The Europe cyanoacrylate adhesives market is expected to grow with a CAGR greater than 5% during the forecast period. One of the major factors driving the market is the growing demand from the electronics and furniture sector. However, volatility in the prices of raw materials likely to hinder the growth of the market studied.
- Germany accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
- Among the end-user industries, the healthcare industry is expected to witness the highest growth rate during the forecast period.
Key Market Trends
Healthcare Industry to Witness the Highest Growth Rate
- The number of surgeries performed in the European region witnessed significant growth in the past few years. Sutures, staples, and metallic grafts are an integral part of the surgery, and also the highest standard possible at present for wound closure.
- However, the pain and discomfort caused by these invasive techniques have led to an urgent need for the development of tissue adhesives for surgical settings.
- The ester form of cyanoacrylate, N-butyl-2-cyanoacrylate, is one of the adhesive components that have been widely used as a tissue adhesive in medical and veterinary applications for surgical wound closure and to close the wounds from cat declawing, etc.
- Cyanoacrylate adhesives even acquired the gold standard status in medical adhesives, which helped these adhesives to retain good market share in the medical adhesives market.
- Technological advancements in improving non-toxicity are driving the demand for cyanoacrylate adhesives market.
- Hence, owing to the above-mentioned reasons, healthcare industry is likely to witness the highest growth rate during the forecast period.
Germany to Dominate the Market
- Germany accounts for the highest share of cyanoacrylate adhesives market currently owing to the high demand from its end-user industries.
- The market demand for cyanoacrylate adhesives in the country is majorly driven by expanding various industries such as electronics and furniture.
- Furthermore, increasing usage in the medical application, such as dental and surgical adhesives, and rising standard of living is increasing the demand for home furnishings, which in turn, will offer numerous opportunities in the growth of the cyanoacrylate adhesives market, in the country.
- However, the automotive production drop in the country has negatively affected the growth of the market studied in Germany.
- Hence, owing to the above-mentioned factors, Germany is likely to dominate the market during the forecast period.
- The country is in plans to stop further downfall of the economy, due to the COVID-19 impact by announcing availability funds (of over USD 600 billion), to ensure growth and smooth functioning in various sectors in the near future.
The Europe Cyanoacrylate adhesive market is moderately fragmented as the market of the market share is divided among a large number of players. Some of the key players in the market include 3M, Henkel AG & Co. KGaA, H.B. Fuller Company, Arkema Group, and Permabond LLC, among others.
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