Research Nester published a report titled “Low VOC adhesives market- Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers a detailed overview of the low VOC adhesives market in terms of market segmentation by chemistry type, by technology type, by end-user industries, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
The market for low VOC adhesives is anticipated to record a notable CAGR of around 5.5% over the forecast period 2020-2028. The major key factors driving the growth of the market include stringent government regulations to reduce VOC content in adhesives and increased demand for low VOC adhesives in several industries such as paper & packaging, transportation, consumer goods, and other industries. Further, the properties of low VOC adhesives such as strength and adhesion along with the rising regulations to maintain the indoor air quality for passenger vehicles are boosting the market growth. Based on technology type, the market is segmented into hot-melt adhesives, water-based adhesive, reactive & other adhesives. The market for water-based adhesives is anticipated to dominate the market owing to its better efficiency than other adhesives and the presence of low content of VOC. Additionally, these adhesives are easy to handle and are manufactured from natural or synthetic polymers that are easily soluble, which in turn, is driving the growth of the market during the forecast period.
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Based on the regional analysis, the market for low VOC adhesives is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The Asia Pacific region is anticipated to dominate the market owing to the presence of emerging economies such as India, China, and Japan resulting in a surge in the manufacturing units. Further, the presence of an extensive customer base is rising the demand for packaged consumer goods, which in turn, is boosting the market growth. Moreover, an increase in the per capita expenditure, growth in the e-commerce platform along supportive government regulations are fueling the growth of the market. The market in the North American region is anticipated to witness the highest market share on the back of modernization in packaging and transportation industries in the region.
Increased Demand from Paper and Packaging Industry along with High Investments
The rising use of low VOC adhesives for its wide applications in packaging such as book bindings, leather binding, and wood assembly is driving the growth of the market. Further, ease in the clearance from the Food and Drug Administration (FDA) agency regarding the use of low VOC adhesives in packaging food is rising the demand for low VOC adhesives in the market. Therefore, increased use of low VOC adhesives in food & beverage and flexible packaging will foster market growth. Moreover, rising investments in developing nations as a result of the growing trend in electric vehicles and rising demand for sustainable adhesives are anticipated to accelerate the growth of the market over the forecast period.
However, volatility in the cost of raw materials along with the stringent government regulations for eco-friendly compounds is expected to operate as key restraint into the growth of the low VOC adhesives market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the low VOC adhesives market which includes company profiling of 3M Company (NYSE: MMM), Ashland (NYSE: ASH), H.B. Fuller Company (NYSE: FUL), Henkel Corporation (ETR: HEN3), Bostik, Pidilite Industries Limited (NSE: PIDILITIND), Parker Hannifin Corporation (NYSE: PH), ARDEX Group and DELO Industrial Adhesives LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the low VOC adhesives market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.