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The Asia-Pacific cyanoacrylate adhesives is expected to grow at with a CAGR greater than 7% during the forecast period. One of the major factors driving the market is the growing demand from the electronics and furniture industries. However, volatility in the raw material prices is hindering the growth of the market studied.
– Increasing use of reusable plastic in the consumer goods industry is expected to provide a major growth opportunity for the market studied.
– China accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
– Among the end-user industries, healthcare industry is expected to witness the highest growth rate during the forecast period.
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Key Market Trends
Healthcare Industry to Witness the Highest Growth Rate
– The number of surgeries performed in the Asia-Pacific region witnessed a significant growth in the past few years. Sutures, staples, and metallic grafts are an integral part of the surgery, and also the highest standard possible at present for wound closure.
– However, the pain and discomfort caused by these invasive techniques have led to an urgent need for the development of tissue adhesives for surgical settings.
– The ester form of cyanoacrylate, N-butyl-2-cyanoacrylate, is one of the adhesive components that have been widely used as a tissue adhesive in medical and veterinary applications for surgical wound closure and to close the wounds from cat declawing, etc.
– Cyanoacrylate adhesives even acquired the gold standard status in medical adhesives, which helped these adhesives to retain good market share in the medical adhesives market.
– Technological advancements in improving non-toxicity are driving the demand for cyanoacrylate adhesives market.
– Hence, owing to the above-mentioned reasons, healthcare industry is likely to witness the highest growth rate during the forecast period.
China is Expected to Dominate the Market
– China accounts for the major share of the Asia-Pacific cyanoacrylate market owing to the high demand from end-user industries like transportation, electronics, and footwear & leather.
– China is the largest automotive manufacturer across the globe. The high automotive production results in high demand for cyanoacrylate adhesives in the country. However, the declination of automotive production in the country in the recent years is expected to negatively effect the market studied during the forecast period.
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– The electronics production in the country has witnessed a significant rise in the recent past which is a major driving factor for the market studied.
– Hence, owing to the above-mentioned factors, China is likely to dominate the market studied during the forecast period.
– The COVID-19 has presented a problematic situation for cyanoacrylate adhesives in the country. However, the condition is better now, which concreted the probability of market recovery over the forecast period.
The Asia-Pacific Cyanoacrylate adhesive market is moderately fragmented as the market of the market share is divided among a large number of players. Some of the key players in the market include 3M, Henkel AG & Co. KGaA, H.B. Fuller Company, Arkema Group, and Franklin Adhesives & Polymers, among others.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand from the Electronics and Furniture Industries
4.1.2 Other Drivers
4.3 Industry Value-chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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