The Latin America adhesives market size is expected to reach USD 3.11 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to witness a CAGR of 5.8% over the forecast period. Rapidly expanding end-use industries including packaging, automotive, transportation, textiles, and footwear along with increasing construction spending in Brazil are expected to propel the product penetration in Latin America. Different forms of adhesives are used in the construction applications including flooring, insulation, panel and partitions, and roofing.
Strong economic growth and rising population in this region have fueled the product demand in infrastructure development sector, thereby driving the market. Moreover, recent trend indicates that many Original Equipment Manufacturers (OEMs) and end-users in industries including automotive and aircraft manufacturing prefer high-performing adhesives over conventional methods, such as welding and mechanical fasteners, to join different metal parts or substrates. This is also expected to boost the product demand over the forecast period.
Increasing environmental concerns have forced companies to focus on providing adhesives that are non-ozone depleting and free from Volatile Organic Compounds (VOCs), solvent, and toxins. Water-based products are witnessing a huge demand due to their excellent inherent characteristics, such as high performance and applications in diverse industries including construction, packaging, and pharmaceutical. The application scope for water-based and natural adhesives, followed by hot-melt solutions, in electrical and electronics packaging industries is constantly increasing.
Colombia is estimated to expand at a significant CAGR during the forecast period. Rising demand from the biomedical, healthcare, and plywood industrial applications is expected to propel the market growth in the country. Furthermore, rising demand for lightweight aluminum parts, which are generally bonded using adhesives, is also propelling product usage per vehicle. While packaging will remain the leading outlet for product utilization, the construction segment is anticipated to capture a major share.
Key companies focus on expansion and acquisition activities to gain a competitive advantage over others. For instance, Sika Automotive opened a new manufacturing facility in Sao Paulo, Brazil. The company is expanding its product portfolio and production capacity to cater to the escalating demand from the automobile sector.
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Further key findings from the study suggest:
In terms of revenue, water-based products are anticipated to witness the fastest CAGR of 6.6% due to their improved moisture resistance as compared to other adhesives
In terms of volume, hot-melt adhesives led the market and acquired a market share of 15.5% in the past due to their eco-friendly nature and odorless bonding solutions
Colombia is predicted to register a strong CAGR of 6.2%, in terms of volume, owing to high demand from the biomedical, healthcare, and plywood industrial applications
Henkel Adhesives, 3M Company, BASF SE, The Dow Chemical Company, Bostik SA, Sika Corp., and BASF SE are the top companies in Latin America adhesives market
Most of them focus on business expansion through product innovation; for instance, recently, Ashland launched two new solvent-based pressure sensitive adhesives (PSA)
Grand View Research has segmented the Latin America adhesives market on the basis of product and region:
Latin America Adhesives Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Latin America Adhesives Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
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