Global Adhesive Resin Market - 2022-2029

Global Adhesive Resin Market - 2022-2029

Market Overview

The global adhesive resin market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.

Adhesive resin is a precursor plastic compound composed of carboxylic acids that produce adhesives for everything from dental work to pressed construction board compounds and commercial glues. Much of the adhesive resin used by the oil industry is targeted at construction material, such as urea-formaldehyde, which is mainly used to bind together the components of fiberboard, particleboard and plywood. The resins can either be a no-mix adhesive utilized in their pure form as a bonding agent or are often mixed with pigments and wood fiber.

Resin adhesives are available in spray, powder, emulsion and liquid forms. Adhesive manufacturers employ different types of resins to produce them. The four most common resins used include polyurethane, polyester, epoxy and silicone. Each class is represented by distinctive properties and is suitable for diverse assembly applications.

Market Dynamics

The global adhesive resin market is driven by increasing R&D projects on bio-based products.

Increasing R&D projects on bio-based products

Increasing demand for eco-friendly materials will likely drive the need for bio-based adhesive, enabling the end-user industries to minimize environmental concerns. Specially-engineered adhesive resins are under development to assemble aircraft and automotive bodies. Various industrial adhesive resins are oil-based and have substances of serious concern that have enlarged the need for sustainable solutions for the industries.

Various leading companies are working on R&Ds to develop bio-based adhesive resins. ResiCare produces high-performance adhesive resins free of toxic molecules and made from bio-based raw materials. With the goal of bio-sourcing the raw materials used to make resins, ResiCare is coordinating the BioImpulse project. Launched in 2018, the project aims to develop an industrial process for manufacturing a 100% bio-based molecule and a range of non-toxic resins.

Health-related concerns on the overexposure of the resins

At present, epoxy resin-based adhesives are probably the most versatile family of adhesives used. However, the use of epoxy resins can cause various impacts on health, which will act as a restraining factor for the market. The most familiar effects of overexposure to unhealthy epoxy chemicals are asthma, skin allergies and irritations of the nose, eyes and throat.

Although epoxy adhesives are environmentally friendly and traditionally formulated without solvents, clean-up or dilution may need the addition of an organic solvent contributing to health, environmental and safety concerns. Unmodified epoxy resins can cause specific problems for the adhesive formulator and the end-user. Unmodified epoxy is usually rigid and brittle; peel strength and impact resistance are poor.

COVID-19 Impact Analysis

The aftermath of COVID-19 on the global adhesive resin market tends to be negatively impacted primarily due to shortages and price spikes of the materials. The cost of epoxy resins used for coatings and adhesives has soared 170% during the pandemic. The epoxy resins are widely utilized in construction, automotive, oil & gas, agriculture, packaging and others. The losses from the end-users have also impacted the demand for epoxy resins. The construction industry had faced huge losses due to a shortage of laborers. According to the AGC data, 40% of construction firms lay off staff due to the COVID-19 outbreak.

For automotive and industrial applications, adhesive resin is used where durable adhesion is required. In these applications, adhesive resin offers superior performance as a tie layer for multilayer plastic fuel tanks, pipes, automotive fuel line connectors and a binder or coupling agent for fiber-reinforced plastics. In 2019, the automotive industry marked a decline of almost 5% in world auto production and ended 10 years of growth. The data shows a 16% decline in 2020 and has production to less than 78 million vehicles.

Segment Analysis

The global adhesive resin market is segmented based on type, form, technology, end-user and region.

Growing sales for flexible and rigid packaging is responsible for boosting the sales of adhesive resin

Based on end-user, the global adhesive resin market is segmented into building & construction, electronics, packaging, industrial, oil & gas, automotive, sporting goods and others.

Adhesive resin is also widely used in packaging because of its capacity to act as a barrier adhesive, preventing punctures and leaking and forming a sealed adhesive bond. Multilayer plastic containers, such as ketchup bottles or foods meant to be cooked in the container itself, use several adhesive resin layers. The resin adhesive acts as a barrier to bacterial contamination by sealing out air and water and locking in the food's flavor and odor. Similar processes are used to seal medical compounds and equipment or maintain drugs and biological materials in a safe, sterile state until needed.

The adhesive resin creates increasingly complex multilayer structures in flexible and rigid food packaging applications. To reduce food waste and prolong shelf life, packaging engineers must customize both moisture vapor barrier and gas properties of the package for the requirements of the food type. Aromas and a protective modified atmosphere should also be preserved inside the container, which should be lightweight, durable and appealing. Multiple barrier resins must be blended in a multilayer structure when no single raw material or monolayer solution provides the required combination of barrier qualities. The adhesive resin is a tie layer between these incompatible materials, making the high-performance package possible.

Geographical Analysis

Growing demand from end-users is expected to boost the market in Asia-Pacific

The region's high industrial growth should be considered the primary factor that caters to the market expansion of adhesive resins. Adhesive resin is utilized as a tie layer in numerous coextruded agriculture, construction, industrial, automotive and oil & gas applications. In 2020, the industrial sector generated around 30.8% of China's GDP. Typical agricultural applications for adhesive resin include impermeable film for field fumigation, silage films, mulch films and hermetic bags for dry agricultural commodities. India's foodgrain production is projected to rise 3.74% to a record of 308.65 million tons in the crop year 2020-21. Moreover, construction spending in Asia is forecast to account for almost one-half of global construction spending by 2020. Typical construction applications for adhesive resin include aluminum panels, floor and wall heating pipes, geomembranes and roofing membranes.

The companies are expanding their production facilities in the region to satisfy adhesive resins. For instance, in 2018, as part of its broader investment plan to fulfill silicones demand growth and drive innovation, the Dow Chemical Company constructed a silicone resin plant to expand its capacity and meet demand for specialty silicone products in key industries worldwide.

Competitive Landscape

The global adhesive resin market is highly competitive due to easy manufacturing and the availability of raw materials. The market is fragmented and has the presence of global and regional players. Major players in the market include Synthomer plc, Dow, Lawter Capital B.V., Mitsubishi Chemical Corporation, Evonik Industries, Georgia-Pacific Chemicals LLC, Ashland Global, Yparex B.V., Resinall Corp, Resins & Plastics Limited, LD Davis, National Adhesives & Polymers, Polygon Adhesives & Resins Pvt.Ltd., among others.

The players in the market are known to incorporate numerous market strategies to achieve growth in the global adhesive resin market; these include acquisitions, mergers, product launches, contributions and collaborations.

Synthomer Plc

Overview: Synthomer is a global differentiated chemicals company listed on the London Stock Exchange. Synthomer produces innovative formulations in the global lattices, dispersions and polymer markets with a broad range of chemistries, including vinyl acetate and acrylic-based dispersions, styrene-butadiene latex, re-dispersible powders, powder coatings and acrylonitrile butadiene latex. The applications covered a diverse range of end markets, including adhesives, construction, coatings, health and protection and textiles.

Type Portfolio:

ADHESIVE RESIN: The company offers various resin materials, including epoxy, silicone and polyurethane, for the adhesives industry, widely utilized in diversifying fields.

Key Development:

In April 2021, Eastman Chemical Company entered into a definitive agreement to sell its adhesives resins assets and business to Synthomer plc for US$1 billion. The sale consists of hydrocarbon resins, pure monomer resins, rosins and dispersions and oleochemical, polyolefin polymers and fatty-acid based resins product lines.

Why Purchase the Report?

To visualize the global adhesive resin market segmentation by type, form, technology, end-user and region and understand key commercial assets and players.

Identify commercial opportunities in the global adhesive resin market by analyzing trends and co-development.

Excel data sheet with numerous adhesive resin market-level data points with four segments.

PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.

Type mapping available in excel consists of key products of all the major market players

The global adhesive resin market report would provide approximately 70 tables, 74 figures and almost 220 pages.

Target Audience 2022

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