Global Solvent Borne Adhesives Market Overview
The Solvent Borne Adhesives Market Size was estimated at 17.48 (USD Billion) in 2022. The Solvent Borne Adhesives Industry is expected to grow from 17.96(USD Billion) in 2023 to 22.9 (USD Billion) by 2032. The Solvent Borne Adhesives Market CAGR (growth rate) is expected to be around 2.74% during the forecast period (2024 - 2032).
Key Solvent Borne Adhesives Market Trends Highlighted
The solvent-borne adhesives market is on the verge of a revolution with an increasing demand for advanced, sustainable options. All of this has been done in order to meet the required standards and reduce VOC emissions through environmentally friendly solvent-based adhesives. More so, it is due to the understanding that such solvent adhesives have human health and environmental impacts; therefore, there is a need to change to water-based or solvent-free ones. The market is all set for further expansion by the automotive industry, packaging sector, and construction companies that are looking for high-performance adhesives that satisfy strict bonding requirements and meet environmental regulations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Solvent Borne Adhesives Market Drivers
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Growing Demand for Solvent Borne Adhesives in the Automotive Industry
A major user of solvent borne adhesives in the automotive industry, mostly in bonding different segments like interior panels, carpets, and headliners. The development of solvent-borne adhesives in the auto industry is a result of a strong increase in vehicle production and the rising demand for durable, lightweight cars. Solvent-borne adhesives have excellent adhesion and good resistance to heat, which makes them suitable for harsh environments found in automobiles.
The rise in the electric car market will also boost demand for solvent-borne adhesives as specialty adhesives are required to bond dissimilar materials and electronic components.
Expansion of Construction Industry Fuels Solvent Borne Adhesives Market
Solvent borne adhesives find significant applications in the construction industry as well. These are heavily utilized to bond flooring, wall coverings and roofing materials. Increasing levels of Construction especially in developing regions have led to increased demand of solvent borne adhesives in the Solvent Borne Adhesives Market Industry. The market is also growing due to increasing use of prefabricated buildings and modular construction techniques that rely on adhesives for bonding pre-fabricated components.
Advancements in Technology Enhance Solvent Borne Adhesives Performance
Technological advancements are continuously improving the performance and versatility of solvent-borne adhesives. The development of new formulations with enhanced strength, durability, and sustainability is driving market growth. These advanced adhesives meet the evolving demands of various industries, including automotive, Construction, and Packaging. The focus on eco-friendly and low-VOC (Volatile Organic Compound) adhesives is also gaining traction as governments and consumers become more environmentally conscious.
Solvent Borne Adhesives Market Segment Insights:
Solvent Borne Adhesives Market Adhesive Type Insights
Acrylic adhesives are expected to dominate the market, accounting for a significant share of the revenue. Polyurethane adhesives are expected to experience the highest growth thanks to their exceptional strength and endurance, as well as chemical and solvent resistance. Acrylic adhesives, on the other hand, are multi-purpose and inexpensive, thus suitable for several applications, including Packaging, labeling, and Construction. Examples of substrates they strongly bond to include metals, plastics, and composites, and they are extensively used in the automotive industry, aerospace industries, and the construction sector.
Epoxy has a major advantage over other adhesive types, such as high strength and excellent chemical resistance, which make it useful in structural bonding applications. Rubber-based ones like rubber cement provide superior flexibility as well as vibration-dampening qualities, making them significant in areas like the auto industry where flexible parts are required. Utterly different from this is another hot melt adhesive type used by many companies for gluing together packaging materials because it sets quickly, allowing for fast production line speeds within a factory. Thereafter, water-based ones have gained popularity among various industries and require ease of use/tolerance when handling them during commercial application processes, but they comparatively suffer low cohesive strengths when used below normal temperature ranges. Conversely, such market forces feed off each other, feeding one another with supplies without stopping.
Market expansion is also being driven by technological developments that involve the production of high-performance adhesives with enhanced adhesion strength and durability. This goes hand-in-hand with increasing environmental concerns, which advocate for the usage of solvent-borne adhesives having reduced V.O.C emissions in order to minimize pollution levels.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Solvent Borne Adhesives Market Application Insights
The Solvent Borne Adhesives Market is segmented by application into Packaging, Automotive and Transportation, Building and Construction, Furniture and Woodworking, and Other Applications. In the year 2023, Packaging accounted for the highest market share, contributing to over 30% of the Global solvent-borne adhesives Market income. This growth is attributed to the packaging sector recording increasing demand for packaged food and beverages and the e-commerce industry growing at a fast rate. Over the forecast period, the Automotive and Transportation segment is expected to experience remarkable growth due to increased production of automobiles and rising demand for lightweight fuel-efficient vehicles.
The building and construction sectors will also expect steady growth due to the increase in construction activities in developing countries. Furniture and woodworking fields are projected to grow moderately, which will be supported by the increasing demand for furniture as well as other wood products. Other Applications, such as electronics footwear textiles, among others, will contribute a small but growing portion of this Solvent Borne Adhesives Market.
Solvent Borne Adhesives Market Substrate Type Insights
The Solvent Borne Adhesives Market is segmented based on substrate type into Metal, Plastic, Wood, Glass, Paper and Cardboard, and Other Substrates. Plastic, among all others, had the highest market share of 38.0% in 2023 and is anticipated to remain dominant till the end of the prediction period. Plastic sector growth is a result of the increased use of plastic materials in different sectors such as packaging, automotive, and construction ends of use. The Metal segment is forecasted to experience a substantial growth rate during the forecast period due to increasing demand for metalworking solvent-borne adhesives.
Wood will also display sustainable growth, mainly from furniture, flooring, and other forms where wood is used.
Solvent Borne Adhesives Market End-Use Industry Insights
The Solvent Borne Adhesives Market segmentation by End-Use Industry offers comprehensive data on the performance and growth potential of various industries utilizing solvent-borne adhesives. In 2023, the Aerospace and Defense segment held a significant share of the market, driven by the increasing demand for lightweight and durable materials in aircraft manufacturing. The Automotive industry is projected to witness steady growth over the forecast period due to the rising production of electric and hybrid vehicles, which require specialized adhesives for battery assembly and component bonding.
Building and Construction remains a key end-use industry, with solvent-borne adhesives widely used in flooring, roofing, and insulation applications. The Consumer Electronics segment is anticipated to experience notable growth, fueled by the proliferation of smartphones, tablets, and other electronic devices that require high-performance adhesives for assembly and repair. The Medical industry also holds promise, with solvent-borne adhesives finding applications in medical device manufacturing, wound closure, and drug delivery systems. Other end-user industries, including Packaging, furniture, and footwear, contribute to the overall market growth, showcasing the versatility and widespread adoption of solvent-borne adhesives across diverse industries.
Solvent Borne Adhesives Market Regional Insights
The Global solvent-borne adhesives Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. This growth is attributed to the increasing demand for solvent-borne adhesives in various industries such as Packaging, Construction, and automotive production in developing countries like China and India. Europe is expected to be the second-largest market for solvent-borne adhesives, followed by North America.
South America and MEA are expected to witness steady growth in the solvent-borne adhesives market during the forecast period. The growth in these regions is primarily driven by the increasing demand for adhesives in various end-use industries such as Construction, Packaging, and transportation.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Solvent Borne Adhesives Market Key Players And Competitive Insights:
Major players in the Solvent Borne Adhesives Market industry are constantly striving to gain a competitive edge and expand their market share. Leading Solvent Borne Adhesives Market players adopt various strategies, such as product innovation, mergers and acquisitions, and strategic partnerships, to strengthen their position in the market. The solvent-borne adhesives Market development is driven by technological advancements, increasing demand from end-use industries, and government regulations promoting eco-friendly products. The competitive landscape is expected to remain dynamic, with new entrants and innovative products emerging in the market.
Henkel AG & Company is a prominent competitor in the Solvent Borne Adhesives Market, offering a wide range of adhesives for diverse applications. The company focuses on developing innovative and sustainable adhesive solutions that cater to the needs of various industries, including automotive, Packaging, and construction. Henkel's commitment to research and development enables it to stay at the forefront of the industry, providing customized solutions for specific customer requirements.
Another key player in the Solvent Borne Adhesives Market is The Dow Chemical Company. With a strong focus on innovation and sustainability, Dow provides a comprehensive portfolio of adhesives for a variety of applications. The company leverages its advanced technologies to develop high-performance adhesives that meet the demands of demanding industries such as automotive, electronics, and Construction. Dow's commitment to customer satisfaction and technical support has contributed to its strong position in the market.
Key Companies in the Solvent Borne Adhesives Market Include:
Solvent Borne Adhesives Market Industry Developments
The Solvent Borne Adhesives Market is projected to exhibit a CAGR of 2.74% during the forecast period of 2024-2032, reaching a value of USD 22.9 billion by 2032. The market growth is primarily driven by the increasing demand for solvent-borne adhesives in various end-use industries, such as Construction, Packaging, and automotive.
Recent developments in the market include the launch of new products with improved performance and environmental sustainability. For instance, in 2023, Henkel introduced a new line of solvent-borne adhesives that offer high bond strength, fast curing times, and low VOC emissions. Furthermore, government regulations on VOC emissions are driving manufacturers to develop more eco-friendly solvent-borne adhesives.
Key market players are focusing on strategic partnerships and acquisitions to expand their global presence and product offerings. In 2022, 3M acquired Scott Bader's structural adhesives business, strengthening its position in the solvent-borne adhesives market.
Solvent Borne Adhesives Market Segmentation Insights
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Solvent Borne Adhesives Market Adhesive Type Outlook
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Acrylic
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Polyurethane
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Epoxies
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Rubber-based
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Other Adhesive Types
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Solvent Borne Adhesives Market Application Outlook
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Packaging
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Automotive and Transportation
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Building and Construction
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Furniture and Woodworking
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Other Applications
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Solvent Borne Adhesives Market Substrate Type Outlook
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Metal
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Plastic
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Wood
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Glass
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Paper and Cardboard
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Other Substrates
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Solvent Borne Adhesives Market End-Use Industry Outlook
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Solvent Borne Adhesives Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
17.48(USD Billion) |
| Market Size 2023 |
17.96(USD Billion) |
| Market Size 2032 |
22.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.74% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Henkel AG & Company, KGaA, H.B. Fuller Company, Huntsman Corporation, Evonik Industries AG, Dow Chemical Company, BASF SE, Eastman Chemical Company, National Starch and Chemical Company, Sika AG, Loctite Corporation, Solvay SA, Avery Dennison Corporation, Bostik S.A., 3M, AkzoNobel N.V. |
| Segments Covered |
Adhesive Type, Application, Substrate Type, End-Use Industry, Regional |
| Key Market Opportunities |
Key Market OpportunitiesIncreased construction and infrastructure projects Growing automotive industry Demand for high-performance adhesives Environmental regulations driving solvent-free product development Niche applications in Packaging medical and electronics |
| Key Market Dynamics |
1 Increasing demand for high-performance adhesives2 Growing automotive and aerospace industries3 Stringent environmental regulations4 Development of eco-friendly solvent-borne adhesives5 Technological advancements in adhesive formulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The solvent-borne adhesives Market is projected to reach an overall valuation of 17.96 USD Billion in 2023.
The Solvent Borne Adhesives Market is anticipated to grow at a CAGR of 2.74% from 2024 to 2032.
The Solvent Borne Adhesives Market is estimated to reach a valuation of 22.9 USD Billion by 2032.
The Asia-Pacific region is projected to dominate the Solvent Borne Adhesives Market, accounting for a significant market share.
Solvent Borne Adhesives find extensive applications in various industries, including automotive, Construction, Packaging, and woodworking.
Major players in the Solvent Borne Adhesives Market include 3M, Henkel, Sika, and Bostik.
Rising demand for adhesives in construction and packaging industries, as well as increasing urbanization and industrialization, are driving the growth of the Solvent Borne Adhesives Market.
Stringent environmental regulations regarding VOC emissions and the availability of alternative adhesive technologies pose challenges to the Solvent Borne Adhesives Market.
Advancements in adhesive technology, such as the development of eco-friendly and high-performance adhesives, are shaping the Solvent Borne Adhesives Market.
The COVID-19 pandemic has had a moderate impact on the Solvent Borne Adhesives Market, with disruptions in supply chains and reduced demand from certain industries.
