Resin Glue Market Forecast and CAGR
Resin glue is used as an adhesive layer to improve a structure’s longevity and integrity. It connects two surfaces made of different materials thus effectively spreading stress at multiple junctions. To aid the adhesion process, this glue forms a tight bond easily. The market report offers a comprehensive analysis of the market. Owing to these factors, which will help to expand the CAGR in the upcoming years.
According to latest research by Fact.MR, resin glue market is set to witness steady growth during 2021-2031. Demand for these adhesives will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Furthermore, the increase in the demand in the construction and building sector plays a very crucial role to propel business growth as a result of ongoing infrastructure development being undertaken in multiple countries.
What is Driving Demand of Resin Glue?
A major factor expected to drive the growth of the target market over the forecast period is increasing the demand across the various end-use industries such as paper and packaging and building and construction. In addition, the target industry’s sales growth is expected to be aided by the expanding reach of its application in the woodworking industry during the forecast period.
The market is growing due to the increasing demand in consumer application and transportation. Further, demand will be fueled by recent technological advancements in commercial aspects of resin glue, as well as the trend of sustainable construction and the growth of smart cities.
Other main features provided by these composite materials, such as resistance to moisture and chemicals, are expected to drive acceptance of these products, which in turn is expected to boost global market growth over the forecast period. Furthermore, the demand for environmentally sustainable goods is expected to boost demand, which is expected to drive market growth.
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Which key Factors will Increase Sales of Resin Glue?
Packaging, oil and gas, rubber, building, automobile, and transportation are some of the industries that use this glue. Food and beverages packaging household goods packaging, seafood and meat packaging, tube and bottles are the most common uses. It’s commonly used in the oil and gas industry to link pipeline and coat pipes. In the plastic industry, it is used as a binding agent to improve the tensile strength of plastic.
They are used in various applications for construction industry which includes flooring for trucks and shipping containers, adhesive for woods shop application and furniture joints as well as binders for feed pellets, foundry core and sand, plant fertilizer and glass cutting wheels. Owing to the aforementioned factors, resin glue demand is anticipated to remain steady during the forecast period.
Asia Pacific Resin Glue Market Outlook
In terms of sales, the Asia Pacific market is projected to account for a larger share in the global market. In addition, the market is expected to expand at a faster rate in terms of revenue over the next five years, owing to rising demand from the region’s construction and packaging industries.
Also, the demand for resin products from various other end-use industries is anticipated to remain consistent throughout the forecast era. Similarly, increased investments by various woodworking, leather and footwear manufacturers, owing to the easy availability of raw material and low cost labor in Asia Pacific countries such as China and India, are expected to drive growth.
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How Phenolic Resins are Crucial for Wood Industry?
Phenolic Resin Glue is also known as formaldehyde glue, is one of the oldest synthetic polymers, having been produced in 1872. It is commonly used to bind thin sheets of wood together to form plywood or wood chip to create particleboard since it is one of the cheapest glue present in the market.
Over the past few decades, polyurethane or epoxy adhesive have largely replaced phenolic glues in some applications but superior adhesion to most substrates, good high-temperature properties, water and weather resistance, resistance to fire, and high strength are just a few of the advantages. Phenolic resins are often used in adhesive formulations as a base resin or a modifier. Owing to these factors, Phenolic resins have remained in demand and is anticipated to remain consistent throughout the forecast period.
Who are the Key Suppliers/Manufacturers of Resin Glue?
The market is characterized by a mix of small and large players which includes
- Exxon Mobil
- Dow Chemical
- LyondellBasell LG Chem
- Evonik Industries
- Solvay SA
- Royal DSM
- Chevron Phillips
- Formosa Plastics Group
- Celanese Corporation
Due to a large number of players operating in the sector, the market is fragmented and highly competitive. The producers’ key business strategies include new product development, alliances, and contracts with key stake holders in the market. Producers in the industry are also concentrating on the creation of environmentally friendly resins. Owing to such initiatives, the market has remained competitive in nature and is anticipate to create immense growth opportunities in the future.
An Adaptive Approach to Modern-day Research Needs
Resin Glue Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Resin type
- Phenolic Resins
- Aliphatic Resins
- Urea Resins
By Material type
- Powdered type
- Spray type
- Emulsion type
- Liquid foams type
- Wood Works
- Paper and Packaging
- Leathers and Footwear
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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