Global Spray Adhesives Market: Drivers & Trends
Spray Adhesive Market Revenue is witnessing a robust growth owing to factors such as rising demand of it from the building & construction sector, across the globe. Moreover, substantial investment is being made into various research & development activities to improve the existing product as well as the introduction of new product developments, which in turn, is estimated to escalate the Global Spray Adhesives Market Growth.
Apart from this, factors such as scattering awareness about the harmful effects of VOC remittance has reduced the use of solvent-based Spray Adhesives, boosting the water-based adhesives consumption and making it rise high in the years to come. Therefore, the increasing use of Spray Adhesive in repairing hoardings and other interior accessories in the automotive industry is also fueling the Spray Adhesive Market Demand in the forecast period.
In addition, most Spray Adhesives are known for having heat and moisture resistance, which makes them suitable for various high-performance application requirements. However, on the flip side, high cost and a low adoption rate of Spray Adhesives continue to challenge the potentials of the Global Spray Adhesive Market.
Spray Adhesives Market Segmentation:
According to Market Research Future Reports, the Global Spray Adhesive Market has been fragmented on the basis of Technology, Chemistry, Application, and Region.
By the mode of Technology, Spray Adhesive Market is segmented into the water, solvent, hot- melt, and others.
By the mode of Chemistry, the market includes epoxy, polyurethane, synthetic rubber, vinyl acetate ethylene, and others.
By the mode of Application, the market is segmented as paper & packaging, building & construction, automotive, leather & footwear, wood working, and others.
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Global Spray Adhesive Market is expanding at an exponential rate. Considering such a rapid market expansion, Market Research Future Reports published its report about the Global Spray Adhesive Market, stating that, the market is set to inflate at a moderate CAGR by 2023. The growth of this market highly attributes to increasing demands in the building & construction sector, expansion of the packaging industry, and more. Spray Adhesives are predominantly utilized in numerous applications such as automotive, leather & footwear, building & construction, paper & packaging, woodworking, and others.
According to the reports published, some of the prominent players operating in the Global Spray Adhesive Market are Gemini Adhesives Ltd. (U.K), AFT Aerosols (U.K.), Phillips Manufacturing (U.S.), 3M (U.S.), Henkel AG & Co. KGaA (Germany), H.B.Fuller (U.S.), AVERY DENNISON CORPORATION. (U.S.), BASF SE (Germany), Bostik S.A. (France), ND Industries, Inc. (U.S.), UniSeal, Inc. (U.S.), Ashland, Inc. (U.S.), Beardow Adams (U.K), Sika AG (Switzerland), Eastman Chemical Company(U.S.).
On a Geographical Note, Spray Adhesive Market has covered essential regions such as Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Among these, Asia Pacific is forecast to cultivate at the fastest CAGR in the assessment period owing to swelling demand from various applications such as building & construction, automotive, and paper & packaging, among others. The demand for Spray Adhesive is to get surged in emerging countries such as India, China, and Vietnam with the increasing automobile production and sales. Furthermore, more factors such as relatively cheap labor cost, easy availability of raw material, and employment of new development strategies to achieve the demand for Spray Adhesives are their growing applications and acting as essential factors for the regional market growth.
The Asia Pacific has emerged as the largest market for Spray Adhesive as North America is foreseen to witness a significant growth in Spray Adhesive Market owing to the recovery of the industrial sector coupled with escalating investments to revitalize building & construction sector. In North American countries such as the U.S, Canada, and Mexico, they are among the significant contributors in the regional Spray Adhesive Market growth and are predicted to witness a significant regional growth of the market in the upcoming years.
While in Europe, countries such as Russia, Spain, Germany, and the U.K have emerged as the prominent country for the markets to develop end-user industries and to increase expenditure on R&D and innovation.
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