Hot-melt adhesives are finding increased application in various packaging industries, propelling demand in the overall low VOC adhesives market, according to a recent report published by Fact.MR.
Hot-melt adhesives are cost-effective and provide resistance to water and moist surfaces, which makes them a popular adhesive type. Industrial packaging and manufacturing firms are increasingly adopting hot melt adhesives owing to these advantages. Consumer goods, packaging, and personal hygiene product manufacturers are preferring these as they have features such as fast bonding in seconds. Other than this, construction, book binding, labelling tapes, and automotive sectors are increasingly adopting hot-melt adhesives.
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The trend of achieving cost-effectiveness through reduced consumption of hot-melt adhesive application per coat is responsible for surge in demand in various industries, including packaging, labeling, and personal hygiene products.
Key Takeaways from Low VOC Adhesives Market Report
- Asia Pacific is the most lucrative market for low VOC adhesive compounds. It is also expected to exhibit the highest growth over the forecast period of 2020-2030.
- The paper & packaging industry is estimated to hold the largest share of the global low VOC adhesives market in the end user segment.
- Polyvinyl acetate (PVA) is estimated to be the most lucrative segment on the basis of composition over the forecast period. PVA is widely used in adhesives as a synthetic resin.
- Based on technology, water-based adhesives are anticipated to dominate the market over the forecast period.
- Stringent government norms with respect to environmental safety demand production of lower volatile organic compounds (VOCs), which is expected to impact market growth positively in the near future.
- Extensive use of low VOC adhesives in various types of packaging such as cases & cartons, corrugated boxes, and food & beverage and flexible packaging is projected to fuel market growth in the next decade.
- Increasing consumer preference for low VOC-based environment-friendly adhesives will aid market growth.
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“With dwindling demand from end-use industries, the COVID-19 pandemic is having a negative impact on the global low VOC adhesives market,”says a Fact.MR analyst.
Low VOC Adhesives Market: Competitive Analysis
Companies in the global low VOC adhesives market sustain in the competitive environment on the basis of several factors, such as diverse product portfolios, strategically positioned R&D centers, continuous adoption of various growth strategies, and advancements in technologies for the development of new types of adhesives, among others. Mergers and acquisitions is a strategy used by players in order to gain an edge over the competition.
For instance, Pidilite Industries Limited, at its meeting held on 28th October, 2020, approved a definitive agreement with Huntsman Group (USA) for acquiring 100% stake in one of its subsidiaries in India – Huntsman Advanced Materials Solutions Private Limited (HAMSPL). HAMSPL manufactures and sells adhesives, sealants, and other products under well-known brands such as Araldite, Araldite Karpenter, and Araseal, in India.
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Some of the key players in the global low VOC adhesives market are:
- Akzo Nobel N.V.,
- H.B. Fuller Company
- Huntsman Corporation.
- LORD Corporation,
- Wacker Chemie,
- Pidilite Industries Ltd.,
- Franklin International,
- ARDEX Group, and
- Permabond LLC.
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