Rapidly growing furniture industry with booming real estate business and rising income levels leading to an increased demand for interiors at residential and non-residential places. Moreover, nowadays, the footwear industry has a close association to the adhesives industry, using bonding techniques to join the variety of materials employed in the manufacture of shoes. Thus, rising demand of furniture and footwears would escalate the demand for adhesives & sealants.
Additionally, demand for bio-based/green adhesives, such as starch and lignin, is increasing rapidly, as consumers are starting to realize the adverse effects of petroleum-based products. Consequently, manufacturers are spending huge amounts of capital for research and development of such adhesives. Currently, hybrid adhesives are being increasingly used by end-user industries of adhesives, as they are considered to be green and sustainable alternatives for solvent-based adhesives.
Based on type, market is bifurcated into adhesives & sealants. Further, adhesives are divided into water-based, solvent-based, hot-melt, and reactive & others and sealants into silicone, polyurethane, plastisol, emulsion, polysulfide, butyl, and others. Among all, water-based adhesives hold lucrative market share. Water-borne acrylic adhesives are considered an environmentally friendly and economically feasible substitute to solvent-based adhesives. The major advantage of water-borne adhesives is the absence of volatile organic compounds.
Some of the major players operating in the market include: 3M Company, Arkema S.A, Henkel AG & Co. KGaA, H.B. Fuller Company, Sika AG, Huntsman Corporation, Illinois Tool Works Inc., Avery Dennison Corporation, DuPont de Nemours Inc., Mitsubishi Chemical Holdings Corporation. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
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