Japan Adhesives Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

Japan Adhesives Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The Japan Adhesives Market is projected to register a CAGR of 5.50%

Key Highlights

• Largest Segment by End User Industry - Automotive : In the Japanese adhesives market, automotive is the dominant end-user industry owing to the wide range of applications for exterior and interior parts and components.
• Fastest-growing Segment by End User Industry - Aerospace : The aerospace industry is likely to witness the fastest growth in the Japanese adhesives market owing to the rapid expansion of general aviation in the domestic market.
• Largest Segment by Technology - Reactive : Reactive is the largest technology type in the Japanese adhesives market owing to its wide range of applications across major end-user industries, including aerospace, automotive, and building and construction.
• Largest Segment by Resin - Polyurethane : Polyurethane adhesives hold the largest share in the Japanese adhesives market owing to their wide-ranging applications in building, construction, woodworking, and automotive industries specifically for exterior applications.

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

• In Japan, adhesives are largely used across the packaging, automotive, building and construction, and healthcare industries. The consumption of adhesives in Japan declined in 2020 due to the impact of the COVID-19 pandemic. Demand fell by 11% in terms of volume in 2020 compared to 2019. The lockdown in the country for nearly six months, which resulted in the shutdown of production facilities and raw material shortage, is the major reason behind the decline in adhesives production and consumption in Japan.
• The Japanese automobile industry is the third-largest globally, with 78 manufacturers in 22 prefectures employing over 5.5 million people. It is a vital pillar of the country's economy. Automotive manufacturing accounts for 89% of Japan's largest industrial sector (the transportation machinery industry), and car components suppliers have become a significant part of the Japanese economy, expanding into other industries such as chemicals and rubber. It is a highly innovative and technologically oriented business, with rising production of electric and hybrid vehicles in local and worldwide markets, as well as a growth in supply and demand on a global scale.
• The prognosis for Japan's construction industries is better than it has been in years. The Japanese government has promised to boost the domestic economy with many public works projects. This commitment was prompted by its preparations for major events such as the 2020 Olympics and the 2025 World Expo in Osaka. The growing core industries across Japan are expected to increase the demand for adhesives over the forecast period.

Competitive Landscape

The Japan Adhesives Market is fragmented, with the top five companies occupying 29.89%. The major players in this market are 3M, Aica Kogyo Co..Ltd., Henkel AG & Co. KGaA, Sika AG and TOYOCHEM CO., LTD. (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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