Acrylic Glue Market Forecast and CAGR
According to the latest research by Fact.MR, the acrylic glue market is set to witness steady growth during 2021-2031. Demand for acrylic glue will witness steady recovery in short term, with an optimistic growth outlook in the long run. Demand from the manufacturing sector is expected to increase during the forecast period.
Acrylic glue has acrylic as base material and the market is expected to grow at a CAGR of 5% during the forecast era. Pandemic like covid-19 is unforeseen and uncontrollable so as the pandemic ends the market is expected to show a V-shaped recovery during the forecast period.
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What is Driving Demand for Acrylic Glue?
Plastics are one of the fastest-growing materials in the world with increased demand for plastics the combination of different plastics are also increasing with this the demand for this glue is expected to increase. Acrylics demands are increasing as they have versatility and acrylics can be thermoplastic and thermosetting plastics.
With the increasing demand for fake nails in the market the demand for the acrylic glue will further increase in developing countries. Acrylics glue demand is increasing in sticking artificial acrylic nails. Synthetic glues demand would increase as synthetic glues have greater strength. Acrylic glue has numerous application as it has unique advantages over many other types of glues.
Its demand is increasing in sports goods and equipment’s. The sports sector is increasing as people are understanding the need of healthy lifestyle and work life balance. Smaller parts vary on shape and sizes the acrylic glue demand would increase during the forecast period as sports equipment demand would increase. Owing to these factors, market is supposed to expand at a steady rate during the forecast period.
Housing Sector Recovery Likely to Augment Acrylic Glue Sales
Home décor and kitchen utensils are nowadays being built of different materials. It has found many uses in these products. With the increasing demand of various different polymers materials, its demand is expected to increase tremendously during the forecast period.
The Viscosity of glues depends a lot on the quality of glue. Acetone is added in glues generally as it increases the drying time. The housing sector in developing countries is increasing the demand for affordable housing as nuclear families are in trend. Home loans are at the lowest interest rates ever since the pandemic which is boosting the demand for affordable housing.
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US and Canada Acrylic Glue Market Outlook
US and Canada are experiencing a strong demand outlook from industrial as well as residential consumers. It is used where the fast assembly is required. It has good glue strength along with less time required to dry.
Demand is likely to remain muted in the next couple of years, as a number of end-use industries make a gradual recovery. The recent developments make them room temperature stable and have strong durability.
US and Canada have vaccinated most of the population and even mask is not necessary at many places in the U.S. which shows the economy has revived back to normal after pandemic and demand for various products would boost.
Europe Demand Outlook for Acrylic Glue Market
Europe has a developed economy with proper supply chain and a lot of online platforms delivering products everywhere in the country. The Packaging sector is experiencing a lot of demand as the packaging sector has tremendous growth in the food and beverages industry in Europe.
The market is consolidated in nature with only a few dominant players present in the market. The packaging and construction sector will provide tremendous growth opportunity for the product during the forecast period.
Covid-19 impacted the manufacturer as well as supplier from demand as well as supply side. In short term, the impact of covid-19 cannot be neglected. These glues have a self-life of few years, and needs to be continuously procure, in turn drying demand.
The Asia Pacific the growth driver of the Acrylic Glue Market
The Asia Pacific is the biggest growth driver of the market as the growing demand is being observed in developing countries like India. Indian manufacturers are investing in capacity expansion on their plants. Competitors like Pidilite have a strong brand name in the market which restricts new player’s growth.
The Indian government is providing many production link incentives and has applied dumping duties on many products which provides growth opportunities for many organizations. Raw material availability in India is adequate and the labour is economically available. Process optimizations have increased the efficiency of many players in Asia Pacific.
Indian economy is expected to grow at a decent pace out of which chemicals sector is going to be the fastest driver of the economy. Economically produced goods when sold at great prices to various countries generate huge wealth for organizations. Foreign Investments have seen a sudden increase in wealth and growth of organizations in India.
The Packaging sector of India is continuously growing and an increase in demand is expected during the forecast period which will eventually lead to an increase in demand for adhesives.
Who are the Key Manufacturers and Suppliers of Acrylic Glue Market?
Some of the leading manufacturers and suppliers of the market are
- Henkel AG & Co. KGaA
- RPM international inc
- MAPEI Inc.
- Huntsman International LLC
- Pidilite Industries
- Sika AG
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