(MENAFN- America News Hour) The market for cyanoacrylate adhesive is expected to expand at a CAGR of more than 7% during the forecast period. Major factors driving the market studied are growing demand from electronics and furniture industries.
– However, stringent environmental regulations is hindeirng the growth of the market studied.
– Though transportation industry dominated the market, healthcare is projected to witness the highest CAGR over the forecast period.
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Key Market Trends
Healthcare Industry to Witness the Highest Growth Rate
– Every year, the number of surgeries performed worldwide is growing enormously. 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.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific accounted for the major share of global cyanoacrylate adhesives market owing to high demand from countries like China, India, and Japan.
– The market demand for cyanoacrylate is majorly driven by expanding various industries such as plastic industry, dynamic economic development in India and China, and the burgeoning electronics industry.
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– Furthermore, increasing usage in the medical application, such as dental and surgical adhesives, and rising standard of living is increasing the demand for home furnishings, which in turn, will offer numerous opportunities in the growth of the cyanoacrylate adhesives market, in Asia Pacific region.
– The healthcare sector of China and India has witnessed significant growth in the past few years which is driving the market studied.
– Hence, owing to the above-mentioned factors, Asia-Pacific region is likely to dominate the market during the forecast period.
Competitive Landscape
The cyanoacrylate adhesive market is fragmented as the market share is divided among many companies. Some of the major players of the market include 3M, Master Bond Inc., H.B. Fuller Company, Henkel AG & Co. KGaA, and Arkema Group, among others.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand from the Electronics and Furniture Industries
4.1.2 Other Drivers
4.2 Restraints
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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