Vital factors driving the demand of this adhesive is especially from the construction and automobile industry and their rapid growth in some of the developing countries have attributed to the development of its manufacturing sector. Moreover, there is a fluctuation in the prices of raw material that is influencing the market demand for contact adhesives. The stringent environmental policies in consideration to decrease the emissions of VOCs are the vital forces that are driving the market share of the contact adhesives.
The contact adhesives market is rising in its demand due to their different applications that are admired for their high bonding strength with dissimilar materials. Semi structural adhesives are another name for contact adhesives due to their usage in the automobile companies. These contact adhesives are highly utilized for coating the substrate surfaces and are bonded with a good strength that could be enhanced by certain processing methods that impacts on the contact adhesive market.
These contact adhesives have a fast drying time enabling them to adhere with different substrates that are very difficult to separate. Thus, the contact adhesives market is increasing based on their capabilities to resistance against extremities in vibrations, temperature and moisture. The market of Contact adhesives is boosting in its utilization on binding with substrates that include paper & board, wood, leather, rubber, ceramic, fabric, metal glass, and plastic. These adhesives are well applied on substrates that have a larger surface area.
The Global Contact Adhesives Market is expected to reach US$ 6.22 Mn by 2027 at a CAGR of 5.2% during the forecast period.
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Footwear Leather Segment to Dominate the Market Demand
The market demand for contact adhesives for the application in footwear leather segment is projected to rise in its demand. The market share of contact adhesives is fuelling up due to their properties is in compliance with the different environmental conditions and is flexible in nature. Such properties of contact adhesives are contributing to the higher market share which makes it suitable in footwear manufacturing and leatherwork. These adhesives are well efficient in binding with the parts of shoes that constitute insoles, outsoles and other parts. Thus the consumption of these contact adhesives is higher among countries of the Asia Pacific region due to their increase in the population. Moreover, the footwear industry is expected to rise in their demand because of substantial investment happening in the research and developments activities footwear manufacturing industry worldwide.
North America is accounted to be a fast-growing market for contact adhesives:
North America is projected to be the fast-growing market for the contact adhesives. It is expected to have a larger adoption of contact adhesives in various industries of the market due to the regions well-established manufacturing firms. These firms have a large demand for contact adhesives that are utilized for different industrial products production. Moreover, the region has been experiencing a huge gap in the supply and demand of the consumer goods materials where contact adhesives are utilized. The market for the contact adhesives is under high demand by the construction industry of this region that is enhancing the market share.
Adhesives in this region have a healthy growth of CAGR during the forecasted period having a significant contribution to various industries. The region has enforced eco-friendly policies which are limiting the growth of contact adhesives market share. This has also contributed to the exploitation of new opportunities that are present in the market hence it could benefit the organizations who offer contact adhesives in this market. There are good sources available in the resources through which contact adhesives could be manufactured in a large number.
The market of contact adhesives is under moderate competency despite numerous adhesives manufacturing organizations existing in the market. Thus the market of contact adhesives is fragmented hence organizations need to offer distinct products that are suitable to the respective application.
Key competitors in the contact adhesives market are listed as follows: 3M Company, Delo Industrial Adhesives, Pytotek Inc., Sika Ag, Adco Limited, Collano Adhesives AG, and Helmtin Inc., Royal Adhesives & Sealants LLC, Huntsman International LLC., Jowat Se.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
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e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
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