The Asia-Pacific Adhesives and Sealants market is expected to expanding significantly at a highest CAGR of 5.57% & 7.82% respectively during the forecast period, 2018 to 2023. China is estimated to lead the region owing to its growing consumer population, rapid economic and industrial growth.
Adhesives and Sealants have become a prime technology component of automotive applications, as they are continuously replacing traditional bonding or adhesion methods. Moreover, the recent advancements in adhesive technologies in the region are aiding automobile manufacturers in the production of lightweight and fuel-efficient vehicle. The focus on minimizing carbon emission and enhancing fuel economy, by reducing the vehicle’s weight, has provided an impetus to adhesives, as a bonding material for the manufacturing of automobiles. Pressure sensitive adhesives (PSAs) are continuously replacing mechanical fasteners. With the increase in consumer population in fast growing economies, like china and India, vehicle production will also increase over the years in addition with all factors listed above, the demand for adhesives and sealants in the automotive industry is also expected to increase.
Stringent environmental regulations regarding VOC emissions and volatility in prices of are some of the restrain for growth of the market.
Besides increasing automotive production in Asia pacific, transportation industry (excluding automotive) is also rising in the region. The adhesive & sealant market is quite extensive, and includes many applications in the transportation industry, such as in aircraft & aerospace, railways, vehicle assembly, marine, interior vehicle trim, exterior vehicle trim, automotive module sealing, and electronic circuit board protection. Owing to increasing population, cross border movement of goods and people, and increased level of employment, the Asia pacific transportation industry is growing across all the countries. This growth is expected to augment the adhesive & sealant market due to its large number of applications.
China, with 52% market share of Asia-Pacific adhesive & Sealants market, is an emerging economy and is the largest in terms of purchasing power parity; the second-largest economy in terms of nominal GDP. Almost all major global adhesives and sealants manufacturing companies have their manufacturing plants in China, as it is the largest manufacturing country in the world. China is also one of the largest exporters of adhesives and sealants to many countries, and the largest consumer as well. The growth in its end-user industry is also expected to provide an increase to its market. China is the largest producer of automotive, and electronic products, such as smartphones, OLED TVs, tablets and so on, have the highest growth in the market in the consumer electronics segment. Since China is a manufacturing hub, the packaging industry is also growing, and hence, different types of packaging are used for various kinds of products. The footwear industry in China is the largest producer of footwear in the world. Therefore the adhesive and sealant market in china will grow as its end user industries are growing with growing consumers and demand.
Major Players: Sika, 3M, Arkema Group, DowDuPont, H.B. Fuller Co., among others.
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