Water-Based Adhesives Global Market Report 2024

The water-based adhesives market size has grown rapidly in recent years. It will grow from $41.61 billion in 2023 to $46.32 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed during the historical period can be ascribed to several factors, including the decrease in health-related risks, the expansion of the packaging industry, increased activity in woodworking and furniture manufacturing, and a rising consumer demand for sustainable products.

The water-based adhesives market size is expected to see rapid growth in the next few years. It will grow to $69.61 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The anticipated growth in the forecast period can be attributed to various factors, including the implementation of green and sustainable initiatives, heightened demand within the construction sector, the expansion of flexible packaging, and the growth of the automotive industry. Notable trends expected in this forecast period encompass the development of bio-based water-based adhesives, the advancement of high-performance formulations, the integration of nanotechnology, and ongoing innovation in the packaging industry.

The adhesives market is experiencing growth, primarily due to the stable economic forecasts in both developed and developing countries. Projections by the International Monetary Fund (IMF) indicate a global real GDP growth of 3.7% for 2019 and 2020, with a slightly lower rate of 3.6% from 2021 to 2023. Furthermore, recovering commodity prices after a significant downturn in the recent past are expected to support market expansion. Stable growth is also anticipated in developed economies, while emerging markets are likely to grow at a slightly faster pace than their developed counterparts. For instance, the Asian Development Bank predicts that Asia's share of the world GDP will increase to 40% by 2030 and 52% by 2050. This economic stability is set to drive investments in end-user markets, ultimately propelling the water-based adhesives market during the forecast period.

The primary categories of water-based adhesives include acrylic polymer emulsion (PAE), polyvinyl acetate (PVA) emulsion, vinyl acetate ethylene (VAE) emulsion, styrene butadiene (SB) latex, and polyurethane dispersion (PUD). VAE emulsions are produced by co-polymerizing vinyl acetate and ethylene, where the vinyl acetate content typically ranges from 60 to 95 percent, and the ethylene content ranges from 5 to 40 percent of the overall formulation. These product types encompass vinyl acetate adhesives, starch/dextrin adhesives, rubber latex adhesives, protein/casein adhesives, and other variations employed in industries such as paper and packaging, building and construction, automotive and transportation, and various other sectors.

The water-based adhesives market research report is one of a series of new reports that provides water-based adhesives market statistics, including global market size, regional shares, competitors with a water-based adhesives market share, detailed water-based adhesives market segments, market trends and opportunities, and any further data you may need to thrive in the water-based adhesives industry. This water-based adhesives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The burgeoning construction industry is poised to be a significant driver of growth in the water-based adhesives market. Construction, encompassing a wide range of activities from planning to maintenance, has seen an uptick in demand for waterborne coatings, especially in the construction sector. This encompasses residential and commercial buildings, infrastructure projects, and real estate development. For example, in 2021, the UK's construction industry experienced an impressive annual growth of 12.7%. Monthly construction output increased by 2.0% in December 2021, primarily attributed to a surge in new work (3.5%). This upward trend continued into the fourth quarter of 2021, where the construction industry's quarterly production increased by 1.0% compared to the previous quarter. New work and repair and maintenance activities were the main drivers behind this growth. As a result, the thriving construction sector is contributing to the expansion of the water-based adhesives market.

The slower drying times and vulnerability to freezing at low temperatures present significant challenges with water-based adhesives. Due to the volatile nature of water, the drying process can be prolonged, potentially causing delays in work processes. Some adhesive manufacturers, such as Henkel, have addressed this issue by producing quick-drying adhesives like Technomelt, which are widely used in industries such as automotive and furniture. Consequently, the slow drying characteristics of water-based adhesives are limiting the growth of the water-based adhesives market.

Many adhesive companies are adopting Internet of Things (IoT) technologies to connect equipment and smart devices, allowing real-time insights and identifying gaps in the manufacturing process. The data collected is processed, analyzed, and interpreted by plant managers and senior-level management to enhance quality and achieve optimal production levels. For instance, smart systems provide information on the condition and performance of chemical reactors through embedded software and analytics tools, alerting operators and managers to potential machine breakdowns. Notable companies embracing IoT include BASF SE, The Dow Chemical Company, and H.B. Fuller.

Leading companies in the water-based adhesives market are focusing on developing innovative products to cater to a broader customer base, boost sales, and increase revenue. One such innovation is the wash-off label adhesive, designed to be easily removed during bottle cleaning and recycling processes. For example, in August 2023, Dow Inc. introduced INVISU™ 7007, a wash-off label adhesive that excels in separating polyolefin-based (PE, PP) filmic labels from PET bottles, enhancing PET recycling. This acrylic technology offers additional benefits like moisture resistance, ease of processing and conversion, and recognition by the Association of Plastic Recyclers (APR) for compliance with caustic wash recycling standards.

In May 2023, Duraco Specialty Materials acquired Strata-Tac Inc., expanding its range of pressure-sensitive adhesives for labels, tapes, face stocks, and specialty-coated materials. Strata-Tac's expertise in water-based chemistries complements Duraco's growing portfolio of sustainable solutions, strengthening its position as a leading North American producer of specialized labels and coated films. Strata-Tac Inc. is known for its water-based adhesives.

Major companies operating in the water-based adhesives market include Henkel AG & Co. KGaA, H.B. Fuller Company, Arkema Inc., Sika AG, DuPont de Nemours Inc., DIC Corporation, 3M Company, Illinois Tool Works Inc., Ashland Inc., Mapei SPA, Pidilite Industries Ltd., Franklin International Inc., Huber Group, Alfa International Corporation, Akzo Nobel NV, PPG Industries Inc., Evonik Industries AG, Avery Dennison Corporation, Bayer Material Science, Lord Corporation, Ardex Group, Permabond LLC, Paramelt BV, Jowat SE, Aqua Based Technologies, Technical Adhesives Limited, Ellsworth Adhesives, Nadco Tapes and Labels Inc., Royal Adhesives & Sealants LLC, Eastman Chemical Company, Hexion Inc., Huntsman Corporation, Master Bond Inc., Momentive Performance Materials Inc., RPM International Inc., BASF SE

Asia-Pacific was the largest region in the water-based adhesives market in 2023. North America was the second-largest region in the global water-based adhesives market share. The regions covered in the water-based adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the water-based adhesives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The water-based adhesives market consists of the sales of vegetable glues, animal or protein glues, resin cements, and latex cements. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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