NEW YORK, Fev. 5, 2018 /PRNewswire/ — Read the full report: https://www.reportlinker.com/p05308243
The contact adhesives market is projected to grow from USD 3.87 billion in 2017 to USD 4.97 billion by 2022, at a CAGR of 5.15% between 2017 and 2022. The growing demand for superior adhesives in various applications from end-use industries, such as woodworking, automotive, and construction, is expected to fuel the growth of the contact adhesives market, while stringent regulations by regulatory bodies are expected to restrain the manufacturing of solvent-based contact adhesives globally.
For example, health organizations are regulating the use of chemical-based products in applications where human exposure to such chemicals can lead to serious health hazards
Automotive is projected to be the fastest-growing application segment of the market during the forecast period
The automotive segment is expected to be the fastest-growing application segment of the contact adhesives market during the forecast period. Owing to the growing domestic demand, increasing income levels, and easy access to resources, APAC has emerged as the leading consumer as well as producer of automobiles. The demand for contact adhesives from the automotive industry in the Southeast Asian countries, such as the Philippines, Thailand, Singapore, Malaysia, and Vietnam, is increasing. The rising demand for contact adhesives for critical applications in the emerging countries such as India and China is also expected to drive the market.
Rising demand from Asia Pacific is a key factor expected to drive the growth of the contact adhesives market
The Asia Pacific region is the largest market for contact adhesives and is expected to witness the highest growth during the forecast period. High economic growth, growth in manufacturing industries, availability of cheap labor, growing end-use markets, and global shift of production facilities from developed markets to emerging markets are some of the key factors driving the contact adhesives market in Asia Pacific.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The break-up of the primary interviews is given below:
• By Company Type: Tier 1 – 27%, Tier 2 – 46%, and Others – 27%
• By Designation: C-level – 36%, Director-level – 28%, and Others – 36%
• By Region: North America – 18%, Europe – 27%, Asia Pacific – 46%, RoW – 9%
Note: Others include sales managers, marketing managers, and product managers.
RoW includes Middle East, Africa and South America
The tiers of companies are defined based on their