Spain Adhesives Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

Spain Adhesives Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The Spain Adhesives Market is projected to register a CAGR of 6.10%

Key Highlights

• Largest Segment by End User Industry - Packaging : In the Spanish adhesives market, packaging is the dominant end-user industry owing to its wide range of adhesive applications, including labels, tapes, carton sealing and joining, and laminating.
• Fastest-growing Segment by End User Industry - Packaging : The packaging industry is forecast to witness the fastest growth owing to the rising demand for paper and paperboard packaging and plastic packaging from various end-user industries, including food and beverage and e-commerce.
• Largest Segment by Technology - Water-borne : Water-borne technology, an environmentally friendly and economically viable solution, holds a major market share due to its high usage in food packaging applications through emulsion and dispersion systems.
• Largest Segment by Resin - Acrylic : The acrylic-based adhesives segment holds a major market share owing to its pressure-sensitive applications in packaging, construction, and healthcare end-user industries.

Key Market TrendsPackaging is the largest segment by End User Industry.

• Adhesives play an important role in bonding and joining various substrates that are used across industries. These adhesives help manufacturers lower the weight of their components and assemblies and form joints quickly, easily, and accurately. As a result of the COVID-19 outbreak in 2020, consumption fell by 8.91% compared to 2019.
• Adhesive consumption increased by more than 411,363 ton in 2021 due to the growth of packaging applications among various end-user industries. In 2020, carton board production reached 321.6 thousand ton despite several challenges. Moreover, Spanish food packaging volume is expected to witness considerable growth at a rate of 0.3% through 2022. Factors such as rising demand for packaged meat and seafood, processed fruits and vegetables, and widespread usage of liquid cartons for tomato pastes and purees are expected to foster adhesives consumption in flexible packaging over the coming years. Waterborne adhesives are highly consumed in the industry because of their cheaper cost and high bonding strength which is required in these applications. It is seen that nearly 201 thousand tons of water-borne adhesives are consumed in the packaging industry of the country during 2021.
• Several ongoing infrastructure projects have boosted the demand for adhesives in the country. In 2019, Amazon Web Services (AWS) launched a new infrastructure region in Spain, making it its seventh region in Europe. Moreover, residential construction is expected to grow significantly over the later parts of the forecast period. According to Spain’s National Statistics Institute (INE), net household construction is anticipated to increase at an average pace of around 135,000 units annually from 2019 to 2025. This is expected to influence the market for adhesives in Spain.

Competitive Landscape

The Spain Adhesives Market is fragmented, with the top five companies occupying 10.75%. The major players in this market are 3M, H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman International LLC and Sika AG (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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