Volatile Organic Compounds (VOCs) are the compounds having low water solubility and high vapour pressure at room temperature. VOC is an important substance used in the manufacturing of adhesives and sealants to make them workable. Low VOC adhesives are made with lower volume of VOCs and they have less impact on the environment. In order to use green products in home, low VOC adhesives are preferred owing to their less negative impact on air quality and are approved for people having environmental sensitivities. The low VOC adhesives follow the stringent standards along with maintaining high performance and keeping the surroundings healthy.
The market for low VOC adhesives is estimated to record a significant CAGR of around 5.5% over the forecast period, 2020-2028. The increased use of adhesives in various industries such as construction, paper & packaging, transportation, consumer goods and others anticipated as one of the major factor driving the growth of the market. The characteristics of low VOC adhesives such as strength and adhesion drive are boosting the demand for high performance adhesives. Further, stringent government regulations in order to reduce the VOC content in adhesives to offer excellent adhesion along with the increasing regulations for passenger vehicles to maintain the quality of indoor air are driving the growth of the market.
On the basis of technology type, the low VOC adhesives market is segmented into hot-melt adhesive, water based adhesive, reactive & other adhesives, out of which, water based adhesive segmented is estimated to dominate the market on the account of their flexibility, low content of VOC and better efficiency than other adhesives. Additionally, water based adhesives are manufactured from natural or synthetic polymers that are soluble and are absorbed by the substrate. Moreover, these adhesives are easy to handle, which in turn, is further accelerating the growth of the market during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The increased use of low VOC adhesives in several types of packaging such as food & beverage and flexible packaging is boosting the growth of the market. Further, wide applications of low VOC adhesives in packaging such as paper bags, book binding, leather binding and wood assembly are rising the demand for the product. Moreover, low VOC adhesives help in attaining high speed packaging and have easy clearance for packaging food from Food and Drug Administration (FDA) agency. Hence, these factors are anticipated to account for the growth of the market.
Rising investments in developing economies for low carbon emitting and lightweight vehicles is driving the growth of the market. Further, increased demand for sustainable adhesives along with the growing trend in electric vehicles is resulting into higher investments, which in turn, is boosting the growth of the market.
The rise in demand for eco-friendly compounds owing to the strict government regulations is leading into increased cost of the raw materials, which in turn, is resulting into increased manufacturing cost. Hence, the changes in the prices of raw materials are expected to hamper the market growth over the forecast period.
Our in-depth analysis of low VOC adhesives market includes the following segments:
On the basis of regional analysis, the low VOC adhesives market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific is anticipated to dominate in the region on the back of rapid growth in e-commerce platform and increasing manufacturing bases owing to the presence of emerging economies such as China, India and Japan. Further, surge in the demand for packaged consumer goods on the account of extensive customer base is rising the demand for low VOC adhesives. Moreover, supportive government regulations, increasing per capita expenditure along with the growing urbanization are accelerating the market growth. The North America is estimated to account for highest share in the market owing to the modernization in the packaging and transportation industries.
The low VOC adhesives market is further classified on the basis of region as follows:
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