Flock Adhesives Market Growth & Trends
The global flock adhesives market size is anticipated to reach USD 2.87 billion by 2027, expanding at a CAGR of 4.7%, according to a new report by Grand View Research, Inc. The market is expected to grow on account of the growing global textile industry which in turn is driven by rising population and increasing disposable income in emerging economies of Asia Pacific.
The ability of flock adhesives to offer significant resistance to chemicals and solvents coupled with superior flexibility and washability are the reasons for their large sale consumption in end-use industries such as textile, automotive, paper, and packaging, among others. In the automotive industry, the product is used for lamination, thermal, and sound insulation, as well as for bonding applications.
In the textile industry, the product is used to improve the aesthetic appearance of the garment. Textile dominated the market in 2019 and is likely to grow the fastest over the coming years. Emerging economies such as India, China, and Indonesia are currently witnessing high economic growth and rising urbanization as compared to developed countries. This has led to higher demand for textiles, which has surged the demand for flock adhesives.
Asia Pacific dominated the market in 2019 as the region is home to a large number of textile manufacturers. For instance, China leads the globe in terms of textile production and is, therefore, the largest consumer of flock adhesives. Moreover, the country also leads the world in automotive production.
The outbreak of the COVID-19 pandemic in the first half of 2020 has drastically affected the global manufacturing sector mainly due to supply chain disruption and diminishing demand. This is likely to hamper industry growth in 2020. However, as compared to other regions, Asia Pacific is likely to recover quickly, as economies such as China and South Korea have significantly regained their manufacturing activities.
Major players in the industry compete on the basis of price and quality of the product. Further customers no longer rely on off the shelf products and are demanding customized solutions specific to their applications. As a result, industry players are increasingly collaborating with stakeholders to provide optimum solutions for their clients.
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Flock Adhesives Market Report
Flock Adhesives Market Report Highlights
- Asia Pacific dominated the market with a volume share of approximately 45% in 2019. This large share can be attributed to expanding textile and automotive industries of the region
- Textile application is projected to register the fastest CAGR of 5.0%, in terms of revenue, from 2020 to 2027, owing to increasing utilization of flock adhesives to improve the aesthetic appearance of the garments and fabric
- Polyurethane led the market with a volume share of more than 45% in 2019 due to performance advantages such as durability and high impact resistance offered by the product
- Acrylic is poised to witness the fastest CAGR of 3.6%, in terms of volume, from 2020 to 2027, owing to the versatility offered by the product
- Automotive garnered a share of roughly 31% in 2019, in terms of volume, owing to rising application of the product for lamination and insulation of automobiles
