Acrylic adhesives are adhesives manufactured using methacrylate and acrylate monomers as a major feedstock. Polymer mixtures are dissolved in methacrylate or acrylate monomer and the adhesive is produced as two different components. One component contains oxidizing agents mainly peroxide compounds such as benzoyl peroxide and the other component contains metal salts or amines as reducing agent. The components are mixed before application on surface or each component can be applied to separate surfaces to be glued. Upon mixing, the components react and trigger polymerization of methacrylate monomer.
Acrylic adhesives dominate the global demand for adhesives and the trend is anticipated to continue for the next six years. Acrylic adhesives can be used for a wide range of applications such as plastic, metal, glass, ceramic among several others. Acrylic adhesives have high efficiency even on oil surfaces and also have high performance standard under wide temperature range. Therefore, major end user industries for acrylic adhesives include automotive, construction, furniture and packaging among several others.
Acrylic adhesives make the surface ready to be handled in few minutes and works efficiently even on contaminated surfaces. Acrylic adhesives also do not affect aesthetics of the surface. Therefore, demand for acrylic adhesives is primarily driven by the comparative advantage of acrylic over other adhesives. Moreover, high growth in automotive industry is expected to drive demand for acrylic adhesives during the forecast period. Demand for acrylic adhesives is profoundly dependent on consumer markets therefore; macroeconomic factors such as GDP growth are also among major growth driver for acrylic adhesives market.
Acrylic adhesives pose severe occupational health hazards and prolonged exposure can lead to respiratory disorders. Moreover, acrylic adhesives have to be disposed carefully as they pose threat to the environment. The environment and health hazards associated with acrylic adhesives have led to stringent environmental regulations in the industry which has been a major factor hampering acrylic adhesives market growth. The regulations have also increased the threat of substitution in the market. There have been significant researches in developing bio based acrylic adhesives which is expected to offer huge growth opportunity in the market.
Asia Pacific dominates the global acrylic adhesives market and the trend is anticipated to continue for a foreseeable future. Increasing industrial investment and high GDP growth in the emerging economies of India and China is expected to drive demand for acrylic adhesives in Asia Pacific. Asia Pacific is anticipated to be the fastest growing region in acrylic adhesives market during the forecast period. Demand for acrylic adhesives in North America and Europe is anticipated to grow at a sluggish rate primarily owing to the stringent regulations in the region and market saturation in several end user industries.
Developing economies in South America and Africa are anticipated to offer huge growth opportunity for acrylic adhesives market.
Acrylic adhesives market is consolidated and dominated by few global companies that constitute major portion of the global market share. The market is characterized by high degree of competition. Major players compete by pricing differentiation, moreover owing to environmental regulations; they also invest in research and development activities to gain competitive edge. Some of the major players in acrylic adhesives market include The Dow Chemical Company, Henkel AG & Company, 3M and Eastman Chemical Company among several others.