BANGALORE, October 8, 2015 /PRNewswire/ --
Mordor Intelligence has announced the release of their reports series on Asia-Pacific Adhesives and Sealants Market Analysis. The highlight of the updated series is the increased attention given to the South East Asian region. The reports in this series elucidate the situation of the markets in the Asia Pacific in general, along with analysis of the market in each of the countries in this region, including China, India, South Korea, Malaysia, Indonesia, Thailand, and Vietnam among others. The reports comprehensively cover all the market sectors including building and construction, packaging and labelling, woodworking, transportation, footwear and leather, automotive industry and the medical industry.
Asia-Pacific is the fastest growing market for adhesives and sealants, and has been predicted to grow with a CAGR of 5.5% until 2020. The market in Thailand, which is one of the major markets in South East Asia, is predicted to grow at a CAGR of 6%.
Based on the technology, the adhesives and sealants market can be segmented into water based, solvent based, reactive and hot melts among others. Of these types, water based adhesives lead the demand from the Asia-Pacific market, accounting for over 40% of the total demand.
The Asia Pacific region's countries are characterized by rapid industrialization and strong GDP growth. The region has become a global manufacturing hub for many industries like automotive, woodworking, leather working etc. A boom in these industries, which are some of the major end users for the adhesive industry, has in turn given a boost to the adhesives and sealants industry as well. The low manufacturing costs and the close proximity to major demand centres is attracting more and more automobile manufacturers to South East Asia. This has increased the demand for adhesives and sealants in countries like Thailand, which is a major automobile exporter in this region
Get the Full Report here: Asia-Pacific Adhesives and Sealants Market
The construction industry is another major market for adhesives and sealants. China and India are known leaders in the construction market. But, in addition to these two majors, the South East Asian region presents a rapidly growing construction industry. Low interest rates and an employment boom have prompted more and more people to own their own homes. There is also an increase in the number of commercial buildings like casinos, shopping malls and other skyscrapers. This region has three of the world's top ten rapidly growing construction economies. Indonesia, Vietnam, Philippines, Singapore, Thailand and Malaysia are together expected to have a construction output of about $864 billion by 2025. This is going to bring in a huge demand for adhesives and sealants from the South East Asian construction market.
The Adhesives and Sealants market can be segmented by 'Technology', 'Application', 'Geographies' and 'Companies'. The report series provides a deep insight into the Asia-Pacific market in general, in addition to the markets in different countries in this region. The major companies that are involved in the adhesives and sealants market this region include BASF SE, Icon group, 3M Co, Xalapa, Avery Dennison Corp., Dow Chemical Co., Henkel AG & Company KGaA, Pidilite Industries Ltd., Mapei Spa and Beardow & Adams (Adhesives) Ltd among others.
The major factors driving this market are:
- Growing middle-class income
- Growing environmental awareness
- Wide range of applications for adhesives and sealants
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SOURCE Mordor Intelligence LLP