The global tackifiers market was worth USD 22.10 billion in 2022 and is, therefore, expected to reach USD 32.03 billion by 2032 at a CAGR of 2.7% during the forecast period from 2022 to 2032.
The drivers of the Tackifiers Market
The drivers of the Tackifiers Market are the increasing demand from the end-users and the increased focus on the research and development of fast-curing adhesives for various industries. Tackifiers market is expected to grow due to the rising demand for these chemicals from different industries such as electronics, automotive, aerospace, construction, packaging, label & lamination and medical. The global tackifier market size was estimated at USD 3.01 billion in 2019 and is anticipated to reach USD 4.44 billion by 2027, expanding at a CAGR of 5.1% over the forecast period 2020-2027.
The opportunities of the Tackifiers Market
The opportunities for Tackifiers Market are that it is still in development stage so there is huge scope for research and development in this field which can lead to new applications being discovered and used commercially on a large scale thus opening up new avenues for growth of this market. Also, there is an opportunity for this market to grow in
Advantages of the Tackifiers Market
There are many advantages of the Tackifiers Market such as the increase in the production of Tackifiers at a rapid pace, the use of new technologies in production, the increased capacity and market share, the decrease in environmental regulations and standards, etc. The global market is expected to grow at a CAGR of around 4% from 2019 to 2032
Market value and CAGR of the Tackifiers Market 2021-2032
The market value and CAGR is expected to grow at a good pace over the next seven years. The CAGR is expected to be at 2.7% over the next decade.
Global Tackifiers Market: Type Segmentation (2021-2032)
The global tackifiers market is segmented by type into acid modified rosins, terpene phenol resin and so on. The Acid modified rosins type segment has dominated the market since 2020 and is expected to continue its dominance until 2032. Terpene phenol resin segment holds a maximum share of 15% in total revenue of the tackifiers market in 2020.
Global Tackifiers Market: End-Use Segmentation (2021-2032)
The global tackifiers market is segmented by end-use into construction materials, pressure sensitive adhesives, laminating adhesives, hot melt adhesives and others end-uses. The construction materials end-use segment has dominated the market since 2020 and is expected to continue its dominance until 2032. Pressure sensitive adhesives segment holds a maximum share of 25% in total revenue of the tackifiers market in 2020.
Europe holds a major share in tackifiers markets as far as region is concerned due to its requirement of the product.
Challenges of the Tackifiers Market
Some of the challenges of the Tackifiers Market are as follows:
The high cost of tackifiers is a concern along with stringent regulations regarding the use of adhesive components in products is connecting to the production and consumption of tackifiers. As a consequence, this issue has become an important restraint for the growth of the tackifiers market. Also, with the growing awareness about environmental impact and health issues caused by these chemicals, manufacturers are struggling to create eco-friendly tackifiers. The absence of government policies and regulations on eco-friendly tackifiers is further affecting market growth. Hence, these restraints are forecasted to hinder market growth over the forecast period.
The restraints of the Tackifiers Market
The restraint of the Tackifiers Market is that they are not eco-friendly hence they generate waste which could be harmful to our environment causing serious health problems if not disposed of properly like other chemicals.
The key players currently operating in the global Tackifiers Market include Henkel AG & Co Kagan, Novian Inc., Dow Chemical Company, Sanitizer Inc., Sasol Limited, Lubrizol Corporation, Eastman Chemical Company, Evonik Industries AG and Huntsman International LLC. These companies produce a wide range of adhesives that are used extensively in industries such as construction, electronics & electrical equipment manufacturing, furniture & fixtures manufacturing, transportation equipment manufacturing and packaging & labelling applications among others. The leading companies have focused on expansion strategies such as facility expansions and partnerships to expand
Impact of Covid-19 on Tackifiers Market
The COVID-19 pandemic has impacted the tackifiers market in a number of ways. Firstly, the lockdown imposed by various governments across the globe has led to a slowdown in the production of tackifiers. Secondly, the demand for tackifiers has also decreased due to the slowdown in various end-use industries such as automotive, construction, and packaging. Thirdly, the prices of raw materials used in the production of tackifiers have increased due to disruptions in the supply chain.
The impact of COVID-19 on the tackifiers market is expected to be temporary and the market is expected to return to normalcy once the pandemic is over.
Key developments in the Tackifiers Market 2019-2022
In January, 2019 - Aditya Birla Chemicals announced the launch of a new product, Viscose Staple Fibre (VSF). The product will be manufactured at their Thailand facility. The product is targeted for use in spinning viscose yarns for applications such as apparel and technical textiles.
In December 2017 - Eastman Chemical Company acquired Tamino International N.V., a leading global producer of alkylamines, glycol amines, specialty amines and acid derivatives to strengthen its position in the specialty chemicals market.
In October 2017 - BENZOFLEX P-122 from Crompton Greaves Chemicals launched in India by Yash hem Specialities Pvt Ltd, an Authorized Distributor for CG Chemicals India. BENZOFLEX P-122 is an acrylic resin designed for use as a tackifier in pressure sensitive adhesives used in hot melt systems. It offers high initial tack, good aging performance and provides adhesion to low surface energy substrates at relatively low service temperatures.
Tackifiers Market Scope
|Revenue forecast in 2032
|USD 32.03 billion
|CAGR of 2.7 % during 2022-2032
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Henkel AG & Co Kagan, Novian Inc., Dow Chemical Company, Sanitizer Inc., Sasol Limited, Lubrizol Corporation, Eastman Chemical Company, Evonik Industries AG and Huntsman International LLC.
Key Segments of the Tackifiers Market
Type Overview,(USD Billion)
• Hydrocarbon Resins
• Rosin Esters
• Terpene Resins
Application Overview, (USD Billion)
• Hot Melt Adhesive
• Pressure Sensitive Adhesive
• Paint & Coating, Rubber
Regional Overview,(USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa