Adhesive Resin Market - Forecasts from 2024 to 2029

The adhesives resins market is anticipated to grow at a CAGR of 5.73% over the forecast period to reach US$23.240 billion by 2029, increasing from estimated value of US$17.588 billion in 2024.
Adhesive resin aids in joining two surfaces together by having the capacity to bind various materials and offering higher binding strength by more effectively distributing stress over the joint. By enhancing the retention power of composites and compomers, adhesive resins can also be employed to stop bacterial microleakage.

Compared to other technologies, such as sewing, thermal bonding, and mechanical fastening, adhesive resins can be applied to various materials for binding purposes and are aesthetically acceptable. Owing to their high-performance features, adhesive resins are finding their way into major sectors, including construction, packaging, and automotive, to name a few. However, environmental issues and regulations are the main factors limiting the adhesive resin market growth.

Adhesive Resin Market Drivers:

Increasing demand from end-users drives the market growth.

Aircraft and automobile bodywork assembly uses specially developed adhesive resins to maintain structural integrity. With the bolstering growth in automobile and aircraft manufacturing, the demand for advanced adhesive resins is also expected to increase. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2023, global automotive production stood at 93.5 million, representing a 10.25% increase over 2022’s production scale.

Likewise, according to the General Aviation Manufacturers Association, in 2023, piston airplane deliveries witnessed an 11.8% increase over 2022, with 1,682 units shipped. Moreover, as per the same source, turboprop airplane shipments experienced a 9.6% increase.

Moreover, rapid urbanization and improvement in disposable income have bolstered the demand for various consumer electronics, especially smartphones, laptops, and tablets. This has made major electronic manufacturers increase their production scale, which is expected to drive the demand for adhesive resins.

The expansion of the construction and building industry is also driving the market growth.

Adhesive resins are mainly used in construction activity for the improvement of metal & concrete bonding and the reinforcement of concrete structures. Their applicability improves the overall durability of the building and minimizes the damages caused by external factors. Favorable investment in commercial and infrastructure projects, coupled with schemes & incentives to bolster residential construction, is expected to drive the demand for adhesive resin. According to Statistics Canada, in November 2023, investments in building construction witnessed a 1.7% increase, with the residential sector growing by 2.2% with an investment of $13.7 billion.

Product innovations and efforts to drive sustainable material adoption drive market growth.

The demand for adhesive resin will likely expand due to the growing demand for synthetic and green adhesive resins. The growing awareness regarding using environment-friendly products has motivated leading manufacturers to invest in bio-based adhesive resin production, followed by research and development to bolster such innovations. This will help the end-user industries reduce their environmental impact. Adhesive primary resins offer several advantageous properties, including wettability, adhesion power, thermal property, chemical resistance, and environmental resistance.

Adhesive Resin Market Geographical Outlook

Asia Pacific will show the fastest market growth.

The Asia Pacific region is anticipated to hold a considerable market share fueled by the booming construction activities and automotive manufacturing in major regional economies, namely, China, India, South Korea, and Japan. According to the International Organization of Motor Vehicle Manufacturers, in 2023, China’s automotive production experienced 11.2% growth whereas India experienced 7.3% growth.

Likewise, the region is also a hub for major consumer electronic manufacturers. With the booming demand for smartphones, tablets, and PCs, electronic manufacturing is also witnessing significant growth in Asia. According to Taiwan’s National Development Council, in February 2023, the country’s manufacturing PMI for the electronic sector stood at 45.7%, witnessing a 12.5% increase over January 2023.

Adhesive Resin Market Players and Products:

• ForalynTM 110: The pentaerythritol ester of hydrogenated rosin is marketed under the trade name ForalynTM 110 and provides UV light stability and good color retention properties. Applications include adhesives and sealants for B&C, bookbinding, caps and lids without food contact, carpet installation, box and carton closures, commercial printing inks, film modification, hygiene adhesives, and packaging tape.
• Pyralux® GPL sheet adhesive: DuPontTM Pyralux® GPL epoxy-based adhesive resin is created for high-speed and high-frequency applications in consumer electronics. The resin, due to its durability and high heat resistivity, is suitable for high-volume processing.

Adhesive Resin Market Key Developments

• November 2023: Engineered Polymer Solution introduced its acrylic polymer-based resin “EPS® 2133”. This is ideal for pressure-sensitive adhesives and can be used in industrial applications, packaging, and label activities. The innovation aims to cater to the growing demand for functional resins from various industry verticals.
• July 2023: Resin Solution announced the acquisition of TotalEnergies resin product lines: “Poly bd®”, “Wingtack®”, and “Dymalink®”. This enabled the former to provide diverse resin adhesives to customers across various industrial sectors.
• June 2022: Evonik Industries launched “POLYVEST® eCO”, which is sustainably produced and shares the same physiochemical properties as fossil-based products. The ISSC-certified resin product expands Evonik’s coatings & adhesive resin line and would cater to the growing demand for sustainable adhesive materials by consumers.
• March 2022: Synthomer PLC completed the acquisition of Eastman Chemical Company’s adhesive resins business, which included hydrocarbon resin, pure monomer resin, polyolefin polymers, oleochemical, and fatty acid-based resin products. The transactional value was US$1 billion.
• February 2022: Westlake Chemical Corporation successfully acquired the global epoxy business of Hexion Inc. for $1.2 billion in an all-cash deal. The epoxy business would be branded as Westlake Epoxy and be headquartered in Rotterdam.

The Adhesive Resin market is segmented and analyzed as follows:

By Technology

• Water-Based
• Solvent-Based
• Hot-Melt
• Others

By End-User Industry

• Packaging
• Construction
• Consumer Electronics
• Automotive
• Aerospace
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Indonesia
• Taiwan
• Thailand
• Others