Plastic Adhesives Market | Global Trends & Industry Analysis

Global Plastic Adhesives market size is expected to grow from USD 8.92 Billion in 2023 to USD 16.82 Billion by 2032, at a CAGR of 7.3% during the forecast period (2024-2032).

Plastic adhesives are specialized substances designed to bond and join plastic materials. These adhesives create strong, durable connections by forming a molecular bond between the adhesive and the plastic surfaces. They come in various forms, including liquids, tapes, and gels, offering versatility in application. Ideal for repairing, crafting, and manufacturing, plastic adhesives contribute to the seamless assembly of plastic components in diverse industries.

• The global adhesives industry is experiencing significant growth due to its diverse applications in packaging, automotive, construction, and consumer goods. As plastics become more prevalent, the demand for eco-friendly adhesives to bond and assemble plastic components increases. Low VOC and sustainable formulations are preferred over traditional methods. Research and development in adhesive technology have led to the creation of innovative adhesives with improved performance characteristics, offering better adhesion to various plastic substrates, enhanced durability, and faster curing times.
• Despite the challenges of adhering to different types of plastics, the industry is making strides in developing sustainable adhesives. The market is expected to shift towards sustainable and environmentally friendly plastic adhesives, aligning with global efforts to reduce the environmental impact of industrial processes.
• The global plastic adhesives market is experiencing significant growth as industries seek versatile, reliable, and sustainable bonding solutions for plastic components. Adhesive manufacturers should prioritize innovation and develop adhesives, to meet the complex demands of modern industries while adhering to environmental standards.

Plastic Adhesives Market Trend Analysis:

Increasing Demand in the Packaging Industry

• The packaging industry is crucial for modern commerce, supporting the safe and efficient delivery of products. Plastic materials are used in various forms, including bottles, containers, films, and laminates, to package food, beverages, cosmetics, pharmaceuticals, and more. The production and gathering of plastic packaging often require effective adhesive solutions to bond different materials, create secure seals, and enhance package integrity.
• Plastic adhesives offer versatility in bonding various types of plastics, providing a strong, durable bond that withstands handling, transportation, and storage. The packaging industry is continuously evolving to meet changing consumer preferences, regulatory requirements, and sustainability goals. Recyclable and reusable plastics, bonded with plastic adhesives, are part of the solution.
• Ongoing research and development efforts in the plastic adhesives industry have led to the creation of advanced formulations that offer improved adhesion, resistance to environmental factors, and compliance with food safety regulations. The global plastic adhesives market is poised for sustained growth, driven by global trends such as e-commerce growth, convenience packaging, and the demand for longer shelf life.

Growing Demand for Sustainable Products

• Bio-based adhesives, derived from renewable resources like corn starch, soy protein, or wood pulp, offer a sustainable alternative to traditional plastic adhesives, reducing greenhouse gas emissions and resource depletion. These adhesives also have lower VOC emissions, improving indoor air quality and worker safety, especially in industries like furniture and construction. Advancements in bio-based adhesive technology are enhancing their performance characteristics, making them comparable to or even exceeding traditional adhesives in bonding strength, durability, and resistance to heat and moisture.
•  As bio-based adhesive technology matures, costs are expected to become more competitive with traditional adhesives, incentivizing businesses to switch to sustainable alternatives. Bio-based adhesives provide to the growing demand for sustainable products in various industries, opening up new market segments for adhesive manufacturers. Additionally, adopting bio-based adhesives allows manufacturers to differentiate themselves as environmentally conscious and innovative, attracting sustainability-focused consumers and businesses, and creating a competitive advantage in an increasingly eco-conscious market.

Plastic Adhesives Market Segment Analysis:

Plastic Adhesives Market Segmented Based on Type, Technology, End-User.

By End-User, the Automotive segment is expected to dominate the market during the forecast Period

• Epoxy adhesives offer a wide range of formulations to meet various application needs. These adhesives are known for their exceptional bonding strength, durability, and resistance to heat and chemicals, making them ideal for demanding applications requiring secure and long-lasting bonds. They can bond a wide spectrum of plastics, including thermosetting and thermoplastic materials, making them a preferred choice across various applications.
• Their adaptability allows them to bond a wide range of materials, making them a preferred choice in structural bonding, potting, encapsulation, and bonding dissimilar materials. Their versatility makes them a preferred choice in the global market for plastic adhesives, making them a preferred choice for various applications.

By Technology, the Solvent-based segment held the largest share of 39 % in 2022

• The solvent-based segment is versatile in exceptional performance and strong bonding capabilities. These adhesives are preferred across various industries due to their compatibility with various plastic substrates, including thermosetting and thermoplastic materials. They offer efficient and cost-effective solutions for bonding plastics, with a smoother application process and the ability to penetrate and bond well with plastic surfaces.
• Despite environmental concerns and regulations solvent-based segment's dominance is due to its established performance, and widespread applicability across applications. As technological advancements continue to enhance solvent-based formulations, the dominance of the Plastic Adhesives market is expected to undergo during the forecast period.

Plastic Adhesives Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• The Asia Pacific region, with economies like China and India experiencing significant GDP growth, is experiencing a huge consumer spending and demand for plastic adhesives, particularly in automobiles, electronics, and packaged products. Rapid urbanization necessitates extensive infrastructure development and housing construction, turn fuels the demand for adhesives in various building materials. There is rapid growth in the manufacturing sector, including automotive, electronics, and packaging, which heavily relies on high-performance plastic adhesives for assembly and production processes.
• Government policies and investments in infrastructure development and industrial growth create a favorable environment for the plastic adhesives market to flourish. The growing eco-consciousness among consumers boosts the adoption of bio-based and sustainable plastic adhesives, which Asian manufacturers are actively developing and promoting. Asia Pacific offers lower production costs, making it an attractive hub for manufacturing plastic adhesives. Technological advancements and a skilled workforce also contribute to market growth in the Asia Pacific region.

Key Players Covered in Plastic Adhesives Market:

• H.B. Fuller (US)
• AC Plastics (US)
• 3M Company (US)
• Permabond LLC (US)
• DuPont (US)
• Hexion (US)
• Permabond (UK)
• Henkel AG (Germany)
• BASF (Germany)
• BÜHNEN (Germany)
• Panacol-Elosol (Germany)
• Mapei Spa (Italy)
• Arkema (Bostik SA) (France)
• Sika AG (Switzerland), and Other Major Players

Key Industry Developments in the Plastic Adhesives Market:

• In Nov 2023; Henkel relaunched its bonding and sealing portfolio with recycled cartridges across Europe. As a global leading supplier of adhesives, sealants and functional coatings Henkel is continuously driving sustainability across markets. To further improve its plastics footprint the company has started to relaunch its bonding and sealing portfolio for consumers and craftsmen in Europe. The new packaging concept helps to significantly reduce virgin plastic by using up to 95% of recycled plastic made from post-consumer recyclate (PCR).

  In April 2023: Dow and Avery Dennison co-developed an innovative and sustainable new hotmelt label adhesive solution that enables polyolefin filmic labels and polypropylene (PP) or polyethylene (PE) packaging to be mechanically recycled together in one stream. The adhesive is the first of its kind on the label market and is approved by Recyclass for recycling in the HDPE colored stream - Class B.