Waterborne Adhesives Market

Waterborne Adhesives Market - Global Industry
Insights, Trends, Outlook, and Opportunity Analysis,
2018-2026
Waterborne or water-based adhesives utilize water as a solvent and are classified as
low volatile organic compounds (VOC) compounds. The properties of waterborne
adhesive product is dependent upon its chemical composition. Resins, fillers, and
antifoams are common constituents of waterborne adhesive products. The
advantages associated with waterborne adhesives include low toxicity, high solid
content, low VOC content, and high initial adhesion. These properties have led to
increased adoption of waterborne adhesives in the recent past. These can be used
on various substances such as wood, metal, plaster, concrete, plastic, and bricks,
which has led to its utilization in applications such as packaging, automotive, and
construction.
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Market Dynamics
Major drivers for growth of the market are increasing use of waterborne adhesives in
packaging and automotive applications, which is primarily due to strict environmental
regulation pertaining to VOC content in adhesive products. Government bodies such
as U.S. Environmental Protection Agency (EPA), International Maritime
Organization, European Union and Health Canada are among those enforcing
regulations against high VOC content products.
Major challenges for the growth of the market include fluctuating raw material prices
and availability of these materials. Also, complex formulation and high cost
compared to solvent borne adhesives may result in slow market growth in countries
where VOC related regulations are lax or absent.
Market Outlook
Increased demand from packaging application is projected to drive growth of the
market. Waterborne adhesive products are used in tapes, labels, and lamination
application in food and consumer goods packaging. Waterborne adhesives exhibit
high resistance to heat, chemicals, and are non-reactive in nature. Moreover,
increasing demand from growing automotive industry in emerging economies of
India, China, and Brazil is expected to bolster the market growth. According to China
Association of Automobile Manufacturers (CAAM) and Society of Indian Automobile
Manufacturers (SIAM), sales of cars in China stood at 28.87 million in 2017 and
24.97 million in India, respectively. Waterborne adhesives are used in automotive
interior applications such as headliners, panels, flooring, and consoles.
Asia Pacific is projected to be the largest market for waterborne adhesives over the
forecast period. This can be attributed to high growth potential of emerging
economies of China and India. According to the Institution of Civil Engineers, China
and India were the largest and fourth largest markets for construction, in 2017. India
is projected to overtake Japan and become the third largest construction market by
2025. Waterborne adhesives are commonly employed in construction applications
such as roofing, flooring, and binding of wood components in buildings among
others. This coupled with a growing retail industry has bolstered use of waterborne
adhesives in packaging applications.
North America is expected to be the second largest market for waterborne adhesives
over the forecast period. This is primarily due to high demand in the U.S., which is
the world’s second largest construction market. According to U.S. Department of
Commerce, the construction market in the U.S. grew by 2.4% in 2017 over the
previous year. This growth trend is expected to continue over the forecast period,
due to high government infrastructure spending policies. The redevelopment and/or
development of public infrastructure such as airports, rail stations, pipelines among
others across the country will boost growth of the market for waterborne adhesives.
Also, strict regulations and recommendations by the government regulatory
authority, U.S. Environmental Protection Agency has boosted the utilization of
waterborne adhesives in the country. VOC content in adhesives, in most applications
must be below 850g/liter according to EPA regulations. Also, imported products,
which utilize adhesives also have to comply with the local regulations. Hence, strict
regulations in the U.S. has led to exporting countries adopting waterborne adhesives
in favor of solvent borne adhesives.
Technological advancements in waterborne adhesive products will bolster the
market growth. For example, two-component waterborne adhesives are common
amongst all applications, which results in complications such as high costs, low
efficiency, and increased waste generation. Increasing adoption of one component
systems will lead to increased cost efficiency and solutions to aforementioned
complications. Several companies are adopting various organic and inorganic growth
strategies in order to sustain their market position. Mergers & acquisitions and
expansions in various geographies are some of key strategies followed by the major
players in the waterborne adhesives market. For instance, Henkel AG acquired
Novamelt GmbH in June 2015 to further consolidate its position in the market.
Moreover, a France-based company, Arkema S.A. acquired Bostik Inc. in February
2015, to enter the Indian waterborne adhesives market.
Major players operating in the waterborne adhesives market include BASF SE, Sika
AG, Henkel AG, The 3M Company, Evonik Industries, DowDuPont Inc., Ashland
Inc., Arkema S.A., Avery Dennison Corporation, and Bayer AG.
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The research report on waterborne adhesives market categorizes the global market by product type , and by application - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2025

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