Flock Adhesives Market 2020 and Forecast 2021-2027

                                          
Report Overview: Flock Adhesives Market


The global flock adhesives market size was valued at USD 1.76 billion in 2020 and is expected to expand at a compounded annual growth rate (CAGR) of 4.5% from 2021 to 2027. Increasing demand from the textile and automotive sectors is the prominent factor in driving the market growth. There is increasing growing adoption of the product in the manufacturing of thermal insulation, garments, furniture, automotive interior, and other mechanical tools, which is likely to open new revenue pockets for industry growth. However, the restricted supply of raw materials and considerably weak demand from end-use industries such as transportation in 2020 owing to the COVID-19 pandemic is likely to cause a significant decline in global demand for the year 2020.

The U.S. lead the North American market owing to the presence of a significant number of textile manufacturers and large automotive production bases. The U.S. flock adhesives market is predicted to expand at a CAGR of 3.7% from 2020 to 2027, owing to the rapid growth of textile manufacturing in the country.

According to the National Council of Textile Organizations (NCTO), the U.S. textiles and apparel industry was valued at USD 75.8 billion in 2019. Further, as per the estimates of NTCO, the U.S. is the second-largest exporter of textile-related goods in the globe. Apparel, textile, and fiber exports were combined were valued at USD 29.1 billion in 2019.
The automotive industry in the U.S. has been hit by factory closures, collapse in demand, and supply chain disruption in 2020. This is likely to significantly affect the growth of the flock adhesives market in the short term. In the second half of 2020, automakers are likely to restart production with implementation of certain protocols as advised by the local, federal as well as international bodies.

Product Insights: Flock Adhesives Market

Polyurethane led the flock adhesives market and accounted for more than 45.0% share of the global revenue in 2019. Properties of polyurethanes such as good UV resistance, superior chemical resistance, toughness, durability, and exceptional abrasion resistance make it the most widely used product for flocking.
Acrylic is estimated to witness the fastest CAGR of 4.9%, in terms of revenue, from 2020 to 2027. The durability of the product coupled with its ability to bond to a variety of substrates is expected to drive the segment growth over the forecast period 2021-2027.

Epoxy adhesives are high strength and durable as epoxy chemistry has a special place in adhesives owing to its strength and versatile nature. Epoxy-based products adhere to a wide variety of materials and their noteworthy properties are dependent on the nature of cross-linking polymers.

Application Insights: Flock Adhesives Market

Textiles led the market and accounted for more than 37.0% share of the global revenue in 2019. In the textile industry, the product is used to enhance the feel of the garment by improving the smoothness of the fabric. Thus, rising demand for garments providing colorful and vibrant appearances is expected to propel the segment growth over the coming years.

In the automotive industry, the product forms a seal around automotive windows and thereby aids in thermal insulation. It is also used for noise reduction between automotive components. It is also used for bonding applications, thereby reducing the weight of an automobile. The rising demand for lightweight automobiles is likely to benefit product demand in the long term.

Paper and packaging are expected to see strong demand. Flocking is mainly used for luxury packaging for jewelry among other applications. The rising demand for jewelry in emerging economies of Asia Pacific is likely to aid to the luxury packaging industry, which is likely to stimulate the demand for flock adhesives.

Regional Insights: Flock Adhesives Market

Asia Pacific lead the market and accounted for more than 41% in 2019. Rising demand from the large textile industry especially in China and India coupled with steady demand from packaging and automotive manufacturers present in the region is expected to drive the regional growth over the coming years.
North America is estimated to expand at a CAGR of 4.1%, in terms of revenue from 2020 to 2027. The implementation of the United States-Mexico-Canada Agreement (USMCA) is expected to encourage the domestic manufacturing of textiles in Mexico and Canada over the coming years. This in turn is likely to significantly drive market growth in North America.

Europe was the second-largest market in 2019. According to the European Commission; the textile and clothing sector of Europe plays an critical role in the European manufacturing industry and is among the leaders in the world. The European textile & clothing industry generated a turnover of roughly USD 181 billion in 2019. This represents a huge opportunity for the flock adhesive industry.

Key Companies & Market Share Insights: Flock Adhesives Market

The market is characterized by a number of global players who are also involved in the production and sales of other chemical products other than flock adhesives. However, there are also numerous regional players operating in the local marketplace. Henkel is estimated to be the leading player in the world flock adhesives market. Strong brand reputation, extensive product portfolio, and exceptional distribution network have enabled Henkel to acquire the largest share in the industry. Some of the prominent players in the global flock adhesives market:

Key companies Profiled: Flock Adhesives Market Report

 	
Henkel AG & Co. KGaA
 	
 H.B. Fuller Company
 	
Dow
 	
Sika AG
 	
KIWO
 	
NYATEX
 	
International Coatings
 	
Argent International, Inc.
 	
Parker Hannifin Corp
 	
Stahl Holdings

This report forecasts revenue and volume growth at global, country, and regional levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global flock adhesives market report on the basis of product, application, and region:

Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

 	
Acrylic
 	
Polyurethane
 	
Epoxy
 	
Others

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

 	
Textiles
 	
Automotive
 	
Paper & packaging
 	
Others