Asia-Pacific Contact Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Asia-Pacific contact adhesives market is expected to grow at a CAGR of more than 4% during the forecast period. The demand for contact adhesives is widely driven by the strong growth in construction industry and rising demand from woodworking industry. However, stringent regulations related to VOC emissions is likely to hinder the growth of the studied market.

• The neoprene-based segment dominated the market. It is likely to grow during the forecast period, owing to the rising demand from the footwear and construction industry.
• The shifting focus toward water-borne adhesives is likely to offer opportunities for the contact adhesives market in the region.
• China stands to be the largest market for contact adhesives in the region, with consumption being majorly driven by the growing demand from end-user industries, such as construction, woodworking, packaging and footwear.

Key Market Trends

Building and Construction Industry to Drive the Market Demand

• Contact adhesives’ properties such as good cohesion, adhesion and elasticity, high cohesive strength, flexibility, high elastic modulus of substrate, resistance from thermal expansion, environmental resistance from UV light, corrosion, salt water, rain, and other weathering conditions, makes it extensively useful for application in construction industry.
• They are mainly used in wooden flooring and artificial turf, owing to their property of strain crystallization.
• In Asia-Pacific, countries, such as China, India, Indonesia, Vietnam and Thailand have been registering robust growth in construction activities and this trend is likely to continue in the near future. This is likely to propel the consumption of contact adhesives in the region.
• In Asia-Pacific, the consumption of contact adhesives from construction industry is projected to be dominated by China, which has been investing significantly on airport and other infrastructure projects.

China to Dominate the Market

• China dominates the contact adhesives market in the region, where the consumption is majorly driven by the demand from industries, such as construction, woodworking, packaging, leather and footwear and automotive.
• The country stands to be the world’s largest producer of automotive, footwear and packaging. Owing to this, the country accounts for significant consumption of contact adhesives.
• The construction sector has been recording a healthy growth in the country, owing to significant increase in government investment on large-scale infrastructure projects in order to ensure steady growth of the economy.
• Moreover, owing to the growing air traffic, the government has planned to increase the number of airports to around 450 by 2035, which indicates about 91% increase over the current number of airports in the country. In this regards, there are numerous airport construction projects, which are either in development or planning stage in the country.
• Hence, presence of the strong production base of such end-user industries and growing construction investments have been driving the consumption of contact adhesives in the country.

Competitive Landscape

Asia-Pacific contact adhesives market is fragmented in nature. Some of the key players in the market includes 3M, Arkema Group, H.B. Fuller, Sika AG, and Henkel AG & Co. KGaA, amongst others.

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