The plastic adhesives market is projected to grow from USD 6.8 billion in 2020 to USD 9.2 billion by 2025, at a CAGR of 6.3% between 2020 and 2025. APAC is the largest consumer of plastic adhesives. Increasing demand in the medical industry, growth in the appliance industry, and growing demand from packaging and e-commerce industries are the factors driving the plastic adhesives market.
The key players operating in the market are Henkel AG (Germany), H.B. Fuller (US), Arkema (Bostik SA) (France), 3M Company (US), Sika AG (Switzerland). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and partnership & agreement to grow in the market. New product launch was the key strategy adopted by the major players between 2016 and 2020. This strategy helped companies enhance their product portfolio.
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Medical is the fastest-growing application segment of the plastic adhesives market.
Medical is projected to be the fastest-growing application of plastic adhesives. Medical device assembly varies widely and typically involves bonding materials that are otherwise difficult to create adhesion. Few substrates may even require the use of primers or other surface preparation to achieve satisfactory adhesion. In addition to bonding parts successfully, medical device adhesives must be compatible with direct or indirect contact with the body and may be required to withstand multiple sterilizations. Tubing, IV bags, syringes, catheters, films for packaging, surgical instruments, lab-ware, housings, and connectors are a few examples of plastics-based medical devices.
APAC is the largest plastic adhesives market globally.
APAC is projected to lead the plastic adhesives market during the forecast period. The market growth is expected to be supported by improving global economy, rising domestic demand for food products, and increasing exports. China is one of the largest consumers of PE and has an abundant amount of raw materials with low cost of production. Due to the growing population of the country, the usage of plastic in different types of industries has increased, thereby increasing the demand for plastic adhesives. Industries like footwear and food packaging are beginning to use plastic in manufacturing, thereby increasing the use of plastic adhesives.
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