The global fabric glue market is projected to reach over $3 billion by 2030, with the growth rate pegged at 5.5 per cent from 2020 to 2030, according to a recent report by Ireland-based market research company Fact.MR, which said increasing adoption of various hygiene products is expected to boost the demand for fabric glue to a large extent.
Based on end use, demand from the textiles industry is expected to show the fastest growth during the forecast period and the demand for fabric glue is expected to increase by over 1.7 times during this. Significant product innovation activities are being carried out in this area.
While demand for temporary fabric glue products is anticipated to experience moderate growth, permanent fabric glue is expected to be in high demand.
Asia Pacific is a crucial hygiene products market and accounted for more than 34 per cent of the global market share in 2019.
In the automotive industry, more than 70 per cent consumers prefer fabric seats over leather; hence, demand will experience a steady growth during the forecast period. The trend of electric vehicles is also expected to create a lucrative opportunity for the fabric glue market, Fact.MR said in a press release.
Globally, leading manufacturers operating in the electric vehicles 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, the report said.
North America accounted for a share of over 40 per cent 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 per cent during the forecast period.
Because 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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