Low VOC Adhesives Market Forecast : Robust Growth and Development(2023-2035)
Low VOC adhesives market delivers 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.
Low VOC Adhesives Market Statistics –
USD 51 billion in revenue in 2022
The market size is projected to record a valuation of over USD 87 billion by 2035
The low voc adhesive industry is slated to observe a 6% growth rate through 2023-2035
The market for low VOC adhesives is anticipated to record a notable CAGR of around 6% over the forecast period 2023-2035. 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 is boosting the market growth. Based on technology type, the market is segmented into hot-melt adhesive, 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 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.
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 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 into surge in the manufacturing units. Further, presence of extensive customer base is rising the demand for packaged consumer goods, which in turn, is boosting the market growth.
Moreover, increase in the per capita expenditure, growth in the e-commerce platform along with the supportive government regulations is fueling the growth of the market. The market in North America region is anticipated to witness highest market share on the back of modernization in packaging and transportation industries in the region.
According to a recent study by Research Nester, the low VOC adhesives market size is anticipated to surpass USD 87 Bn by 2035 and is projected to expand at a CAGR of over 6% from 203 to 2035.
Major players include in the global low VOC adhesives market:
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.
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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 Food and Drug Administration (FDA) agency regarding 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 the market growth. Moreover, rising investments in developing nations as a result of growing trend in electric vehicles and rising demand for sustainable adhesives is 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 ecofriendly compounds is expected to operate as key restraint into the growth of low VOC adhesives market over the forecast period.
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