Key Development Strategies Adopted by the Leading Players for the Growth of the Rubber Repair Adhesives Market
Rubber repair adhesives are used in conveyor belts, tanks & vessels, pipes & fittings, and other applications in end-use industries, such as cement & aggregate, mining & quarrying, and steel. The primary purpose of these adhesives is to offer effective repairing solutions. For instance, conveyor belts are used to transport heavy volumes of materials, such as stone, coal, sand, and ore. Thus, with the passage of time, conveyors belts become more susceptible to wear & tear. This creates a need for the repair of damaged conveyor belts. The global market size of rubber repair adhesives was USD 291 million in 2020 and is projected to reach 354 million by 2025, registering a growth of 4.0%.
The rubber repair adhesives market is segmented on the basis of region into Europe, North America, APAC, MEA, and South America. APAC accounted for the largest share in the rubber repair adhesives market. The growth of the market in the region is mainly driven by the demand from the fast-growing end-use industries. The growth of the market is also attributed to the presence of established manufacturers and technological advancement related to the development of rubber repair adhesives products. China is the leading market in the region. China accounts for almost 50% steel and cement production of in the global market. This leads to high demand for rubber conveyor belts and their repair adhesives in China.
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Over the past years, companies have strengthened their position in the global rubber repair adhesives market by adopting several business strategies. From 2014 to 2019, expansions, product launch, and acquisition were the key strategies adopted by the market players to maintain growth in the global rubber repair adhesives market. For instance, in June 2019, H.B. Fuller Company expanded its facility in South America region. The newly expanded facility has facilities of laboratory, new product development and application testing. The expansion has helped H.B. Fuller Company to strengthen its business in South America region.
The major manufacturers profiled in this report include LORD Corporation (US), Fourthane (Chile), , 3M (US), Henkel AG & Co. KGaA (Germany), Sika AG (Switzerland), H.B. Fuller Company (US), Belzona International Ltd. (England), Rema Tip Top AG (Germany), ITW Performance Polymers (US), Eli-Chem Resins UK Limited (UK) and others.
These companies have adopted various organic and inorganic growth strategies. For instance, in May 2018, Lord Corporation introduced a new addition of Chemlok Cold Bonding (CB) adhesive for vulcanized chloroprene, chlorobutyl, and neoprene rubbers that are used at room temperature. This rubber bonding adhesive is compliant with REACH regulations. This would build ELG Carbon Fibre’s position as a leading player in the rubber repair adhesives market.
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