The global smart adhesives market is expected to grow at a CAGR of 12% during the forecast period.
The global smart adhesives market is expected to grow at a significant growth during the forecast period. Building and Construction industry widely used smart adhesives including hot melt adhesives such as for flooring and carpets; doors and so forth. Hot melt adhesives play an important role in the construction industry and allow construction workers to reduce the number of nails and staples used to keep floors together. Additionally, they enhance the quality and the aesthetics of floors and carpets. Moreover, these adhesives increase the door’s ability to fire prevention and smoke from spreading. These adhesives make garage doors more resilient in extreme temperatures. Furthermore, hot meal adhesives have also replaced paper for tile insulation and bonding and are more efficient as well as cost-effective than paper. Rising construction industry along with applications utilizing hot melt adhesives increased the adoption of smart adhesives and is driving the market growth.
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Furthermore, the packaging industry has observed significant growth globally that further contribute to the smart adhesives demand. Several factors are responsible for growth such as growing pharmaceutical, FMCG, healthcare sector, food processing and manufacturing industry in emerging economies such as China, India, and a few other East European countries. Packaging has been widely used in a number of industries across healthcare, food and beverages, cosmetics and other consumer goods. Additionally, it has several applications in industrial sectors and became an essential everyday item, with its rising usage with the global economy. Moreover, opportunities for growth driven packaging industry owing to the rising consumption of packaged as well as general growth across a range of consumer goods areas are widespread across the countries. Rapid growth in packaging usage in the fast-growing economies of Asia and Eastern Europe has several new opportunities for packaging suppliers which also represents splendid opportunities for the smart adhesives market.