The Low VOC adhesives market is projected to grow from USD 49.5 Billion in 2021 to USD 63.3 Billion by 2026, at a CAGR of 5.0% between 2021 and 2026. APAC is estimated to be the largest consumer of Low VOC adhesives. The global Low VOC adhesives market is driven by the growing demand for water based adhesives due to their flexibility, durability, and economic feasibility in manufacturing, paper & packaging industry.
Transportation is the fastest-growing segment of the overall Low VOC adhesives market. In the automotive industry, Low VOC adhesives help automotive manufacturers to reduce vehicle weight as well as offer additional stiffness and rigidity to the vehicle without affecting riding comfort. They also increase the longevity of the vehicle. Adhesives provide car manufacturers with the option of using thinner metal panels to build cars with lighter bodies which results in lower fuel consumption and reduced CO2 emission. The increasing need to bond different lightweight materials without compromising on bonding strength and reduction in CO2 emissions are expected to drive the growth of the low VOC adhesives market in the transportation end-use industry during the forecast period.
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APAC accounts for the largest share of the Low VOC adhesives market in the region. The Low VOC adhesives market in the region is characterized by low production cost and the presence of a large number of players that serve the emerging local markets such as China, India, South Korea, Vietnam, Indonesia and a few smaller Southeast Asian countries. The use of low VOC adhesives in the transportation end-use industry is likely to be driven by increasing government regulations in the region for indoor air quality in passenger vehicles and stringent automotive OEM standards.
The key players operating in the market are Henkel (Germany), 3M (USA), H.B. Fuller (USA), Sika AG (Switzerland) and Bostik, a part of Arkema (France). These players have adopted various strategies, such as mergers & acquisition, investment & expansion, and new product launch to grow in the market. Mergers & acquisitions is the key strategy adopted by the major players between 2020 and 2026. This strategy helped companies enhance their global presence.
Henkel (Germany) has achieved growth by overcoming changes in the times and business environment through a creative fusion of people and technology. Henkel has leading position in its three business units in both industrial and consumer business: Adhesive Technologies; Beauty Care; Laundry & Home care and an additional segment Corporate. The production and distribution of Low VOC adhesives has been done by the company under the multiple brand names i.e., LOCTITE, AQUENCE, TECHNOMELT, and TEROSON.
The company is working in the direction to foster a circular economy and contribution to social progress that’s why a lot of investment has been done in the low VOC adhesives segment.
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3M (USA) started a small-scale mining venture more than a century ago, but today more than 60,000 3M products are used in homes, schools, businesses, hospitals, and other industries. The company has managed to remain in the Fortune 500 list repeatedly because of its scientific, technical, and marketing innovations. The products are segmented in four main units – Safety & Industrial; Transportation & Electronics; Healthcare; and Consumer. The low VOC adhesives are segmented under the Safety and Industrial unit which accounts for 37% of the total sales revenue out of which 10% of this whole segment is made by the sales of adhesives.
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