Asia Pacific (India, China, Japan) Adhesives And Sealants Market Analysis By Technology (Water-Based, Solvent-Based, Hot Melt, Reactive), By Product (Acrylic, PVA, Polyurethane), By Application (Pressure Sensitive Applications, Construction, Automotive) And Segment Forecasts To 2020

Published: May 2014 | ISBN Code: 978-1-68038-121-4 | Report Format: PDF

Industry Insights

Asia Pacific is the largest consumer for adhesives and sealants in the global market. The region accounted for 42.6% of total adhesives consumed globally in 2013. The growth of adhesives in this region is primarily driven by rapid industrialization, strong GDP growth, and rise in manufacturing and industrial output. India, China, and Japan are expected to be substantial contributors to the growth of this market during 2014 to 2020. Besides being the biggest market, Asia Pacific is also expected to be the fastest growing market for adhesives over the forecast period. Growing construction activities, mainly in the rapidly emerging economies of China and India, have been driving the demand for adhesives in the past and this trend is expected to continue over the forecast period. Technological development in regions such as Korea and Japan has boosted the growth of adhesives to address the industry’s customization needs, consequently improving the demand for adhesives in the region. In addition, the region offers high product penetration in new applications, and this aspect is further supported by technological developments. The indispensable application of sealants in construction is expected to drive demand for sealants alongside growth in economies such as China and India. China and India are two of the fastest growing economies, with their GDP growth rate being higher than the global average. Indonesia and Malaysia too have been experiencing high demand for sealants owing to the growing construction and automotive industries in the region.

Technology Insights

Water-based adhesives emerged as the leading technology used in Asia Pacific and accounted for 46.4% of total market volume in 2013. Along with being the largest technology segment, water-based adhesive is also expected to be the fastest growing technology in Asia Pacific at an estimated CAGR of 6.8% from 2014 to 2020. Major applications of water-based technology include: labeling, mounting, carton sealing, and picture framing among others. Increasing environmental awareness and stringent regulations in many countries are expected to drive the market for water-based adhesives technology.

Product Insights

Acrylic adhesives emerged as the leading product segment in the regional market and accounted for over 35% of total regional volume in 2013. Acrylic adhesives were followed by PVA and polyurethane adhesives which together accounted for over 38% of total market volume in 2013. On the other hand, silicone sealants dominated the regional sealants consumption and accounted for 31.1% of total market volume in 2013. Silicone sealants are also expected to be the fastest growing product segment in the region at an estimated CAGR of 5.8% from 2014 to 2020.

Application Insights

Pressure sensitive applications emerged as the leading application segment in the region for adhesives and accounted for 30.1% of total market volume in 2013. However, furniture is expected to be the fastest growing application market for adhesives in the region at an estimated CAGR of 7.2% from 2014 to 2020. The regional demand for adhesives from footwear industry is expected to reach 409 kilo tons by 2020. Construction on the other hand, dominated the regional sealants demand and accounted for over 25% of total market volume in 2013. However, growth of automotive industry in the region is expected to boost the demand for sealants over the forecast period. Regional sealants demand from automotive industry is expected to grow at an estimated CAGR of 6% from 2014 to 2020.  

Regional Insights

China emerged as the leading market for both adhesives and sealants. China accounted for just over 50% of total regional volume of adhesives consumed in 2013. However, India is expected to be the fastest growing market for adhesives at an estimated CAGR of 6.5% from 2014 to 2020. Japan is a fairly mature market for both adhesives and sealants and is expected to grow at a relatively sluggish rate over the next six years.    

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