The global adhesive resin market is projected to grow from $13.67 billion in 2018 to $17.549 billion in 2023, at a compound annual growth rate (CAGR) of 5.12% over the forecast period, according to a report from Research and Markets. The major factors reportedly restraining the market are the environmental concerns and regulations. However, bio-based ecologically friendly adhesives and solvent-free adhesives are helping reduce the negative impact of adhesive resin on the environment.
Increasing demand for the construction, packaging, transportation, and automotive, among other industries, is boosting the market growth. The demand for adhesive resins in construction, automotive, and healthcare sector is expected to grow at a relatively faster rate, and increasing advancements in curing technologies have enabled the wider applications of adhesive resin in specialized applications such as aircraft manufacturing and food processing, according to the report.
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