(MENAFN- GetNews) Increasing Trend for Wearable Devices and Innovation in Wearable Electronic Devices Monitors health Like a Smartwatch, fitness Trackers, and Wearable ECG Monitors Are Driving the Growth of the Elastic Adhesives Market
Elastic Adhesives market size is forecast to reach $23.33 billion by 2026, after growing at a CAGR of 5.9% during 2021-2026. Elastic adhesives are versatile adhesives that consist of silicon, polyurethane segment, and PET, offering superior adhesive strength to a broad variety of materials used across various end-use industries like automotive, building and construction, and energy. New development and innovation in medical devices are driving the growth of the market, as elastic adhesives are used in medical devices for their excellent bonding properties. Moreover, Middle East is also driving the growth of the market due to growing investment in the construction activity, especially in the United Arab Emirates and Saudi Arabia. Furthermore, the increasing trend for wearable devices among youngsters and innovation in wearable electronic devices monitors health like a smartwatch, fitness trackers, and wearable ECG monitors are driving the growth of the market. Whereas, the surging demand from the glazing and window panel applications further drives the market growth. Whereas, the Silane Modified Polymers adhesive solutions and flexible linear macromolecular substance are becoming more and more popular in industrial applications that require elastic bonding or sealing, which also contribute to the market growth.
Emergence of COVID-19
The COVID-19 pandemic continues to unfold every day with severe impact on people, communities, and businesses. The growing pandemic situation has led to the weakening demand for Elastic Adhesives due to a sharp decline of demand from end-users. Furthermore, the disruption of the global supply chain and lack of manpower further acts as a challenging factor to the growth of this market.
Elastic Adhesives Market Segment Analysis – By Adhesive Type
Polyurethane segment held the largest share of more than 40% in the Elastic Adhesives Market in 2020. Polyurethane-based adhesives are made of urethane polymers with chemical-based isocyanate groups. Due to the extraordinary elasticity and elongation before the rupture up to 600% they are mostly used for manufacturing elastic adhesives. Moreover, the Polyurethane-based Adhesives are cured by polyaddition reactions, by taking on moderately reticulated structure with qualities of an elastomer material. Whereas, rigid polyurethane adhesives are also cured by polyaddition but they also acquire a high crosslink structure of thermoset material. Polyurethane-based adhesives are mainly used in bonding windscreens, side & rear windows of passenger cars, trucks, and tractors, and also offer better adhesion and painting properties. Due to these properties, there is an increasing demand of polyurethane in Elastic Adhesives Market during the forecast period.
Elastic Adhesives Market Segment Analysis – By Type
Double Sided segment held the largest share of more than 45% in the Elastic Adhesives Market in 2020. In double-sided, the elastic adhesives are coated on both sides of a substrate in order to provide high initial bond strength, for elevated surfaces, or bonding of heavy materials. The surging uses of these double-sided adhesives in the construction industry to bond the tiles with the wall or surface further drive the growth of this market. Moreover, the growing demand for smartphones and tablets also contributes to the growth of this segment owing to the superior bonding properties. Therefore, increasing construction or electronic industry is also driving the demand for silane Modified Polymers, polyurethane segment, and flexible linear macromolecular elastic adhesives due to their superior properties. For Instance, as per Indian Brand Equity Foundation (IBEF) report in 2020, the Indian consumer electronics market is valued to be $10.93 billion in 2019 and Electronics manufacturing is expected to be $163.14 billion in 2025.
Request for Sample Report @
Report Price: $ 4500 (Single User License)
Elastic Adhesives Market Segment Analysis – By End Use Industry
Building & Construction segment is projected to witness a significant growth of 4.5% in the Elastic Adhesives Market during the forecast period. The main benefits of elastic adhesive over mechanical fixings are their speed and economy of use, without sacrificing durability and no need for drilling, resulting in no damage or weakening of the substrate. Moreover, elastic adhesives are used in flooring, sub-floor preparation, and tilling in the building & construction industry. The growing need for buildings to sustain the huge population and growing middle-class income is driving the Elastic Adhesives Market growth. As per the Oxford Economic report in 2018, the global construction industry is expected to be valued at $8 trillion by 2030. Therefore, an increase in the construction industry will fuel the demand for the Elastic Adhesives Market.
Elastic Adhesives Market Segment Analysis – By Geography
Asia-Pacific segment is projected to witness the highest CARG of 7.5% in the Elastic Adhesives Market during the forecast period. China, Japan, South Korea, and India are the major countries driving the growth of this market in APAC. Furthermore, the growing consumer electronics and e-commerce sector are also driving the market growth in this region. For instance, as per the Indian Brand Equity Foundation (IBEF) report in 2020, the Indian appliance and consumer electronics (ACE) market was RS 76,400 crore (around US$ 10.93 billion) in 2019 and is expected to reach Rs 1.48 lakh crore (around US$ 21.18 billion) by 2025, which will provide a significant boost to the Elastic Adhesives Market in APAC region during the forecasted period. Elastic Adhesives based on Silane Modified Polymers and polyurethane segments have very good processing characteristics, high-temperature stability, flexible linear macromolecular substance, and low water absorption as compared to epoxies and bismaleimides. Elastic adhesives can be used as composites for encapsulants for microelectronics and printed circuit boards. Additionally, it also offers excellent strength and better electrical properties.
Elastic Adhesives Market Drivers
Surging Uses of Window Panel as a better Infrastructure Design
Glazing is a process where the glass is installed in windows, doors, or any other fixed openings in the building. The window panel in many skyscrapers is not screwed but is bonded together with adhesives, which offers excellent bonding, and increases the longevity of the panel. Bonding window panels with elastic adhesives offer excellent vibration suppression, provides a clean-looking finish quality, and speeds up the assembly time. Elastic adhesives based on Silane Modified Polymers and polyurethane segment also provide design flexibility to the contractors, as the window frames or panels used in assembling the glass are factory-made and come in standard shape and sizes. Moreover, using glass in buildings has many advantages like easy to clean, resistant to weather, brightens the building, and recyclable. Therefore, better infrastructure design and benefits of window panels are contributing to the growth of the elastic adhesives market growth.
Growing demand from Automotive Industry
Elastic adhesives are used in automobiles to reduce weight, improve occupant safety, and increase overall strength. Elastic adhesives are typically used in bonding backlite, door glass, glass hardware, sunroof & modular roof assembly, and windscreens. Elastic Adhesives are also used to bond fixed glass, glass panoramic roofs, liftgates, and hardware to the vehicle body. Moreover, increasing demand for connectivity, vehicle electronics, and multiple antennas on the glass is also driving the demand for elastic adhesives. Furthermore, polyurethane-based elastic adhesives provide benefits such as multi-material bonding, sealing, and cost advantages to the manufacturers. Therefore, the wide application and the advantages of elastic adhesives are driving the market growth. As per Indian Brand Equity Foundation (IBEF) report in 2020, India was the world’s fourth-largest manufacturer of cars in 2019. The domestic production of automobiles increased at 2.36% CAGR from the year 2016 to 2020, with 26.36 million vehicles being manufactured in the country in 2020. Such, growth of the automobile sector will further boost the demand for elastic adhesives market.
Elastic Adhesives Market Challenges
Availability of Other Substitutes for Elastic AdhesivesThe availability of substitutes to elastic adhesives like dextrin, electrically conductive, hot melt, and phenolic, which provides faster curing, higher stiffness, low curing temperatures, or low thermal stress and better moisture resistance are hindering the growth of the market. Moreover, the substitute's adhesives have better recyclability, are economical, and has minimum environmental effect with setting or durability of the bond.
Elastic Adhesives Market Landscape
Technology launches, acquisitions, and R & D activities are key strategies adopted by players in the Elastic Adhesives Market. In 2020, the market of Elastic Adhesives has been consolidated by the top ten players. Major players in the Elastic Adhesives Market are Arkema S.A., 3M Co., Cemedine Co., Ltd., H.B. Fuller Co., DuPont de Nemours, Inc., Weicon GmbH & Co. KG, Sika AG, Henkel AG & Co. KGaA, Threebond Holdings Co., Ltd., SAMEDIA S.A.S, and among others.
Acquisitions/Technology Launches
In August 2020, H.B. Fuller Co., announced the launch of the next generation of elastic adhesives“Full-Care 8220”. This new launch will expand H.B. Fuller product portfolio, and provide its solution to the nonwoven hygiene industry, which further drives the market growth.
In February 2020, Henkel AG and Co., KGaA opened adhesives manufacturing plant in Pune, India. With this new plant, Henkel aims to serve the growing demand for adhesives in the country. Which will further drive the growth of the market.
Key Takeaways
The market in Europe is projected to witness significant growth due to the demand from the automotive & transportation industries, especially in Germany.
Increasing demand for Non-Hazardous, Green, and Sustainable Elastic Adhesives & Sealants like silane Modified Polymers, polyurethane segment, and flexible linear macromolecular substance provides growth opportunities.
COVID-19 has impacted the global end-use industry, which hampers the growth of Elastic Adhesives market.
Fluctuating raw material pricing, change in government rules, and less popularity of elastic adhesives among the user is hindering the growth of the market.
Relevant Reports
A. Industrial Adhesives Market
B. Polyurethanes Market
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to to discuss more about our consulting services.
MENAFN21092021003238003268ID1102839041