Rising Packaging Industry: A Key Driver Transforming the Spray Adhesives Market 2024
Spray Adhesives Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Current Growth Rate and Size of the Spray Adhesives Market?
The spray adhesives market has seen substantial progression in recent years. Predicted to grow from $3.24 billion in 2023 to $3.42 billion in 2024, this reflects a compound annual growth rate CAGR of 5.4%. The growth in the historic period can be credited to developments in the construction industry, increasing trend of DIY home improvement projects, expansion of the furniture and upholstery industry, increase in manufacturing facilities, and a growing awareness of the benefits of spray adhesives.
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How is the Spray Adhesives Market Expected to Evolve Over the Next Few Years?
The market for spray adhesives is set to experience robust growth in the forthcoming years. It's predicted to escalate to $4.24 billion in 2028, with a compound annual growth rate CAGR of 5.5%. The growth during the forecast period can be traced back to increasing urbanization, burgeoning demand in the electronics industry, growing adoption of smart packaging solutions, rising production of disposable goods, construction of eco-friendly buildings, and the increasing call for non-toxic adhesives.
What are Driving Factors Behind the Growth of Spray Adhesives Market?
Ascending packaging industries are anticipated to fuel the growth of the spray adhesive market going forward. The packaging industry involves the design, production, and distribution of containers and materials used for product protection and marketing. The growth in this industry is propelled by increasing consumer demand for packaged goods, innovations in packaging technology, and the surge of e-commerce. Spray adhesives assist packaging companies in optimizing their operations, enhancing product quality, and adjusting effectively to market demands - all contributing factors to the growth and innovation in the packaging industry. For instance, in August 2023, statistics from the Flexible Packaging Association, a US-based membership organization representing financial planners, showed that the total U.S. flexible packaging industry reached $42.9 billion in annual sales in 2022, indicating a 15.3% increase from $37.2 billion in 2021. Therefore, the burgeoning packaging industries seem to be driving the growth of the spray adhesive market.
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Who are the Key Industry Players in the Spray Adhesives Market?
Major companies operating in the spray adhesives market are 3M Company, Henkel AG And Co. KGaA, Sika AG, Eastman Chemical Company, Avery Dennison Corporation, Huntsman Corporation, RPM International Inc., H.B. Fuller Company, Ashland Inc., Bostik SA, Pidilite Industries Limited, Intertape Polymer Group, Gorilla Glue, Phillips Manufacturing Co., Quin Global, ITW Performance Polymers, Gemini Adhesives Ltd., Spray-Lock Inc., Uniseal Inc., Westech Aerosol Corporation.
What are the Emerging Trends in the Spray Adhesives Market?
Key players in the spray adhesive market are focusing on developing innovative products, such as environmentally friendly adhesive spray, to gain a competitive advantage. An environmentally friendly adhesive spray is a bonding agent formulated with non-toxic, biodegradable, and sustainable ingredients, designed to minimize environmental impact while providing effective adhesion for various materials. For example, in May 2022, Floorwise, a UK-based flooring solution company, launched the F597 Heavy Duty Spray Adhesive, which is safer and more environmentally friendly than traditional spray adhesives.
How is the Spray Adhesives Market Segmented?
The spray adhesives market covered in this report is divided into three main segments:
1 By Product Type: Solvent-Based, Water-Based, Hot Melt, Other Product Types
2 By Resin Type: Epoxy, Polyurethane, Synthetic Rubber, Vinyl Acetate Ethylene
3 By Application: Automotive And Transportation, Building And Construction, Paper And Packaging, Woodworking And Joinery, Other Applications
What are the Regional Insights into the Spray Adhesives Market?
In 2023, North America held the largest market share in the spray adhesives market. However, the Asia-Pacific region is expected to be the fastest-growing region in the forecast period. The regions covered in the spray adhesives market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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