Report : Asia Pacific Industrial Wood Adhesives Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Resin Type (Natural and Synthetic), and Technology (Solvent-Based, Water-Based, Solventless, and Others)
Synthetic Segment to Dominate Asia Pacific Industrial Wood Adhesives Market during 2020-2027
According to a new market research study on “Asia Pacific Industrial Wood Adhesives Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast – by Resin Type, Technology, and Country,” is expected to reach US$ 3,076.58 million by 2027 from US$ 2,108.04 million in 2020. The market is estimated to grow at a CAGR of 5.5% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific industrial wood adhesives market along with the drivers and restraints pertaining to the market growth. An upsurge in the construction and infrastructural activities and benefits offered by wood adhesives are the major factors driving the growth of the Asia Pacific industrial wood adhesives market. However, the volatility in the prices of petroleum or crude oil may hinder the growth of Asia Pacific industrial wood adhesives market.
In case of COVID-19, in Asia Pacific, especially India, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of industrial wood adhesives manufacturing activities. Downfall of other chemical and materials manufacturing sectors has subsequently impacted the demand for industrial wood adhesives during the early months of 2020. Moreover, decline in the overall construction and building materials manufacturing activities has led to discontinuation of industrial wood adhesives manufacturing projects, thereby reducing the demand for industrial wood adhesives. Similar trend was witnessed in other Asia Pacific countries, i.e., Japan, China and Australia. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
The market for Asia Pacific industrial wood adhesives is segmented into resin type, technology and country. Based on resin type, the market is segmented into natural and synthetic. In 2019, the synthetic segment held the largest share in Asia Pacific industrial wood adhesives market. Based on technology, the Asia Pacific industrial wood adhesives is bifurcated into solvent-based, water-based, solventless, and others. The water-based segment is expected to be the fastest growing segment over the forecast period. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific industrial wood adhesives market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacifica countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for industrial wood adhesives.
H.B. Fuller Company; Henkel AG & Company KGaA; Ashland; Arkema Group; Sika AG; Pidilite Industries Ltd.; Jubilant Industries Ltd.; Dow Inc.; 3M and Akzo Nobel N.V. are some of the leading companies in the Asia Pacific industrial wood adhesives market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The report segments the Asia Pacific Industrial Wood Adhesives Market as follows:Asia Pacific Industrial Wood Adhesives Market – By Resin Type
- South Korea
- Rest of Asia Pacific
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