Market Size of asia-pacific acrylic adhesives Industry
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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.
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.
Asia-Pacific Acrylic Adhesives Industry Segmentation Asia-Pacific Acrylic Adhesives Industry Segmentation
Aerospace, Automotive, Building and Construction, Footwear and Leather, Healthcare, Packaging are covered as segments by End User Industry. Reactive, Solvent-borne, UV Cured Adhesives, Water-borne are covered as segments by Technology. Australia, China, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Thailand are covered as segments by Country.
- 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.
| End User Industry | |
| Aerospace | |
| Automotive | |
| Building and Construction | |
| Footwear and Leather | |
| Healthcare | |
| Packaging | |
| Other End-user Industries |
| Technology | |
| Reactive | |
| Solvent-borne | |
| UV Cured Adhesives | |
| Water-borne |
| Country | |
| Australia | |
| China | |
| India | |
| Indonesia | |
| Japan | |
| Malaysia | |
| Singapore | |
| South Korea | |
| Thailand | |
| Rest of Asia-Pacific |
Asia-Pacific Acrylic Adhesives Market Size Summary
The Asia-Pacific acrylic adhesives market is poised for significant growth, driven by its extensive applications across various industries such as construction, automotive, and healthcare. The construction sector, in particular, is a major consumer of acrylic adhesives due to their properties like waterproofing and weather-sealing, which are essential for building and infrastructure projects. China stands out as a key player in this market, with its rapid urbanization and substantial construction activities fueling demand. The automotive industry also contributes to the market's expansion, as acrylic adhesives are increasingly used in electric vehicle production, particularly in China, which is expected to dominate the global EV market. Additionally, the healthcare sector's growing investments in Asia-Pacific are anticipated to further boost the demand for acrylic adhesives.
The market landscape is characterized by a fragmented structure, with major companies like 3M, AVERY DENNISON CORPORATION, and Henkel AG & Co. KGaA leading the charge. These companies are actively innovating and expanding their product offerings to cater to the diverse needs of the region's industries. The packaging industry, integral to various sectors, is also a significant contributor to the market's growth, driven by rising e-commerce and urbanization trends. Despite challenges posed by the COVID-19 pandemic, which temporarily disrupted supply chains and reduced demand, the market has shown resilience and is expected to continue its upward trajectory. Government initiatives in countries like China and Indonesia to reduce plastic usage are also shaping the market dynamics, encouraging the adoption of more sustainable packaging solutions.
Asia-Pacific Acrylic Adhesives Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2028 and analysis of growth prospects)
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1.1 End User Industry
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1.1.1 Aerospace
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1.1.2 Automotive
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1.1.3 Building and Construction
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1.1.4 Footwear and Leather
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1.1.5 Healthcare
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1.1.6 Packaging
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1.1.7 Other End-user Industries
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1.2 Technology
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1.2.1 Reactive
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1.2.2 Solvent-borne
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1.2.3 UV Cured Adhesives
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1.2.4 Water-borne
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1.3 Country
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1.3.1 Australia
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1.3.2 China
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1.3.3 India
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1.3.4 Indonesia
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1.3.5 Japan
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1.3.6 Malaysia
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1.3.7 Singapore
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1.3.8 South Korea
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1.3.9 Thailand
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1.3.10 Rest of Asia-Pacific
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Asia-Pacific Acrylic Adhesives Market Size FAQs
How big is the Asia-Pacific Acrylic Adhesives Market?
The Asia-Pacific Acrylic Adhesives Market size is expected to reach USD 5.12 billion in 2024 and grow at a CAGR of 6.26% to reach USD 6.52 billion by 2028.
What is the current Asia-Pacific Acrylic Adhesives Market size?
In 2024, the Asia-Pacific Acrylic Adhesives Market size is expected to reach USD 5.12 billion.
