Asia-Pacific Sealants Market 2021-2028

MARKET OUTLOOK

This research report on the Asia-Pacific sealants market estimates the market to develop in revenue and volume at a CAGR of 6.15% and 4.81%, respectively, during 2021-2028. India, South Korea, China, Australia & New Zealand, Japan, ASEAN countries, and Rest of APAC form the overall market in this region.
India is considered to have the fifth-largest packaging industry globally, and it is estimated to grow further in the near future. The industry’s growth is mainly due to the rising innovations in industries to transform products to become more compact and portable. Moreover, rising employment across the nation has led to an increase in the adoption of ready-to-eat products. Additionally, there is a growing demand for cosmetic products, along with rising e-commerce platforms. Hence, the rapid growth in the e-commerce sector and demand from multiple end-user industries, such as food & beverage and cosmetics, are stimulating the demand for sealants in the packaging sector, thereby propelling the sealants market’s progress in India.

Likewise, in South Korea, the packaging industry has been observing significant growth in the recent past due to the rising product packaging innovations that make them more convenient for consumers. For instance, microwavable packaging is expected to impact the overall packaging sector in the near future positively. Further, the consumption of South Korean staple food and rice has reduced significantly, and the consumption of meat and dairy products has surged. Also, the younger population is showing an inclination towards western-style foods and brands. These factors are largely contributing to the growth of the packaging industry. Thus, the packaging industry's growing trends are likely to increase the demand for sealants, boosting the South Korean sealants market.

COMPETITIVE OUTLOOK

Some of the companies in the sealants market are ITW Performance Polymers, Pidilite Industries Limited, HB Fuller Company, Henkel Ag & Co KGaA, Momentive Performance Materials Inc (MPM), Dow Chemical Company, and Arkema SA.