South America Cyanoacrylate Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The South America cyanoacrylate adhesives market is expected to grow with a CAGR greater than 4% during the forecast period. One of the major factors driving the market is the growing demand from the electronics and furniture industries in the region. However, volatility in the raw material prices is hindering the growth of the market studied.

• Among the Countries, Brazil is likely to occupy the major market share during the forecast period.
• Among the end-user industries, the healthcare industry is likely to witness the highest growth rate during the forecast period.

Key Market Trends

Healthcare Industry to Witness the Highest Growth Rate

• The number of surgeries performed in the South American region witnessed significant growth in the past few years. Sutures, staples, and metallic grafts are an integral part of the surgery, and also the highest standard possible at present for wound closure.
• However, the pain and discomfort caused by these invasive techniques have led to an urgent need for the development of tissue adhesives for surgical settings.
• The ester form of cyanoacrylate, N-butyl-2-cyanoacrylate, is one of the adhesive components that have been widely used as a tissue adhesive in medical and veterinary applications for surgical wound closure and to close the wounds from cat declawing, etc.
• Cyanoacrylate adhesives even acquired the gold standard status in medical adhesives, which helped these adhesives to retain good market share in the medical adhesives market.
• Technological advancements in improving non-toxicity are driving the demand for cyanoacrylate adhesives market.
• Hence, owing to the above-mentioned reasons, healthcare industry is likely to witness the highest growth rate during the forecast period.

Brazil to Dominate the Market

• Brazil accounts for the highest market share of the South America Cyanoacrylate market currently owing to the high demand from its end-user industries. The country’s economy has witnessed a GDP growth of less than 1% in 2019, and no further growth in the economy is expected to be witnessed in 2020, owing to the declining economic growth due to COVID-19 impact.
• The market demand for cyanoacrylate adhesives in the country is majorly driven by expanding various industries such as electronics and furniture in the country.
• Furthermore, increasing usage in the medical application, such as dental and surgical adhesives, and rising standard of living is increasing the demand for home furnishings, which in turn, will offer numerous opportunities in the growth of the cyanoacrylate adhesives market, in the country.
• Hence, owing to the above-mentioned factors, Brazil is likely to dominate the market during the forecast period.

Competitive Landscape

The South America Cyanoacrylate Adhesives market is moderately fragmented as the market of the market share is divided among a large number of players. Some of the key players in the market include 3M, Henkel AG & Co. KGaA, H.B. Fuller Company, Arkema Group, and Sika AG, among others.

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