rubber, vinyl acetate ethylene, and others. Among these, polyurethane and epoxy based spray adhesives hold the largest market share on account of their wide utilization in various application. Furthermore, polyurethane based Spray Adhesives offer excellent adhesion for a wide range of substrates such as plastic, wood, and glass due to their superior elasticity and other structural properties. Polyurethane based spray adhesives prevent separation or widening of cracks caused in wooden cabinets due to climate change. Other chemistry include polyvinyl acetate, polyacrylic ester, polyamide, and cyanoacrylate. Based on application, the market is segmented into paper & packaging, building & construction, automotive, leather & footwear, wood working, and others. Other application include foils, plastics, foam, and carpets. Building & construction hold the largest market share followed by woodworking and paper & packaging. Spray Adhesives are used for a wide range of building material substrates such as drywalls, fiberglass, and insulation of pipes, roofing membrane system, and installation of carpet tiles.
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Asia Pacific is estimated to dominate the market during the review period due to increasing consumption of Spray Adhesives in various applications such as building & construction, automotive, woodworking, paper & packaging and others. Speedy growth of commercial as well as residential construction sector in Asia Pacific in the past few years are predicted to open new avenues of market growth. Technological advancement and propagation of aesthetic architectural design, promote use of durable and weather resistance spray adhesives. Furthermore, strong demand for infrastructure projects in emerging economies such as China, India, Malaysia, and Vietnam, has increased the demand for robust and easy to use adhesive, which in turn, is expected to increase the demand for spray adhesive. The growing packaged food industry is expected to generate demand and drive the Spray Adhesive Market during the forecast period. The emerging middle class in developing economies such as India, China, Vietnam, Thailand, and Malaysia are expected to propel market growth, as rising consumption of packaged products is leading packaging industry manufacturers to increase their production capacities. Factors such as improving standard of living and increasing per capita disposable income in the countries of Asia Pacific are also expected to drive growth of the market.
Asia Pacific holds the largest market share for Spray Adhesive followed by North America and Europe. North America is predicted to witness a steady growth in the use of spray adhesive on account of increasing R&D activities and innovation in packaging business. Furthermore, Europe and North America are estimated to account for a combined market share for around 40% owing to concentration of large number of packaging and woodworking companies in these regions. High utilization of packaging material in the U.S., Canada, Germany, UK, France, Italy, and Spain are further expected to stimulate growth due to revitalizing paper & packaging sector. Latin America spray adhesive market is predicted to register sluggish growth on account of shifting automotive and paper & packaging manufacturing base to India, China, Japan, and Mexico. The Middle East & Africa is predicted to witness a significant growth due to rising public-private construction activities specifically in Turkey, the United Arab Emirates (UAE), Saudi Arabia, and Qatar. Moreover, numerous government projects and recreating hubs such as Airport, railroad network, medical buildings, and indoor stadiums have been allocated huge funding, which in turn is estimated to boost the Spray Adhesive Market growth during the assessment period.
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