Dynamism Of The Contact Adhesives Global Market Leading To Expected Growth Of $4.53 Billion By 2028
Contact Adhesives Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Following a resilient growth trend, the contact adhesives market size is setting foundations to expand from $3.32 billion in 2023 to $3.53 billion in 2024, delivering a compound annual growth rate CAGR of 6.3%. This significant growth is triggered by factors such as varying consumer preferences, stringent environmental regulations, enhanced awareness of health and environmental concerns, fluctuations in raw material prices, and economic conditions.
What Is Foreseen for the Contact Adhesives Market?
The contact adhesives market is expected to witness an exciting phase of robust growth, amassing a bounty of $4.53 billion by 2028, continuing its enthusiastic CAGR at 6.4%. This anticipated acceleration is primarily attributed to industrial demand, rise in building and renovation projects, geopolitical factors, market consolidation, and evolving distribution channels. Heading towards the future, eco-friendly formulations, advanced performance characteristics, the development of adhesives for high-tech applications, customization and tailored solutions, and smart adhesives are expected to be the forerunning trends.
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What Is Driving The Contact Adhesive Market Growth?
Driven by the rising incidence of sleep apnea, a disorder causing interrupted breathing during sleep resulting in fragmented rest and low oxygen levels, the continuous positive airway pressure CPAP mask market has also been experiencing noteworthy growth. Numerous factors, such as obesity, increased awareness, and certain lifestyle habits, are prompting the rise of sleep apnea. Therefore, it is estimated that the CPAP mask, which facilitates steady airflow to prevent pauses in breathing during sleep, will be in increasing demand. According to the American Medical Association, in April 2022, approximately 30 million US individuals were impacted by sleep apnea, with 6 million cases officially diagnosed, indicating a promising potential for the CPAP mask market.
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In the competitive landscape of the contact adhesives market, major companies are generating innovative products, such as biobased adhesives created from renewable resources, to achieve a competitive edge. As opposed to traditional petrochemical sources, these biobased adhesives aim for more sustainable and environment-friendly solutions. In this context, Biophilica Ltd., a UK-based biotechnology company, launched a 100% biobased adhesive, Brightbond, in September 2024, matching the bonding performance of traditional PVA adhesives. Made entirely from renewable resources, Brightbond is being hailed for its non-toxicity and environmental friendliness, and its focus on sustainable manufacturing is expected to support the transition to circular, eco-friendly products.
The Contact Adhesives Market Segments -
1 By Type: Solvent-Based, Water-Based, Solvent-Free, Reactive Contact, Hot Melt
2 By Resin Types: Neoprene, Polyurethane, Acrylic, Styrene-Butadiene Rubber SBR, Other Resin Types
3 By Substrate: Wood-To-Wood, Metal-To-Metal, Plastic-To-Plastic, Fabric-To-Fabric, Multi-Substrate
4 By Application: Construction And Building, Furniture And Woodworking, Automotive And Transportation, Footwear And Leather Goods, Textiles And Fabrics, Electronics And Appliances, Packaging, DIY And Craft, Other Applications
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