POLYESTER ADHESIVES MARKET ANALYSIS

Any substance, which is applied on the surface of materials, in order to bind them together is called adhesives. Polyester adhesives are synthetic adhesives that are based on unsaturated or saturated polyesters. The components required for polyester adhesives are hardening initiators (e.g. hydroperoxides), solvents (acetone or alcohol), and extenders (silica or cement). These components are mixed together before the use. If the extenders are not used, polyesters are either somewhat colored or colorless liquid compositions with only able to work for several minutes to several hours. Polyester adhesives find applications in various industries, owing to their high adhesion strength to various materials such as plastics, wood, rubber, organic glass, and silica. These adhesive bonds are water-resistant, gasoline resistant, and also resistant to salt solutions and weak acids.

Market Outlook

Global polyester adhesives market size is expected to expand significantly during the forecast period (2019-2027), owing to growing use of polyester adhesives in various applications. Rising use of polyesters adhesives in industries such as furniture and construction is expected to increase its demand and eventually support the market growth. The construction industry is growing exponentially around the world, which is expected to increase the demand for polyester adhesives and subsequently support growth of the market. Furthermore, global furniture demand is expected to increase significantly in the near future, which in turn is expected to boost the market growth. Polyester adhesives are predominantly used in the furniture industry, due to its efficiency and its environment-friendly nature. This is expected to support the market growth during the forecast period. Moreover, growing applications of polyester adhesives in various industries including footwear, automobile, textile, product assembly is expected to boost its demand and hence support the market growth.

However, fluctuating raw materials prices is one of the major restraining factors in growth of global polyester adhesives market. Polyester adhesives are derivatives of petroleum-based feedstock, which may negatively impact the market.

Market Regional Analysis

Asia Pacific is expected to account for the largest market share in global polyester adhesives market, owing to growing textile and construction industry in the region. Increasing demand for polyester adhesives from emerging countries such as India and China where construction and textile industries are booming is expected to support the market growth. North America is expected to witness significant growth, as the U.S. is one of the biggest suppliers of raw materials required for polyester adhesives. This is expected to boost the market growth in the region in the near future.

Market Players

Key players operating in the global polyester adhesives market are EY Technologies (a division of Pascale Industries Ltd.), Dow Chemical Company, Axson Technologies, Evonik Industries, Rayven, and ABP International.

Key Developments

• Key players operating on the global polyester adhesives market are adopting various strategies such as merger & acquisition and partnerships among others to cater growing consumer demand.
• In September 2019, INEOS, U.K. based chemical company, acquired Ashland Composites Business which is involved in manufacturing of vinyl esters, polyester resins and gel coats among others, for approximately US$ 1.1 billion to expand its composites business.
• In March 2015, Sika AG, a specialty chemical company acquired Axson Technologies a manufacturer of polymers designing, prototyping, structural adhesives, tooling and  composite materials to expand its product portfolio and consumer base.