The global flock adhesives market is projected to grow from USD 2.35 billion in 2017 to USD 3.18 billion by 2022, at a CAGR of 6.3% in terms of value. Factors driving the growing use of the flock adhesives market are the increasing demand for lightweight and low carbon emitting vehicles and high demand for flock adhesives from the Asia Pacific region.
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Automotive is one of the largest application areas of flock adhesives. Flock adhesives play an important role in improving the aesthetics and performance of automobiles. The growth of the flock adhesives market in the Asia Pacific region is mainly driven by China, which is experiencing substantial growth fueled by the rising investments in the infrastructure required for establishing manufacturing facilities of flock adhesives in the country.
The automotive segment will continue to represent the bulk of the demand for flock adhesives due to the increasing requirement for bonding dissimilar materials, substituting traditional materials with synthetic substrates, and increasing focus on reducing VOC emissions. From an engineering and design perspective, flock adhesives are valued because of their ability to bond dissimilar substrates, resist vibration, and distribute stresses over a wide area.
Technological advancements in the end-use industries are fueling the demand for flock adhesives in the North American and European markets. Less cure time and increased performance benefits offered by flock adhesives, such as high-performing seals, better adhesion to a variety of substrates, and resistance to chemicals & gas are boosting the market. For the past few years, energy prices in North America have increased, affecting end-user expenses. Therefore, the end users are more interested in new or different technologies and products that can help them counter the rising energy expenses. For instance, flock adhesives play a major role in reducing the weight of the vehicles, which results in energy conservation and subsequently in reducing energy expenses. This is a major factor which is driving the demand for flock adhesives and their technologies, especially the electrostatic technology that meets the energy efficiency requirements.
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Asia Pacific is the leader in terms of consumption of flock adhesives. Stringent environmental regulations to reduce the weight of automobiles, increasing demand for luxury products, and increasing screen printing in textile applications have led to the early adoption of flock adhesives in Asia Pacific. The market for flock adhesives is projected to register the highest CAGR in Asia Pacific in the next five years.
