Materials that possess identical properties to that of rubber but exhibit different adhesive functionalities as well are referred to as elastic adhesives. These adhesives are widely used in various end use industries, especially in construction and transportation. They are primarily used for glazing as they limit use of screws, nails, and lightweight fittings.
Rising demand coupled with increasing adoption of elastic adhesives from the construction industries in developed and developing economies are major factors boosting growth of the global elastic adhesives market. Additionally, increasing applications of elastic adhesives coupled with developments in elastic adhesives are other factors expected to fuel growth of the global market over the forecast period. But, lack of awareness and low acceptance rate of elastic adhesives, especially in developing economies are major factors hampering growth of the global market.
The global elastic adhesives market report has been segmented on the basis of resin type, application, and region. On the basis of region, the global elastic adhesives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. This can be attributed to increasing disposable income coupled with rising demand for elastic adhesives from various end-use industries in countries in the region. Also, the market in Asia Pacific is anticipated to witness significant growth over the forecast period, registering highest CAGR of X.X%. The market in Europe is estimated to account for second-highest revenue share in the global market and is projected to register a CAGR of X.X%, whereas the markets in North America, Latin America, and Middle East & Africa are expected to witness moderate growth over the forecast period.
Prominent players in the global elastic adhesives market include Henkel AG & Co. KGaA, Sika AG, Arkema Group, The Dow Chemical Company, The 3M Company, H.B. Fuller, Wacker Chemie AG, WEICON GmbH & Co. KG, ThreeBond International Inc., and CEMEDINE CO., LTD.