South Korea Adhesive & Sealant Market Research Report, 2027

South Korea Adhesive & Sealant Market Research Report, 2027

Actual Market Research 27-07-2022 75 Pages Figures : 7 Tables : 31 Region : Asia-Pacific Country : Korea South Category : Chemical & Material Materials

The Asia-Pacific region's developing country like South Korea, will drive future market growth in the adhesives and sealants market. This is due to the development of environmentally friendly adhesives and sealants that are based on water, vegetable oils, soy, and organic starch. Polyurethane adhesives based on microbial and fermentation technology are becoming more popular, while vegetable oils as an alternative to petroleum-based substances are already being used in polyamides. Other trends include better recycling and safe waste disposal; greater demand for high-performance adhesives for the healthcare industry; and growing demand from the renewable energy sector for adhesives in the manufacturing of solar panels. Further demand growth may come from the miniaturisation trend in electronics, particularly in system-on-chip, anti-vibration shock mounting of circuit boards and the improvement of the conductivity properties of conductive adhesives. According to the report titled "South Korea Adhesive & Sealant Market Outlook, 2027", published by Actual Market Research (AMR), the South Korea Adhesive & Sealant market is expected to grow at a CAGR of 4.74% during the forecast period. Due to their high application rate, water-based adhesives and solvent-based adhesives together constitute over 60% of the market share. Due to their wide scale application, silicone sealants and polyvinyl acetate sealants together constitute over 55% of the market share. However, strict VOC policies by the government and the increased use of recyclable products that are not harmful to the environment are expected to hamper market growth. South Korean automotive adhesives market growth is driven by a rise in the production of light commercial vehicles and passenger cars as well as increasing demand for lightweight materials. The companies select fast-curing adhesives for quick adhesion in automotive assembling parts. It has better mechanical properties, and an increase in automotive production is expected to drive adhesive consumption. Passenger cars are expected to remain the largest segment due to the growth of passenger car production. To meet ever-increasing consumer expectations, the transportation industry relies on light weight, low costs, and high stability. In order to achieve light vehicle weight and decrease vehicle production time, manufacturers opt for adhesives and sealants to avoid welding, punching, folding, or using mechanical fasteners. This enables a sleek look and reduces vibrations and noise in vehicles. Using automotive adhesives and sealants allows them to use new materials that offer cost savings and performance improvements. But most importantly, adhesive bonds are many times more resistant to fatigue, contaminants, and corrosion than conventional fasteners, throughout the life of the products they fasten. Healthcare is one of the industries that are expected to propel future market growth. It is used in different applications for medical device assembly, from surgical closures to critical consumables in healthcare. The growth drivers are the ageing population, the rise in the number of surgical procedures, awareness among consumers of the growing importance of diagnostics, coupled with an increase in the production of medical equipment with new technologies. The regenerative medicines market, with the spur of technology and research and development, is further expected to augment the market. The growing number of minimally invasive surgical procedures is further expected to drive the market demand. The need for surgical adhesives and sealants, including fibrin sealants, cyanoacrylates, gelatine and thrombin products, polyethylene glycol polymers, and albumin and glutaraldehyde products, remains high in demand. COVID-19's Impact on the Adhesive and Sealant Market: The pandemic hit the demand and supply chains severely affecting the adhesives and sealants market in the region. The sourcing of raw materials was difficult due to halted production activities and transport inconvenience. Several industries were shut down due to lack of workforce & materials. However, the construction of temporary hospitals and quarantine centres increased with this outbreak of coronavirus. Certain adhesive products witnessed strong demand due to their applications in the paper and packaging industry, as well as the healthcare industry. However, the dependence of adhesives and sealants on the healthcare and packaging sectors is expected to lead the adhesives and sealants market to recover quickly post the pandemic. Considered in this report • Geography: South Korea • Historic Year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • South Korea Adhesive & Sealant market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type in the report: • Adhesive • Sealant By Formulating Technology in the report: • Water-based • Solvent-based • Hot-melt • Reactive & Others By Resin Type in the report: • Silicone • Polyurethane • Acrylic • Polyvinyl Acetate • Other Sealant Product By Application Type in the report: • Paper, Board, and Packaging • Buildings and Construction • Automotive & Transportation • Woodworking and Joinery • Footwear and Leather • Healthcare • Electrical and Electronics • Consumer & DIY • Other End-user Industries The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry manufactures, consultants, Key vendors related to Adhesive & Sealant industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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