Oil & gas accounted for the largest market share in the global carbon capture, utilization, and storage market

The global carbon capture, utilization, and storage market size is expected to grow from USD 1.6 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 17.0% during the forecast period. The carbon capture, utilization, and storage market are growing due to the increasing usage of CCSU systems in the oil & gas and power generation sector to reduce harmful carbon emissions.

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Oil & gas is the dominating end-use industry in the carbon capture, utilization, and storage market. The use of CCUS in natural gas processing is one of the major drivers of the CCUS market. Various natural gas processing CCUS projects in MEA, North America, and Europe is key support or the high market size in the oil & gas industry. Increasing usage of EOR in the oil & gas industry is also driving the growth of oil & gas industry in the carbon capture, utilization, and storage market.

In 2019, there were more than 24 million tons of CO2 that was captured, stored, and utilized from the oil & gas industry, and the majority of it was extracted from natural gas processing plants. As per the EIA, natural gas generation will grow at a rate of approximately 2.7% per year between 2012 and 2040, which will account for nearly 30% of the total worldwide energy generation by 2040. The deployment of CCUS in this sector will help in creating a viable pathway for a sustainable environment.

COVID-19 has merely put any effect on the market, which is expected to grow at a significant rate in 2020 as well, owing to continuous investment in the field of carbon capture and sequestration. Currently, CCUS is being largely used across natural gas processing plants and power generation plants. The operations of these plants were not affected by the COVID-19 pandemic; as a result, lockdown imposed due to the pandemic posed very minimal impact on the CCUS market.

Current and upcoming projects of CCUS in the APAC region have created an excellent gateway toward the adoption of CCUS. China and Australia are the early adopters of CCUS in the APAC region. The current line-up of carbon capture and sequestration projects in these countries is expected to create an immense opportunity for the companies operating in the carbon capture, utilization, and sequestration ecosystem. Other than Australia and China, South Korea and India are also focusing on adopting CCUS. For instance, South Korea has already taken a step toward CCUS in the Korea CCS 1&2 project, which is currently in an early development stage and is expected to be operational by 2021. India, in 2016, initiated the operation of a carbon capture and utilization system, which was capable of capturing 60,000 tons of C02 per year from coal-fired power plants.

North America is the largest carbon capture, utilization, and storage market owing to the presence of multiple large-scale CCS facilities in the US and Canada. Century plant, Shute Creek Plant, BPundaryy Dam, Petra Nova Plant, ENID Fertiliser plant are some few projects that are operational in eth US and Canada. The carbon capture, utilization, and storage market in North America is expected to be driven by rising environmental concerns in the region. The US Supreme Court proposed a carbon trading scheme, named the US Clean Power Plan in February 2016. This scheme aims at curbing carbon pollution from power plants in the US. Canada, especially Western Canada, is dependent on fossil fuel industries. According to the US EPA, greenhouse gas emissions caused by human activities increased by 7% in the country from 1990 to 2014. The Canadian government has been taking initiatives to reduce carbon emission levels.

The key players in the global carbon capture, utilization, and sequestration market a Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, tLd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US).

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Stringent eco-friendly laws coupled with major companies adopting investment & expansion and parnerships strategies expected to drive the Carbon Capture, Utilization, and Storage Market

Carbon capture, utilization, and storage (also referred to as CCUS) is a process that involves capturing carbon dioxide (CO2), transporting it through pipelines, ships, and other modes of transport and storing it under the Earth’s surface to prevent CO2 emissions. The stringent eco-friendly lawas emphasizing on curbing the CO2 emissions from industrial and power plants, is driving the growth of the market. The global carbon capture, utilization, and storage market size is expected to grow from USD 1.9 billion in 2021 to USD 4.1 billion by 2026, at a CAGR of 17.0% during the forecast period.

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Over the past years, companies have strengthened their position in the global carbon capture, utilization, and sstorage market by adopting expansions as a major strategy. From 2016 to 2021, the partnership was the key strategies adopted by the market players to maintain growth in the global carbon capture, utilization, and storage market.

Royal Dutch Shell is an international energy company that specializes in the exploration, production, refining and marketing of oil and natural gas.

• In July 2021, Royal Dutch Shell, Royal Dutch Shell revealed its plan to invest and expand its presence by 2023 in Alberta, Canada by building a large-scale carbon capture and storage (CCS) project near Edmonton, Alberta. The ammbitious CCS project would capture emissions from Shell’s Scotford refinery and chemical plant. It woul have capacity to store 300 million tonnes of carbon over its lifetime.
• In June 2020, Aker Solutions signed and agreemet with Norcem (a subsidiary of Heidelberg Cement), for engineering, procurement and construction delivery of a CO2 capture, liquification and intermediate storage plant at Norcem’s cement factory in Brevik, Norway. The project is a part of the Norwegian carbon capture demonstration project that would be funded by the Norwegian government.

The key players in the market include Fluor Corpoation (US), Royal Dutch Shell (Netherlands), Aker Solutions (Norway), Mitsubishi Heavy Industries, Ltd. (Japan), Linde PLC (UK), Hitachi, Ltd.(Japan), Exxon Mobil Corporation (US), JGC Holdings Corporation (Japan), Honeywell International, Inc. (US), Halliburton (US), and Schlumberger Limited (US) among others. COVID-19 has majorly affected the commercial sectors CCUS projects, such as cement plants, chemical plants, and others. Moreover, upcoming carbon capture, utilization, and storage projects are expected to delay due to the outbreak of COVID – 19 pandemic.

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Building & construction is projected to be the largest end user of epoxy adhesives

The building & construction industry accounted for the largest share of the overall epoxy ahdesives market, in terms of volume, followed by the automotive industry. The building & construction industry started using epoxy adhesives with the increasing usage of composites, plastics, and other higher strength metals. Growing urbanization is fueling the growth of the construction sector, which is driving the epoxy adhesives market.

The global epoxy adhesives market size is projected to grow from USD 7.2 billion in 2019 to USD 9.6 billion by 2024, at a CAGR of 6.0%. Increasing urbanization and growing usage of composites, plastics, and other higher strength metals in the construction industry is driving the global epoxy adhesives market. Epoxy adhesives offer the ability to adhere strongly, with exceptional mechanical & electrical insulating properties and chemical and heat resistance.

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Recent Developments
Henkel invested USD 39.4 billion in June 2019 and opened a new European hub for high-performing aerospace solutions in Spain. This expansion has helped to provide high-performance epoxy adhesive solutions for the constantly growing demand and concentrate on the key trends in the global aerospace industry such as light-weighting, fuel efficiency, and automation.
In April 2019, Henkel opened a new OEM application center in Connecticut to deliver innovative solutions and design customized applications, technologies, and production processes to better serve its customers.

The epoxy adhesives market in the APAC region is projected to grow at the highest CAGR. The building and construction industry is contributing to the growing demand for epoxy adhesives in the region.The region is witnessing rapid urbanization and there is increasing government and private-sector investments in infrastructure development. This will boost the building & construction industry in countries such as India and China, which will fuel the demand for epoxy adhesives in the APAC region during the forecast period.

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Leading Market Players – Propylene Glycol Market

The propylene glycol market size is projected to reach USD 4.7 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 4.4%. The growing demand for propylene glycol in countries such as China, India, Japan, and South Korea from the transportation, building & construction, food & beverage, pharmaceuticals, and cosmetics & personal care industries is expected to fuel the growth of the market. The market is evolving, with major players playing a crucial role in the development of new and advanced products.

The Dow Chemical Company (US), LyondellBasell Industries N.V. (Netherlands), and Archer Daniels Midland Co. (US) are the major players in this market.

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The Dow Chemical Company (US) is focused on partnerships to meet the growing demand in the market. In October 2019, the Dow and Evonik entered into an exclusive technology partnership. They are plan to bring a unique method (HYPROSYN) for directly synthesizing propylene glycol from propylene and hydrogen peroxide. Over 100 Evonik employees worked for years to develop this method. The key element is a novel catalytic system developed by Evonik researchers, which allows direct synthesis of propylene glycol from propylene and hydrogen peroxide in a process offering high yield and comparatively low energy consumption.

LyondellBasell Industries N.V. (Netherlands) focuses on expansion to strengthen its market position in the propylene glycol market. In August 2018, the company announced to build the world’s largest propylene oxide (PO) and tertiary butyl alcohol (TBA) plant. The $2.4-B project represents the single-largest capital investment in the company’s history. The plant will start in 2021; the facility will be able to produce 470,000 tpy of PO and 1 MMtpy of TBA per anum.

Archer Daniels Midland Co. (US) is focused on partnerships to meet the growing demand for propylene glycol. In January 2018, the company and Pacific Northwest National Laboratory (PNNL) entered into a partnership to produce bio-based propylene glycol. As a result of the collaborative research between PNNL and ADM, the company now has a full-scale production facility at its manufacturing plant in Decatur, Illinois. The facility employs 140 people and can produce 100,000 metric tons of propylene glycol from renewable sources per year. ADM uses or sells this bio-based product for use in deicers, cosmetics, pet food, and pharmaceuticals, among others.

Paper & packaging application is projected to lead the acrylic adhesives market by 2022

Paper & packaging was the largest application segment of the acrylic adhesives market in 2016. Increasing demand for consumer goods in several countries across the globe is a key factor expected to fuel the growth of the paper & packaging segment in the coming years. In the packaging application, acrylic adhesives are extensively used in the production of labels, cases and cartons. Other applications of acrylic adhesives include building & construction, woodworking, transportation, consumer, and leather & footwear, among others.

The acrylic adhesives market is projected to grow from USD 8.84 Billion in 2017 to USD 11.72 Billion by 2022, at a CAGR of 5.81%.

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Technological advancements are expected to fuel the demand for acrylic adhesives in mature markets, such as North America and Europe. Properties such as less cure time, increased performance benefits, better adhesion to a variety of substrates, and resistance to chemicals and various innovations in acrylic adhesive products are expected to drive the growth of the market in the near future. The acrylic adhesives market is shifting from traditional solvent-based adhesives to high-performance products such as reactive acrylic and pressure-sensitive acrylic adhesives, driven by the requirement of superior performance.

Asia-Pacific is the largest and fastest-growing market for acrylic adhesives. The increasing use of acrylic adhesives in paper & packaging, construction, and woodworking applications is expected to provide new growth opportunities to the market. High economic growth, growth in manufacturing industries, availability of cheap labor, growing end-use markets, and global shift of production facilities from developed markets to emerging markets are some of the key factors driving the acrylic adhesives market in Asia-Pacific.

The restraining factor for the acrylic adhesives market growth is identified as environmental regulations in European countries. Key manufacturers of acrylic adhesives include Henkel AG & Company (Germany), 3M Company (U.S.), Bostik SA (France), H.B. Fuller (U.S.), Illinois Tool Works Inc. (U.S.), Avery Dennison (U.S.), Sika AG (Switzerland), and Royal Adhesives & Sealants, LLC (U.S.).

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Asia-Pacific is anticipated to be the fastest-growing market for propylene glycol

The global propylene glycol market was valued at USD 3.47 Billion in 2016, and is projected to grow at a CAGR of 5.8%, to reach USD 4.60 Billion by 2021. Eco-friendly production process of bio-based propylene glycol has led to the growth of the global propylene glycol market. Also, the growing automotive industry in Asia-Pacific is driving the market as propylene glycol is widely used in engine coolants and sheet molding compounds among others.

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The economic growth in the Asia-Pacific region is driving the market for propylene glycol. In addition, increased demand for propylene glycol in key countries such as China and India, are contributing to the growth of the propylene glycol market in the region.

Currently, the global propylene glycol market is led by various market players such as The Dow Chemical Company (U.S.), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Global Bio-chem Technology Group Co., Ltd. (China), DuPont Tate & Lyle Bio Products Company, LLC (U.S.), Huntsman Corporation (U.S.), SKC Co., Ltd. (South Korea), Temix International S.R.L. (Italy), and Ineos Oxide (Switzerland) among others.

Scope of the Report

This report categorizes the global market for propylene glycol on the basis of source, application, end-use industry, and region.

By Source:
Petroleum-based Propylene Glycol
Bio-based Propylene Glycol

By Application:
Unsaturated Polyester Resin
Food, Pharmaceuticals & Cosmetics
Antifreeze & Functional Fluid
Liquid Detergents
Plasticizers

By End-Use Industry:
Transportation
Building & Construction
Pharmaceuticals & Cosmetics
Food & Beverage

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Transportation is expected to be the fastest-growing end-use industry

Transportation is projected to be the fastest-growing end-use industry of the global propylene glycol market, mainly due the rising demand for propylene glycol in the automotive coolants, aircraft wings, pleasure boats, and ships. This industry in the Asia-Pacific region is anticipated to grow at the highest CAGR during the forecast year. The growth is attributed to increasing sales of automobiles in the region. In addition, improving standards of living and increasing disposable income in emerging countries such as India, China, and South Korea are driving the growth of the transportation industry. Also, China, Korea, Japan, and India are witnessing high demand for new ships for both military and commercial purposes.

Propylene Glycol Market by End-Use Industry (Transportation, Building & Construction) - Global Forecast to 2021

The global propylene glycol market was valued at USD 3.47 Billion in 2016 and is projected to grow at a CAGR of 5.8% from 2016 to 2021, to reach USD 4.60 Billion by 2021. The eco-friendly production process of bio-based propylene glycol has led to the growth of the global propylene glycol market. Also, the growing automotive industry in Asia-Pacific is driving the market as propylene glycol is widely used in engine coolants and sheet molding compounds among others.

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In terms of end-use industry, the market is classified into transportation, building & construction, pharmaceuticals & cosmetics, food & beverage, and others.

Transportation is expected to be the fastest-growing end-use industry

Transportation is projected to be the fastest-growing end-use industry of the global propylene glycol market during the forecast period, mainly due the rising demand for propylene glycol in the automotive coolants, aircraft wings, pleasure boats, and ships. This industry in the Asia-Pacific region is anticipated to grow at the highest CAGR during the forecast year. The growth is attributed to increasing sales of automobiles in the region. In addition, improving standards of living and increasing disposable income in emerging countries such as India, China, and South Korea are driving the growth of the transportation industry. Also, China, Korea, Japan, and India are witnessing high demand for new ships for both military and commercial purposes.

On the basis of region, the market is segmented into Asia-Pacific, Europe, North America, Middle East & Africa, and South America. Currently, the Asia-Pacific region is the largest market for propylene glycol. Rapid industrialization and improved living standards is expected to drive the increasing demand for propylene glycol.  The region is also projected to be the fastest-growing market from 2016 to 2021. This growth is attributed to the rapidly growing transportation industry in the region.

Some of the key players in the global propylene glycol market are The Dow Chemical Company (U.S.), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Global Bio-chem Technology Group Co., Ltd. (China), DuPont Tate & Lyle Bio Products Company, LLC (U.S.), Huntsman Corporation (U.S.), SKC Co., Ltd. (South Korea), Temix International S.R.L. (Italy), and Ineos Oxide (Switzerland) among others.

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Foam Insulation Market by End-use Industry (Building & Construction, Transportation, and Consumer Appliances)- Global Forecast to 2021

The foam insulation market size was USD 17.58 Billion in 2016 and is projected to reach USD 22.39 Billion by 2021, at a CAGR of 4.95% from 2016 to 2021. The increasing demand for foam insulation from end-use industries, such as building & construction, transportation, and consumer appliances, is driving the foam insulation market.

Focus on the reduction of greenhouse gas emissions and strict government regulations on the construction of energy-efficient buildings are expected to drive the demand for foam insulation. The major restraining factor for the market is the lack of awareness about the benefits of foam insulation.

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Building & construction is the largest end-use industry for foam insulation

By end-use industry, the building & construction segment is estimated to account for the largest share of the global foam insulation market in 2016, in terms of both value and volume. This end-use industry is projected to drive the foam insulation market from 2016 to 2021 due to the rising concern related to greenhouse gas emissions and the growing demand for net-zero energy buildings in countries like Germany, U.K., France, and U.S. The various building codes for new residential and commercial construction in countries such as U.S., U.K., Germany, China, Japan, and South Korea are also expected to drive the demand for foam insulation.

Population growth and rapid urbanization in key countries, such as China and India, accompanied by the rising demand for consumer appliances have contributed to the growth of the foam insulation market in this region. Increasing investments in the region’s building & construction industry also help drive the demand for foam insulation. Besides, major market players, such as Covestro AG (Germany), BASF SE (Germany), Saint-Gobain (France), and Huntsman Corporation (U.S.), are setting up manufacturing plants in the Asia-Pacific region due to the availability of cheap labor and low production cost.

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Expansions, new product launches, and partnerships were the key strategies adopted by industry players to achieve growth in the epoxy adhesives market

Expansions, new product launches, and partnerships were the key strategies adopted by industry players to achieve growth in the epoxy adhesives market between 2012 and 2016. The increasing demand for light weight vehicles, wind energy, and the shift in the construction business towards the construction of multi-storied buildings which use epoxy adhesives in glazing and panels, is leading to the rise in demand. Companies have adopted strategies such as, new product launches, expansions, and mergers & acquisitions to fulfill the growing demand. Some of the key players, such as Henkel AG & Co., KGaA (Germany), Huntsman Corporation (U.S.), 3M Company (U.S.), Ashland Inc. (U.S.), Sika A.G. (Switzerland), The Dow Chemical Company (U.S.), Lord Corporation (U.S.), Illinois Tool Works Inc. (U.S.), and Permabond LLC (U.S.), have adopted these strategies to strengthen their businesses, globally.

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Henkel AG & Co. KGaA is a major player in the global epoxy adhesives market. The company’s wide range of business segments provides an added advantage to the company’s profit margin, which enables the company to compensate the loss from low performing business segments and invest in strategic expansions and R&D activities. The adhesive technology business segment of the company accounted for 50% of its total revenue in 2015. The company follows the capacity expansions strategy to support the growing demand, improve product cost competitiveness, and the product portfolio by investing in R&D activities in new applications to cater to the market. Recently in October 2016, the company launched Loctite EA 9452, a new high-performance 2-part epoxy adhesive. This product launch helped the company in entering into the filtration industry.  

3M Company is another major player in the global epoxy adhesives market. North America accounted for 64% of the overall company revenue. The industrial and consumer business segment of the company manufactures adhesives & sealant products for various applications. These business segments together earned about 47% of its total revenue in 2015. The company’s business strategy mainly revolves around its targets for increasing its global footprint, increasing revenues, and launching innovative solutions through its products. As a part of its growth strategy, the company plans to establish new production facilities and expand its existing plant capacities which would enable the company to strengthen its position in the high growth epoxy adhesives market. In September 2012, 3M expanded its epoxy adhesives product line by adding the Scotch Weld EPX DP810, and DP110 products. These products provide long-term reliability for heavy-duty applications including aerospace, appliances, sporting goods, and electronics.

Apart from the above mentioned market players, H.B. Fuller (U.S.), MasterBond (U.S.), Royal Adhesives & Sealants (U.S.), and Threebond Co. Ltd. (Japan), are the other important players in this market.

Engineered Foam Market- Key Market players

The global engineered foam market is projected to reach USD 122.30 billion by 2026, at a CAGR of 7.9% from 2016 to 2026. The growing demand for engineered foam from end-use industries has led to significant developments in the engineered foam market. Engineered foam has been increasingly used over general foams with enhanced features such as high strength & stiffness, uniform distribution of load, improved performance in extreme conditions, stability in corrosive environments, and others. Engineered foam is largely used in aerospace & defense, transportation, manufacturing & constructions, medical & healthcare, and other industries for insulations and cushioning applications. Polyurethane is the major material type used for making engineered foams, followed by polystyrene, polyvinyl chloride, and others. Engineered foams are available in three forms, namely, flexible form, rigid form, and spray forms. With the increasing demand for customized materials for cushioning and insulation applications by various end-use industries, the engineered foam market is expected to grow at a significant pace during the forecast period.

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Key players operating in the engineered foam market include BASF SE (Germany), The Dow Chemical Company (U.S.), Huntsman Corporation (U.S.), Bayer AG/Covestro (Germany), Seikisui Chemical Co., ltd (Japan), Trelleborg AB (Sweden), Inoac Corporation (Japan), Recticel NV/SA (Belgium), Vita (Lux III) S.A.R.L (U.K.), Armacell GmbH ( Luxembourg), Foamcraft, Inc. (U.S.), Foampartner group (Switzerland), Future Foam, Inc. (U.S.), FXI-Foam Innovations (U.S.), Rogers Corporation (U.S.), UFP Technologies, Inc. (U.S.), The Woodbridge Group (Canada), among others. Some of them are specialized foam manufacturers while others are raw material manufacturers with forwarding integration in some grades of foam manufacturing.

Substantial investments for expansions, agreements, and new product launches have been made in the past few years by key companies such as Bayer AG, The Dow Chemical Company, Armacell GmbH, BASF SE, and Huntsman Corporation. Among these, Bayer AG is one of the most active players in the market with regards to adoption of growth strategies. It has expanded its business in different regions to increase its global reach and also to cater to its customers with prominent product launches. Bayer AG has been focusing on new product launches and also is expanding its business in new geographies. This has helped the company expand its global footprint and tap the critically advantageous geographic regions that are witnessing rapid growth in the engineered foam market. BASF SE and The Dow Chemical Company have also outperformed other companies in the number of developments. The companies have actively been involved in new product launches through high R&D investments. In September 2013, BASF built the Polyurethane Systems House, in which polyurethane raw materials are blended to deliver customized products, including products for medical applications. The customized raw material would further help the company manufacture quality foam products.

Armacell GmbH is another company specialized in the production of engineered foams and is focused on organic as well as inorganic growth strategies. The company has made several acquisitions in Europe and the Americas region in the past few years to increase its market share in the subsequent areas. In October 2016, the company acquired 100% of the shares of PoliPex Ltda. (PoliPex), a leading Brazilian manufacturer of extruded polyethylene (PE) insulation foams. This will increase the product portfolio of Armacell GmbH into polyethylene foams. The company also made some new product launches that include Armaflex Ultima, a blue elastomeric foam-based flexible insulation material. The launch aims to gain fire class BL-s1, d0 (tubes) stages respectively for B-s2, d0 (sheets). This launch helped the company diversify product portfolio.

The global engineered foam market is a competitive market, with key players adopting various growth strategies to expand their shares in the global engineered foam market.

High performance fluoropolymers market Along with Business Insights, Trends and Forecast 2023

High performance fluoropolymers are finding increasing acceptance in various end-use industries, such as industrial processing, transportation, medical, electronics, etc. The growth of the HPFs market is expected to be fueled by the rising demand from end-user industries due to the rapid growth in automotive, electrical & electronic, and medical industries. High performance fluoropolymers provide increased performance, high durability, weatherability, abrasion resistance, excellent di-electric, and high thermal resistance properties for various applications in these industries.

This report estimates the market size for HPFs by type, end-use industry, and region, in terms of value and volume. The HPFs market is projected to grow at a CAGR of 6.6% between 2017 and 2022, in terms of value. The growth is attributed to the increasing applications, technological advancements, and growing demand in the emerging countries.

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The developed regions, such as Europe and North America, are relatively mature markets as compared to Asia Pacific and Rest of the World. Asia Pacific is projected to witness the highest growth rate between 2017 and 2022, owing to the increasing demand from the automobile & transportation, electrical & electronics, and chemical processing sectors in the economies such as China and Japan. The market in this region is experiencing an increase in the demand for HPFs from industrial processing, electrical & electronics, and transportation end-use industries. In addition, China has been an export-oriented country; however, the growing domestic demand is expected to increase the domestic consumption of HPFs in the country.

Among end-use industry segments, the electrical & electronics industry is projected to witness the highest growth rate between 2017 and 2022. The growth is driven by the increasing use of HPFs in wire coating, cable coating, fiber optics, and electrical systems in aircraft, computers, etc., as they offer excellent electrical insulation properties under harsh conditions such as high temperatures and aggressive chemicals.

Among type segments, the FEP type is projected to witness the highest growth rate between 2017 and 2022. The growth is driven by the increasing usage of FEP in electrical & electronics, especially in wire & cable, semiconductor, and telecommunication applications for high speed data transfer and networking.

The emerging market for melt-processable fluoropolymers (FEP, PFA, and ETFE) is expected to provide growth opportunities for the HPFs market owing to their significant demand from emerging applications such as photovoltaic modules and architectural membranes. Thus, the market players could focus on increasing the production of melt-processable fluoropolymers to compete in the market.

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Acrylic Adhesives Market worth 11.72 Billion USD by 2022 | At a CAGR of 5.81%

The acrylic adhesives market is projected to grow from USD 8.84 billion in 2017 to USD 11.72 billion by 2022, at a CAGR of 5.81% between 2017 and 2022. The acrylic adhesives market is shifting from traditional solvent-based acrylic adhesives to high-performance products such as cyanoacrylic and pressure-sensitive acrylic adhesives, driven by the requirement of superior performance. This shift is expected to fuel the growth of the acrylic adhesives market in the near future.

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There is a rising demand for acrylic adhesives in applications, including paper & packaging, building & construction, medical, consumer, transportation, and woodworking, among others. Medical is projected to be the fastest-growing application segment of the market, owing to the technological advancements in acrylic adhesives and rising demand for specialty acrylic adhesives in the segment. Recent advancements in medical technology such as lightweight and micro machineries are propelling the demand for UV curable and cyanoacrylic adhesives. This creates opportunities for manufacturers to develop new products for applications where these adhesives can be used to bond medical devices. UV curable and modified acrylics are expected to be rapidly adopted across applications due to good adhesion to plastics, rapid rate of strength build-up, and excellent impact resistance.

Based on formulating technology, the reactive segment is expected to witness the highest growth during the forecast period. This category generally includes any acrylic adhesive that undergoes a reaction to cure and form a bond. In some cases, adhesives form a bond after they are exposed to air, water, or light. In other cases, two components kept separate until the moment of application react when combined to form a bond. Standard reactive acrylic adhesives can be modified to possess various unique properties, including multiple degrees of conductivity, differing cure profiles, and unique optical properties.

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Asia-Pacific is the largest consumer of acrylic adhesives. Increasing population and technological advancements in building & construction and transportation industries are expected to fuel the growth of the acrylic adhesives market in Asia-Pacific. China, Japan, and India are the major acrylic adhesives markets in Asia-Pacific. China is estimated to be the largest market in terms of consumption of acrylic adhesives.

Key market players are expected to adopt growth strategies such as new product launches; mergers & acquisitions; investments & expansions; and partnerships, contracts, & agreements to achieve growth in the acrylic adhesives market in the near future.

Impact of Existing and Emerging Stand-Up on High Performance Fluoropolymers Market

New product launches, mergers & acquisitions, joint ventures, and expansions & investments are the key strategies adopted by industry players to achieve growth in the high-performance fluoropolymers market between 2017 and 2022. Increasing industrial advancements, technological advancements, and demand for efficient materials with excellent physical properties such as high thermal stability, greater chemical resistance, greater design flexibility, and high dielectric strength have led various end-use industries to focus on high-performance fluoropolymers, thus leading to a rise in their demand. These aspects have encouraged companies to adopt strategies such as new product launches, expansions, mergers & acquisitions, and joint ventures. Some of the key players, such as The Chemours Company (US), Daikin Industries, Ltd. (Japan), The 3M Company (US), Solvay SA (Belgium), Asahi Glass Co., Ltd. (Japan), and Shanghai 3F New Materials Company Ltd. (China) have adopted these strategies to develop their businesses, globally. These strategies also accounted for a significant share of the overall growth strategies adopted by the players in the high-performance fluoropolymers market between 2013 and 2016. 

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The Chemours Company (US) is a leading player in the global high-performance fluoropolymers market. The company, as a major HPFs manufacturer, aims to expand its market share and become one of the most innovative companies in the world. As a part of its growth strategy, in 2016, the company started a new Teflon finishes plant at its Changshu work site, China. This expansion increased the production capacity of fluoroproducts and helped the company strengthen its position in China and the Asia Pacific region by offering high-quality products for both consumer and industrial applications.

Daikin Industries Ltd. (Japan) is one of the key HPFs manufacturers globally. The company operates through three major business divisions, namely, air conditioning division, chemicals division, and others. The other division includes refrigerator, oil hydraulics, defense systems, and electronics business. The company has its production capacities situated in Japan, the US, Europe, and China that are involved in the production of high-performance fluoropolymers.

Daikin has 207 consolidated subsidiaries, of which 28 are located within Japan and 179 are located outside Japan. 
As a part of its business strategy, the company acquired MDA Manufacturing Inc., which was formerly a joint venture between Daikin Industries, Ltd. and The 3M Company in 2014. This acquisition strengthened the reach of the company in North America.

Key companies, such as The Chemours Company (US), Daikin Industries, Ltd. (Japan), The 3M Company (US), Solvay SA (Belgium), Asahi Glass Co., Ltd. (Japan), The Dongyue Group (China), Gujarat Fluorochemicals Ltd. (India), Hubei Everflon Co., Ltd. (China), Shanghai 3F New Materials Company Ltd. (China), and Halopolymer OJSC (Russia) are the most active players in the global HPFs market.

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