December 04, 2018
WELLESLEY, Mass., December 4, 2018–New developments in mechanical fastening, rising productivity and the increasing use of new lightweight assembly materials in the transportation and wind energy sector are factors driving growth of the adhesives and adhesives applications market, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 5.3% through 2023, when it is estimated to reach nearly $23.5 billion, according to the report Adhesives and Adhesive Application Equipment: Technologies and European Markets.
Major players in the market include Master Bond, Lonza Group, L&L Products, BASF (BFFAF), Dow Corning, Akzo Nobel (AKZOY), H.B. Fuller (FUL), Gelest, Panacol-Elosol, Henkel (HENOY), Oxford Advanced Surfaces and Wolan Technologies.
“Adhesives and adhesive-applying equipment have been used in Europe for a long time,” the report notes. “The market is mostly matured and is anticipated to grow slowly during the forecast period. The European region has witnessed below average annual gross domestic product growth for the past several years. The European economy was badly hit by the economic downturn in 2008, and this downturn was followed by a recession. Due to the economic crisis, the European adhesives and adhesive-applying equipment market has witnessed slow growth compared to regions such as North America.”
Environmental Concerns Top List of Market Restraints
Environmental concerns associated with the use of adhesives are acting as a restraint to market growth, the report adds. Solvents associated with adhesives can harm the soil, water and air. As such, the ethyl acrylics used in adhesives production are controlled by many environmental regulatory bodies. Another market restraint is the availability of the raw materials used to make adhesives. Raw material price increases, which are mainly due to higher oil and natural gas prices, affect overall pricing, as do raw material shortages, particularly for styrene and ethylene.
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Adhesives and Adhesive Application Equipment: Technologies and European Markets( CHM117A )
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