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

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

The Mexico Adhesives Market is projected to register a CAGR of 6.68%

Key Highlights

• Largest Segment by End User Industry - Packaging : In Mexico, packaging is the dominant end-user industry due to the wide range of adhesive applications, including labels, tapes, carton sealing and joining, and laminating.
• Fastest-growing Segment by End User Industry - Automotive : The automotive industry is expected to be the fastest-growing end-user segment in the market due to the rising demand for lightweight and high-impact resistant components to substitute traditional metal joints and fasteners.
• Largest Segment by Technology - Water-borne : Waterborne technology is an eco-friendly and economically viable solution that has obtained a significant market share due to its well-recognized usage in food packaging applications through emulsion and dispersion systems.
• Largest Segment by Resin - Polyurethane : Polyurethane is the largest resin-based adhesive owing to its wide applications in packaging, building construction, and automotive industries, both for exterior and interior applications.

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

• Adhesives are majorly consumed in the packaging industry in the country owing to their importance in bonding plastics, metals, and paper & cardboard packaging applications. Waterborne adhesives are highly consumed in the industry because of their cheaper cost and high bonding strength which is required in these applications. It is seen that nearly 77 thousand tons of water-borne adhesives are consumed in the packaging industry of the country during 2021.
• Adhesives are majorly used in the construction industry in Mexico due to their diverse applications, such as assembling prefabricated blocks, roofing, plumbing, and flooring. The Mexican construction industry is likely to grow by 3.1% by 2025, owing to favourable government policies, such as the National Development Plan, propelling the construction adhesives demand in the coming years.
• The Mexican healthcare industry has achieved significant growth in recent times. Healthcare expenditure as a share of GDP reached 6.2% in 2020 from 5.4% in 2019. Adhesives have widespread applications in healthcare, such as assembling and bonding medical device parts.
• The automotive industry exhibits a decent share in the adhesives market because of their applicability to various substrates such as glass, metal, plastic, and painted surfaces. During the COVID-19 pandemic in 2020, automotive production decreased by 28% due to a shortage of raw materials and disruption of the supply chain, leading to a decrease in overall adhesive consumption. A range of applications of a variety of adhesives in the locomotive, marine, and DIY industries may boost the demand for required adhesives over the forecast period.

Competitive Landscape

The Mexico Adhesives Market is fragmented, with the top five companies occupying 23.48%. The major players in this market are 3M, Arkema Group, H.B. Fuller Company, Henkel AG & Co. KGaA and Sika AG (sorted alphabetically).

Additional Benefits:

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

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