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 lightweight and low carbon-emitting vehicles while the consumers are getting more concerned towards the changing environmental conditions.
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APAC is expected to be the largest and fastest-growing market for Low VOC adhesives. The growth of the market in the region is mainly attributed to high economic growth and heavy investments across end-use industries, such as paper and packaging, health and hygiene and industrial assembly. APAC is increasingly becoming an important global trade and commerce center. Henkel (Germany), Bostik (France), and other international players are expanding their existing Low VOC adhesives production units in this region because of the low cost of production and ability to serve the emerging local market.
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.
The Paper and Packaging application is expected to lead the overall Low VOC adhesives market in terms of value, between 2021 and 2026. Low VOC adhesives are gaining importance in the paper and packaging industry, as they are used in labelling, laminating, packaging and sealing packets and bottles, majorly in food and consumer goods industry.
On seeing the current situation, the COVID-19 has grown the concerns of people towards their health and products they are using, hence the industry people are also taking it as an opportunity and concomitantly, it is directing the business of low VOC adhesives.
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Henkel (Germany), 3M (USA), H.B. Fuller (USA), Sika AG (Switzerland), and Bostik, Arkema (France) are the key players in the global Low VOC adhesives market. These market players are expected to undertake various growth strategies, such as investment & expansion, mergers and acquisitions, and new product launch to expand their overall businesses and tap the opportunities in the fast-growing economies. Major players are focusing on strengthening their R&D facilities to provide cost-effective products and investment in emerging markets. These products are manufactured adhering to regulations implemented by governments. All such developments are expected to lead to the sustainable growth of the Low VOC adhesives market players over the next five years.
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