Elastic adhesive are used to join two materials with a coating of these adhesives. These adhesives offers impact resistance, high discard strength, and flexibility. The global elastic adhesive market is growing at a decent rate and expected to achieve the good growth during the forecast period. This is attributed to the extensive use of these adhesives in various end-user industries, majorly in construction and transportation. They are also majorly consumed for glazing, which has limited the use of screws, nails, and others, which has contributed towards the market growth. Along with that, these adhesives are widely used in the construction activities including flooring, tiling, tile grout, and subfloor preparation.
Insight by Resin Type
On the basis of resin type, the elastic adhesive market is categorized into polyurethane, silicone, silyl modified polymers, and others. The polyurethane segment is anticipated to lead the market in the coming years. Polyurethane type resin is commonly used for bonding windscreen, side and rear windows of cars, tractors, trucks, and others. However, the highest CAGR is projected to be registered by silyl modified polymers category in the market during the forecast period, as it possesses high chemical stability against external agents which includes ultraviolet light and oxygen.
Insight by End-User
Based on end-user, the elastic adhesive market is classified into construction, industrial, automotive and transportation, and others. The construction industry is the largest consumer of these adhesives; hence hold the largest share in the market. The rising investment in the infrastructural activity by the government of various countries is further driving the demand of these adhesives in the market.
Insight by Application
On the basis of application, the elastic adhesive market is categorized into building maintenance, floor covering, automobiles, aircraft, ships, domestic appliances, and others. Currently, the building maintenance application category account for the largest share in the market, owing to the rising residential and non-residential construction activities.
The major factors that are driving the elastic adhesive market growth are the rising demand from end-user industries, increasing demand from developing countries, and increasing implementation of these adhesives in construction industry. Rapidly expanding construction industry in the developing countries such as China and India along with the rising level of income is augmenting the growth of the market. Along with that, the increasing government spending on the construction activities and for the infrastructural development of their respective countries is also likely to influence the demand of these adhesives in the market. Also, expanding automotive industry with the growing demand for lightweight vehicles is fueling the product demand across the world.
The major challenge identified in the market, which can hinder the market growth is the lack of knowledge among end user industries with regards to profits offered by these adhesives, which is anticipated to hold back the expansion of the elastic adhesive market during the forecast period.
The elastic adhesives market is fragmented; however the majority of market share is captured by some major players having a global footprint and vast product portfolio. This is making it difficult for small players to compete in the market.
Asia-Pacific is projected to witness the highest growth in the elastic adhesive market during the forecast period. The regional elastic adhesive industry has seen a significant growth in the recent years. This is attributed to the increasing income level of the middle-class population, rising government investment in various industries, particularly construction. The shift in manufacturing bases from developed to developing countries due to the stringent regulations and low labor is also among the major factors that are driving the demand of these adhesives in the market.
The most prominent players operating in the elastic adhesives industry are Henkel AG & Co., KGaA, Arkema Group, DowDuPont, Inc., 3M Company, Wacker Chemie AG, H.B. Fuller, ThreeBond Holdings Co., Ltd, CEMEDINE Co., Ltd., Mapei Construction Products India Pvt. Ltd., and SAMEDIA.