The Asia Pacific sealants market is estimated to record a CAGR of 5.51% in terms of volume, and 6.78% in terms of revenue, during the forecast years of 2021 to 2028. The rapid urbanization rates, the increase in automotive production, and the developing manufacturing industry are primarily accredited to the region’s market growth.
The Asia Pacific sealants market growth is evaluated by assessing Thailand, Australia & New Zealand, South Korea, China, India, Japan, Vietnam, Indonesia, and the rest of the Asia Pacific. India has the fifth-largest packaging industry, globally, and continues to grow at a substantial rate. The nation’s packaging industry is mainly fueled by the increasing innovations across industries, in order to make their products more portable and compact. Moreover, with India’s rise in employment rates, the use of ready-to-eat products is also growing. Besides, the need for cosmetic products also observes a rising trend. As a result, although the per-capita consumption of packaging is fairly low, accounting for 8.7 kgs, the swiftly growing e-commerce and the augmenting demand from end-users, such as, food and beverage, pharmaceuticals, and beauty and personal care, essentially drive the market growth.
On the other hand, South Korea’s construction industry is expected to observe a slight decline, over the upcoming years, mainly due to the lack of demand across the housing market and the sluggish economy. For instance, the construction output witnessed a decline of over 5%, year-on-year in 2019, mainly due to the lack of investments and the deteriorating housing market. Hence, the construction sector’s shrinkage is anticipated to limit the demand for furniture. Therefore, these factors are projected to influence the sealants market growth, during the forecast period.
Some of the eminent enterprises operating in the market are, Pidilite Industries Limited, BASF SE, 3M Company, etc.
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