An adhesive is any nonmetallic substance such as cement, glue and paste. It can be applied on the one or both surface. It is used to bind two separate items. Plastic adhesives are used to join the materials such as acrylic, polycarbonate, styrene or another type of plastic. It is also used for fixing plastic household appliances such as phones, computer, keyboard and audio appliances. It is also used for fixing electrical tubes, plastic bicycle and car parts. The other properties of plastic adhesives are strong, temperature resistant and transparent in nature. The application of plastic adhesives is in several end-user industries such as automotive, building and construction, electrical, footwear and others.
Market Size and Forecast
The global plastic adhesives market is anticipated to expand at a CAGR around 6.5% during 2018-2027. It is anticipated to attain significant market size by end of 2027. The growth can be attributed to rapid industrialization coupled with growing end-user industries such as automotive, packaging and footwear.
The global plastic adhesives market can be segmented on the basis of type, application and technology. On the basis of type it is sub-segmented into epoxy, polyurethane, ethylene vinyl acetate, acrylic, polyisobuylene, styrenic block and silicone. Epoxy sub-segment is anticipated to be the fastest growing sub-segment on the account of its high impact resistance. On the basis of application, it is sub-segmented into automotive, building & construction, electrical, footwear and packaging. Automotive industry is the largest sub-segment of plastic adhesives market on the account of wide application of plastic in vehicles. Plastic adhesives are used to provide strong adhesion to materials which are bonding with the other materials or the plastic. Additionally, increasing demand for the plastic adhesives from the automation industry is anticipated to drive the market growth of plastic adhesives market.
By region, global plastic adhesives market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia-Pacific is anticipated to observe healthy growth during the predicted period. The rising commercial and infrastructural activities by the developing countries such as China, India, Thailand, Bangladesh and Vietnam are the primary reason for the region to lead the market during the forecast period. Additionally, the growth in the automotive industry especially increasing number of vehicles is anticipated to boost the market growth in Asia-Pacific region.
Our in-depth analysis segmented the global plastic adhesives market in the following segments:
Global plastic adhesives market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The rising construction activity coupled with expansion in automotive industry is the main driver for the global plastic adhesives market. The increasing implementation of adhesives bonding technologies is anticipated to further fuel the market growth of plastic adhesives. Increasing disposable income of the population coupled with rising urbanization is the major growth driver for the global plastic adhesives market. Rising distribution of plastic adhesives through various distribution channels such as supermarkets, online and retail markets.
However, stringent regulation is a major factor expected to hamper the market growth during the forecast period. High research and development cost is also a major restraining factor for the market growth of the plastic adhesives.
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