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Market Research Future (MRFR) reports that the global flock adhesives market is set to grow vigorously during the forecast period (2020-2027). The growth of the global market is primarily driven by growing application of flocking adhesives across various industries coupled with stringent norms across various legislations, prompting the higher demand for low density material. It is also widely used for spraying, brush and many other methods in the automobile industry. Moreover, it also reduces the weight of the vehicle, which is the key to improve fuel efficiency and limiting pollutants. Thus, the shift in consumer preference toward high-quality products triggers the market growth to a large extent.
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On the flip side, volatility in raw material costs poses a risk for the flock adhesives manufacturers, bringing down their profit margins. However, enhanced flexibility, water resistance, ultraviolet (UV) and tear resistance are some of the properties offered by these adhesives, which create ample opportunities in large and small scale industries. Thus, it is safe to say that on the basis of these features the demand will rise further and the market will be achieving more success in the coming years. Also, constant product development strategies help market players solidify their position in the global market and also affects the market remarkably to a large extent. For instance, in 2016, Flexcon Company Inc. (the Netherlands) had entered into an agreement with FiberLok to develop lextra pressure adhesive dimensional graphics for prime label, reliable and point of purchase(POP) applications.
The global Flock Adhesives Market is segmented on the basis of resin type, and application.
By resin type, the market is segmented on the basis of acrylics, polyurethane, and epoxy. Among these, the acrylics segment accounts for a majority of the market share due to remarkable features offered by the resin type like excellent thermal and chemical resistance. On the other hand, the polyurethane resin segment is estimated to experience a rapid growth in the market owing to its growing consumption in automobile, paper & packaging, and others.
By application, the market is segmented on the basis of automotive, textiles, paper & packaging, and others. Among these, the automobile segment claims a major share of the market due to increasing replacement of heavy metals by lightweight materials to improve the efficiency and performance of the equipment. Whereas the increasing demand of greeting cards, gifts and packaging is set to fuel the growth of paper & packaging segment during the forecast period. Moreover, the textiles segment is slated to grow at a higher rate in the market on account of the ability of flocks to improve the quality and aesthetics of the product.
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The global flock adhesives market is spread across five key regions, namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Globally, Asia Pacific holds a major share of the market owing to the growing adoption of lightweight materials in automotive, textiles, paper & packaging and others. The automobile industry is presently flourishing in the region which increases demand for flock adhesives in the industry and is estimated to grow further during the forecast period. Also, the region witnesses successful market growth due to countries such as China, Japan and India being major contributors to this growth. the regional market is also experiencing substantial growth fueled by the rising investments in the infrastructure needed for establishing manufacturing facilities for flock adhesives. Apart from this, the middle-class population in countries such as China and India make massive demand for luxury products such as cosmetics, watches, jewelry, and other luxury items. This trend is expected to fuel the demand for flock adhesives, as flocks are extensively used in improving the aesthetics of luxury products.
The North America market is also estimated to witness an unfaltering growth due to an increased consumption of adhesives in paper & packaging, textiles, and others. It is presumed that growing investments in the end-use industries is bound to drive the market in the region during the forecast period. Moreover, the growing consumption of lightweight materials in automobile segment has propelled countries such as the United States (U.S), Canada and Mexico to achieve an impressive growth in the market as they provide excellent thermal stability and chemical resistance to the product.
The Europe market, on the other hand, has also been surging ahead at a striking growth rate on account of implementation of new rules and regulations proposed by the government to follow lightweight and biocompatible resins in the industry. The market has gained momentum on the back of the application of this rule in automobile, textiles and paper & packaging segments. It is projected that the growing innovation and technological advancement will propel the growth in countries such as the United Kingdom (U.K), Italy, Germany, and France during the forecast period. Moreover, presence of high number of automobile manufacturers along with rise in demand for automobiles has had a knock-on effect on flock adhesive market in the region.
The Latin America market exhibits promise and is estimated to perform brilliantly in coming years due to the growing consumption of low density materials and growing awareness of eco-friendly resin types in the industry. Furthermore, the Middle East & Africa is expected to witness a tremendous growth as well in the market due to increasing demand for thermally stable polymers in the flocking industries.
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The key players in the global flock adhesives market include LORD Corporation(U.S.), NYATEX(U.S.), Stahl Holdings B.V (the Netherlands), International Coatings(U.S.), Henkel AG & Co. KGaA (Germany), H.B. Fuller Company (U.S.), The Dow Chemical Company (U.S.), Sika AG(Switzerland), Kissel + Wolf (KIWO) (Germany), and Gemteks Tekstil Boyalari (Turkey) among others.
Flexcon Company Inc. has announced that its base films and over-laminate products will be listed by CSA Group, which is an international standards development, testing, inspection and certification organization. This will be achieved via the introduction of an economical adoption program of CSA-tested labeling components. Testing by CSA Group will helps ensure that the materials used in the end products comply with the applicable standards. Flexcon is a global producer of coated and laminated films and adhesives used in graphics applications, manufactured goods, and new products. This approval will widen the company’s customer base due to the appeal of its high quality products in the global flock adhesive market.