Flock Adhesives Market to Garner $2.9 Billion, Globally, By 2027 at 5.70% CAGR, Says Allied Market Research
Increase in use of flock adhesives in main stream applications and upsurge in utilization of flock adhesives in several sectors drive the growth of the global flock adhesives market.
PORTLAND, Ore., April 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Flock Adhesives Market by Resin Type (Acrylic, Polyurethane, Epoxy Resin, and Others) and Application (Automotive, Textiles, Paper & Packaging, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global flock adhesives industry was estimated at $1.9 billion in 2019, and is anticipated to hit $2.9 billion by 2027, registering a CAGR of 5.70% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in use of flock adhesives in main stream applications and upsurge in utilization of flock adhesives in sectors such as packaging, cosmetics, and furniture drive the growth of the global flock adhesives market. On the other hand, health hazards related to inhalation of flock adhesives impede the growth to some extent. However, mounting demand for flock adhesives in the packaging sector is expected to create lucrative opportunities in the industry.
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- Increase in use of flock adhesives for manufacturing covid-19 testing kits impacted the global flock adhesives market positively.
- Swab collection kits that are flocked with adhesives provide superior specimen collection rate and dwindles the risk of false negative diagnosis result. This factor has boosted the market growth.
The acrylic segment to retain its dominance by 2027-
Based on resin type, the acrylic segment accounted for more than one-third of the global flock adhesives market share in 2019, and is expected to lead the trail by the end of 2027. This is attributed to its water resistance capability. The polyurethane segment, on the other hand, would register the fastest CAGR of 6.40% throughout the forecast period. Its properties such as VOC & formaldehyde free, stability, and enhanced dry & wet wipe resistance fuel the segment growth.
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The textile segment to retain its dominance by 2027-
Based on application, the textile segment contributed to more than two-fifths of the global flock adhesives market revenue in 2019, and is anticipated to rule the roost by 2027, due to rising adoption of flock adhesives in natural and synthetic fabric. Simultaneously, the automotive segment would exhibit the fastest CAGR of 6.80% from 2020 to 2027, owing to rise in use of flock adhesives for manufacturing of glove boxes, sun visors, headrests, and others.
Asia-Pacific, followed by Europe and North America, garnered the major share in 2019-
Based on geography, Asia-Pacific, followed by Europe and North America, held the highest share in 2019, generating more than two-fifths of the global flock adhesives market. The same region would also manifest the fastest CAGR of 6.40% during the forecast period. This is due to rise in number of automotive and textile manufacturers in China and India.
Frontrunners in the industry-
- Kissel + Wolf
- Sika Automotive
- Lord Corporation
- Swiss Flock
- Dow Chemical
- CHT Germany GmbH
- H.B. Fuller Company
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