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

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

The South Korea Adhesives Market is projected to register a CAGR of 6.16%

Key Highlights

• Largest Segment by End User Industry - Packaging : The packaging industry holds the largest market share owing to its widespread applications, including labels, tapes, carton sealing, joining, and labeling.
• Fastest-growing Segment by End User Industry - Healthcare : Due to the increasing healthcare expenditure and rising investment in tissue engineering and medical device production, the healthcare industry is projected to be the fastest-growing end-user industry in the country.
• Largest Segment by Technology - Hot Melt : In South Korea, 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.

• Adhesives are classified in South Korea according to their application. Since packaging and automotive are the fastest expanding industries in South Korea, they serve the most customers in the nation, accounting for approximately 42% of total adhesive consumers.
• The nation has created several initiatives to encourage the packaging sector. South Korea has a well-developed policy framework that promotes an integrated approach to waste and material management, based on the pay-as-you-throw, 3Rs, and EPR principles, with the goal of advancing toward resource circulation and a circular economy. However, the government must speed up its efforts to keep up with the country's continuously expanding municipal and marine plastic garbage. South Korea is one of the world's largest manufacturers and users of single-use plastic packaging. The government has also pledged to cut plastic waste by 30% in 2022 and 50% by 2030, as well as to achieve a recycling rate of 70% by 2030, up from 34% presently.
• South Korea's automobile industry is presently the world's fifth-largest producer of passenger automobiles. The car industry accounts for 13% of manufacturing production, creates 12% of value added, and is a vital industrial sector that employs around 12% of South Koreans. The sales of eco-friendly cars such as electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell electric vehicles (FCEVs) may increase the fastest in South Korean markets in the near future. The government's decision to spend USD 125.9 million on R&D has increased the confidence of South Korean manufacturers and purchasers in alternative powertrains. All such factors lead to the demand for adhesives.

Competitive Landscape

The South Korea Adhesives Market is fragmented, with the top five companies occupying 24.74%. The major players in this market are 3M, BURIM CHEMICAL CO., LTD, Henkel AG & Co. KGaA, OKONG Corp. and Unitech Co., Ltd (sorted alphabetically).

Additional Benefits:

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

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