Market Size of asia-pacific acrylic adhesives Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2028 |
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Market Size (2024) | USD 5.12 Billion |
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Market Size (2028) | USD 6.52 Billion |
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Largest Share by End User Industry | Packaging |
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CAGR (2024 - 2028) | 6.26 % |
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Largest Share by Country | China |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Acrylic Adhesives Market Analysis
The Asia-Pacific Acrylic Adhesives Market size is estimated at 5.12 billion USD in 2024, and is expected to reach 6.52 billion USD by 2028, growing at a CAGR of 6.26% during the forecast period (2024-2028).
5.12 Billion
Market Size in 2024 (USD)
6.52 Billion
Market Size in 2028 (USD)
5.97 %
CAGR (2017-2023)
6.26 %
CAGR (2024-2028)
Largest Market by End-user Industry
48.48 %
value share, Packaging, 2023
Packaging is the dominant end-user industry in the market owing to its widespread usage in pressure-sensitive applications such as labels, tapes, and others.
Largest Market by Technology
74.55 %
value share, Water-borne, 2023
Water-borne is the largest technology type in the market owing to its wide range of applications in the packaging and building and construction industries.
Largest Market by Country
53.35 %
value share, China, 2023
In Asia-Pacific, China had the highest market share owing to the strong presence of manufacturers in the packaging and building and construction sectors.
Fastest Growing Market by Country
6.67 %
Projected CAGR, China, 2024-2028
Due to the increasing population and rapid urbanization, India is likely to be the fastest-growing country during the forecast period.
Leading Market Player
6.69 %
market share, 3M, 2021
3M is the leading acrylic adhesives manufacturer in the region, owing to the high demand for its labels and tapes in the packaging industry.
The rising adoption of electric vehicle across the region to foster the demand for acrylic adhesives
- Acrylic adhesives are widely used in the construction industry because of their applications, such as waterproofing, weather-sealing, cracks sealing, and bonding. China is the fastest-growing country in the Asia-Pacific region, with a CAGR of 5% during the period 2022 to 2028 in terms of consumption of acrylic construction adhesives. The country registered the highest demand for acrylic adhesives used in the building and construction industry owing to rising construction output which registered USD 4.6 trillion by value in 2021, showing 10% growth compared to the previous year.
- Acrylic adhesives are also widely used across the automotive industry because of their applicability to surfaces such as glass, metal, plastic, and painted surfaces, and their features are helpful in the automotive industry, such as extreme weather resistance, durability, and long-lasting. Developing an EV ecosystem in developing Asia is critical for ASEAN nations to expedite consumer adoption and meet their climate targets. Creating tomorrow's EV ecosystems entails significantly expanding the EV value chain by boosting both the supply and demand sides of the equation. The adoption of electric four-wheelers in the Asian markets will continue to be significant. In absolute terms, China will become the largest EV market. On its current trajectory, China's adoption rate will approach 60%, and the country will account for more than 40% of global new EV sales by 2030. This will increase demand for acrylic automotive adhesives in the forecast period (2022-2028).
- Acrylic adhesives are used in the healthcare industry for applications such as assembling medical device parts. The increase in healthcare investments across Asia-Pacific will lead to an increase in their demand in the forecast period.
Understand The Key Trends Shaping This Market
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Being a manufacturing hub of the world China holds largest acrylic adhesive share
- From 2017 to 2021, the demand generated from Asia-Pacific was the highest among all regions. This region's share of adhesive demand has consistently occupied around 38-40% of the global demand because of its high manufacturing capacity of all end-user industries. Acrylic adhesives with reactive, water-borne, and solvent-borne technologies account for most of the demand in the region.
- From 2017 to 2019, the demand for adhesives from this region recorded a CAGR of 2.87%. The slow growth in the demand for acrylic adhesives was due to a decrease in construction activities and a decrease in automotive production in the region. During this period, the demand from these end-user industries declined with a CAGR of -1.68% and -1.65%, respectively.
- In 2020, the demand from all end users across the region declined due to constraints in operations, labor, raw material, supply chain, and other areas. Among all industries from all countries in the region, the footwear industry in Australia took the worst hit, declining by 49.32% y-o-y in volume terms. The decrease in domestic demand because of low purchasing power resulting from a weak economy severely affected this industry during the pandemic.
- In 2021, the demand for acrylic adhesives quickly rebounded to pre-pandemic demand volumes as trade restrictions eased. The demand from India witnessed the highest y-o-y growth of 74.54% in volume terms. The overall demand from the Asia-Pacific region is expected to record a CAGR of 5.13% in volume terms during the forecast period. This demand growth will be driven by the region's construction, packaging, and automotive industries during the forecast period.
