Demand for Fabric Glue Market to Grow at a Value CAGR of 4% Through 2030
Fabric Glue market research study in brief
The business intelligence study for the Fabric Glue market provides an extensive synopsis of essential aspects involving the product classification, important definitions, and other industry-specific parameters. The report also covers the key factors associated with the current events such as alliances, mergers & acquisitions, and new product launches.
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Additionally, the Fabric Glue market study puts forth a rigid basis for collecting a cluster of insights that potential customers can use to enhance their revenues and reduce costs. The illustration of data on Fabric Glue market segmentation by type, application, and geography offers a critical viewpoint of, what manufacturers are eyeing for the stipulated timeframe.
Increasing adoption of various hygiene products is expected to boost the demand for fabric glue to a large extent. Asia Pacific is a crucial hygiene products market, and accounted for more than 34% of the global market share in 2019.
In the automotive industry, more than 70% consumers prefer fabric seats over leather; hence, demand will experience steady growth during the forecast period. Besides, the trend of electric vehicles is expected to create a lucrative opportunity for the fabric glue market. Globally, leading manufacturers operating in the EV market are investing rigorously towards reducing the weight of their vehicles to increase efficiency. Fabric glue manufacturers have an opportunity to develop a versatile fabric glue form that can be applied uniformly on fabric material, thereby reducing the weight of the seats.
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The fabric glue market is anticipated to reach a valuation of over US$ 3 billion (Bn) by 2030, with the growth rate pegged at 5.5% during 2020 to 2030.
Key Takeaways from Fabric Glue Market Study
- North America accounted for a share of over 40% in the global fabric glue market in 2019. High concentration of domestic and international players has been seen in this region. Asia pacific is expected to portray the highest growth rate of over 8% during the forecast period.
- Based on end use, demand from the textiles industry is expected to show the fastest growth during the forecast period.
- While demand for temporary fabric glue products is anticipated to experience moderate growth, permanent fabric glue is expected to be in high demand.
- Demand for fabric glue is expected to increase by over 1.7X during the forecast period. Significant product innovation activities are being carried out in this area.
- As a result of the COVID-19 pandemic, demand for medical equipment and protective gear has skyrocketed. All of these use fabric glue, which is why the market is seeing a surge in 2020.
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Innovations and Differentiated Offering Leading Market Growth
The fabric glue market has seen multiple changes in recent years, and is expected to experience significant growth during the forecast period. Companies in the market have been focusing on innovative offerings and differentiating their portfolios. Specific application and usage of fabric glue has been the primary focus of the top companies in the market. Arkema, H.B. Fuller Company and Pidilite Industries Ltd. have been at the forefront of these developments. Innovative and differentiated offerings are expected to be the long-term strategy for growth in the global fabric glue market space.
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