Asia-Pacific Cyanoacrylate Adhesives Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

Asia-Pacific Cyanoacrylate Adhesives Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The Asia-Pacific Cyanoacrylate Adhesives Market is projected to register a CAGR of 6.07%

Key Highlights

• Largest Segment by End User Industry - Automotive : Automotive is the dominant end-user industry in the market owing to the wide range of cyanoacrylate adhesive applications for exterior and interior parts and components.
• Largest Segment by Technology - Reactive : Reactive is the largest technology type in the market owing to its wide range of applications across major end-user industries, including automotive, healthcare, and woodworking and joinery.
• Largest Segment by Country - China : In Asia-Pacific, China had the highest market share owing to the strong presence of manufacturers in the country's healthcare, automotive, and woodworking industries.
• Fastest-growing Segment by Country - Indonesia : Due to the increasing population and rapid urbanization along with rising demand for electric vehicles, Indonesia is forecasted to be the fastest-growing country in the market.

Key Market TrendsAutomotive is the largest segment by End User Industry.

• Asia-Pacific's cyanoacrylate adhesives market is likely to dominate by other end-user industries owing to rapidly increasing demand from DIY and electronics applications throughout the projected timeframe. Cyanoacrylates have unique characteristics to create an exceptional bond in a shorter time period with different substrates such as wood, metal, plastics, ceramics, and elastomers, which make them suitable to be used by professionals in the DIY sector.
• Cyanoacrylate adhesive consumption has recently increased for automotive due to rising applications of critical assembly operations across the industry. Cyanoacrylates offer a permanent bond that can be stable under a wide range of heat and temperature. Moreover, automotive manufacturers are engaging themselves in producing lightweight parts and components to reduce the overall vehicle's weight without sacrificing safety. Thus, cyanoacrylate adhesives consumption in the automotive industry will showcase significant growth in the upcoming years.
• The aerospace industry is likely to witness a fastest-growing sector in terms of cyanoacrylate consumption owing to its non-flammable, fast-curing ability, and hassle-free applications in mechanical and structural operations. In addition, cyanoacrylates are rapidly adopted as a tissue adhesive for a variety of medical and surgical applications to replace traditional suturing processes. Furthermore, oral applications of cyanoacrylates have exhibited continuous improvements over the last few years. These factors collectively impetus the growth of cyanoacrylate adhesives across the Asia-Pacific region in the upcoming years.

China is the largest segment by Country.

• Asia-Pacific is the world's largest regional consumer of cyanoacrylate adhesives, accounting for 42.9% of total cyanoacrylate adhesive consumption in 2021. Cyanoacrylate adhesives are instant adhesives consumed in the region's automotive, healthcare, DIY, and other industries.
• China is the largest consumer of cyanoacrylate adhesives in the region and the world. These adhesives are majorly used in the country's automotive and healthcare industries. The Chinese automotive industry consumes about 23,036 ton of cyanoacrylate adhesives. Automotive production is expected to reach 34.2 million units by 2025 from 26.2 million units in 2021. Such growing demand from the automotive industry is expected to drive the demand for cyanoacrylate adhesives in the country.
• Aerospace is the fastest-growing end-user industry of cyanoacrylate adhesives in the region and is expected to record a CAGR of 6.26% in volume terms during the forecast period 2022-2028. China is implementing the 'Made in 2025' plan, which requires aircraft manufacturers to source and manufacture 100% of aircraft in China, which is restricting the entry of foreign players. On the other hand, the local aerospace adhesives and sealants manufacturers are expected to benefit from this government scheme. Similar policies being implemented by other countries in the region are expected to boost the aerospace industry in the region.
• Indonesia is the fastest-growing country in the region and globally for the market and is expected to record a CAGR of 7% during the forecast period 2022-2028 owing to its growing healthcare industry. The medical device market is expected to reach USD 2.83 billion by 2027 in Indonesia. These factors are expected to boost the demand for cyanoacrylate adhesives in the Asia-Pacific region over the forecast period.

Competitive Landscape

The Asia-Pacific Cyanoacrylate Adhesives Market is fragmented, with the top five companies occupying 37.20%. The major players in this market are 3M, Aica Kogyo Co..Ltd., H.B. Fuller Company, Henkel AG & Co. KGaA and Pidilite Industries Ltd. (sorted alphabetically).

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• The market estimate (ME) sheet in Excel format
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