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

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

The Singapore Adhesives Market is projected to register a CAGR of 5.78%

Key Highlights

• Largest Segment by End User Industry - Packaging : The packaging industry holds the largest share of the market owing to its widespread applications, including labels, tapes, carton sealing, joining, and labeling.
• Fastest-growing Segment by End User Industry - Woodworking and Joinery : With the increasing demand for residential furniture, the woodworking and joinery industry is forecasted to be the fastest-growing segment in the upcoming years.
• Largest Segment by Technology - Hot Melt : In Singapore, hot melt adhesives gain the major market share owing to their easy applicability, non-toxic, and fast curing process across industries.
• Largest Segment by Resin - Polyurethane : Polyurethane adhesives hold the largest share owing to their wide applications in building construction, woodworking, and automotive industries, specifically for exterior applications.

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

• Singapore's strong manufacturing capacities across healthcare, packaging, and electronic industries and adhesives have found a growth opportunity in terms of bonding and assembling applications. The demand for adhesives declined in 2020 due to trade and supply chain restrictions because of the COVID-19 pandemic, which resulted in a decline of above 7.5% in comparison to that of 2019.
• Adhesives are majorly consumed in the packaging industry in the country owing to their importance in bonding plastics, metals, and paper and 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 32 thousand tons of water-borne adhesives were consumed in the packaging industry of the country in 2021. Hot-melt adhesives are the fastest-growing technology in the packaging industry, with a CAGR of 5.58% during the period 2022-2028. Sustainable food packaging may assist ensure the safety of the food consumed while also reducing food waste and thus helping the adhesives demand to increase in the industry. These factors have highly motivated the demand for packaging in the food sector.
• Singapore's adhesives are also largely being consumed across the healthcare industry. Singapore's healthcare system is regarded as one of the greatest in the world, offering some of the most cutting-edge medical treatments. This is due to robust regulatory oversight, a cost-sharing structure that includes both the commercial and public sectors and payments from medical savings accounts.

Competitive Landscape

The Singapore Adhesives Market is fragmented, with the top five companies occupying 22.87%. The major players in this market are 3M, Arkema Group, AVERY DENNISON CORPORATION, Dow and Henkel AG & Co. KGaA (sorted alphabetically).

Additional Benefits:

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

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