Asia Pacific's adhesive and sealant demand to grow 3.6% per year through 2013 to 9.9 billion pounds of wet formulated product, says ASC report
July 15, 2011
– Asia Pacific's adhesive and sealant demand is forecast to grow 3.6% per year through 2013 to total 9.9 billion pounds of wet formulated product, Packaging Digest reported July 13, citing a report from the Adhesive and Sealant Council.
The market currently stands at 8.9 billion pounds of wet formulated product at an approximate market value of US$12.5 billion, according to the Bethesda, Maryland-based trade association.
ASC attributed the forecast to the Asia-Pacific region's growing middle class and a growing market for adhesives and sealants in applications such as packaging, construction and transportation.
Association president Matt Croson said that despite current economic conditions such as the global economic slowdown, rising raw material prices and the aftermath of Japan's earthquake and tsunami, the region's market will gain from strong consumer demand and a growing population.
The adhesives market is estimated at $10.9 billion in 2010, with 8.1 billion lbs. of wet formulated product shipped, and has an annual growth rate of 3.7%, while the sealants industry is valued at $1.5 billion, holds 825 million pounds of product, and has an annual projected growth rate of 2.7%, reported Packaging Digest.
In terms of market share, ASC data showed China holding the lion's share of the market at 50%, with Japan accounting for 24% and India with 5%
The primary source of this article is Packaging Digest, Oak Brook, Illinois, on July 13, 2011.