The tackifier market is estimated to be valued at US$ 4.3 billion in 2024. The demand for tackifier is anticipated to rise at a CAGR of 5.5% from 2024 to 2034. The market valuation is forecasted to be US$ 7.3 billion by 2034.
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Tackifiers are majorly used as part of adhesives, enhancing the product’s effectiveness. As the industries that employ adhesives develop, the demand for tackifiers also increases. Several industries, including automobile, pharmaceutical, and publishing, widely employ adhesives in their manufacturing processes, driving sales of tackifiers.
Among all the industries, the rising construction industry is expected to fuel growth in the tackifier market. The use of adhesives, especially hot-melt adhesives, in construction is paving the way for the increasing adoption of tackifiers. The growth of the construction industry in developed and emerging economies is thus beneficial to the market.
While adhesives with tackifiers are standard, non-tackifier adhesives are growing in popularity, too. Tackifiers with resins are being looked down upon by eco-friendly end-users, which is a restraint for the market. The market also has supply chain problems, as the price of raw materials is often unpredictable.
“To combat the negativity associated with resins, tackifier manufacturers are making products that are biobased. Thus, tackifiers made from pine and poly (β-pinene) are growing in popularity. Biobased tackifiers represent a significant opportunity in the market,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Tackifier Market
- The tackifier market is estimated to be US$ 4.3 billion in size in 2024.
- Hydrocarbon resin is the common type of tackifier used in the market. From 2024 to 2034, the CAGR for hydrocarbon resin is projected to be 5.2%.
- Tackifiers of the synthetic variety are still preferred in the market. Over the forecast period, synthetic tackifiers are expected to register a CAGR of 5.0%.
- South Korea is one of the fastest-growing countries in the market, rising at a CAGR of 7.2% through 2034.
- China and Japan are the other Asian countries with potential for market growth. The CAGRs for markets in Japan and China are pegged to be 6.7% and 7.0% respectively.
- The United Kingdom is one of the most lucrative countries in the European market. Over the forecast period, the CAGR for the United Kingdom market is projected to be 6.6%.
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Competition Analysis of the Tackifier Market
The market is dominated by a few major players. The giants in the market have geographical expansion as an aim, especially with the industrial rise in non-traditional areas. Some of the prominent companies in the market are Henkel AG & Co. KGa, Zeon Corporation, Eastman Chemical Company, and Arkema.
Recent Developments in the Tackifier Market
- In May 2021, SI Group announced to enhance its production of tackifiers by 75% and opened its new facility in Lote, India.
- In April 2020, Regalite released the R1125 hydrocarbon resin, which is used for hot-melt adhesives.
- In April 2020, Kraton Corporation launched biobased tackifiers as part of the SYLVALITE line of products by using the REvolution rosin ester technology.
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