Market Overview

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.

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.

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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 Taxonomy

On the basis of product type, the waterborne adhesives market is segmented into:

Starch/Dextrin

Protein/Casein

Vinyl Acetate

Rubber Latex

Polyacrylate Emulsions

Others

On the basis of application, the waterborne adhesives market is segmented into:

Packaging

Furniture

Footwear

Construction

Automotive

Others


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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