Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSOn February 04, 2020: Henkel Adhesives Technology invested approximately Rs 400 crores on its new manufacturing facility in Pune. The investment is made primarily to cater the growing demand of industries for high performance solution in adhesives, surface treatment plants and sealants.
Introduction to Low VOC Adhesives
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.
Market size and Forecast
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
Growth Drivers
Rising Demand from Paper and Packaging Industry
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.
High investments
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.
Restraints
Volatile Raw Material Prices
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.
Market Segmentation
Our in-depth analysis of low VOC adhesives market includes the following segments:
By Chemistry Type
By Technology Type
By End User Industries
By Region
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:
Top Key Players Dominating the Market
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