The market for cyanoacrylate adhesives is expected to expand at a CAGR of more than 7.01% during the forecast period of 2019 - 2024. One of the major factors driving the market studied is the growing demand for lightweight and low-carbon-emitting vehicles.
- Stringent environmental regulations is expected to hinder the growth of the market studied.
- Increasing usage in medical applications is expected to act as an opportunity over the forecast period.
Key Market Trends
Rising Demand from the Healthcare Sector
- Every year, the number of surgeries performed worldwide continues to grow enormously. Sutures, staples, and metallic grafts are an integral part of 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 and wound closures.
- Cyanoacrylate adhesives even acquired the gold standard status in medical adhesives, which helped these adhesives to retain a good market share in the medical adhesives market.
- Technological advancements in improving non-toxicity are expected to strengthen the growth rate of the cyanoacrylate adhesives market during the forecast period.
Asia-Pacific Region to Dominate the Market
- In 2018, Asia-Pacific accounted for the largest regional market for cyanoacrylate adhesives market.
- The market demand for cyanoacrylate is majorly driven by th expanding automotive industry, rapidly growing plastic industry, dynamic economic development in India and China, and the burgeoning electronics industry.
- 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 for the growth of the cyanoacrylate adhesives market, in Asia Pacific region.
- Such rapid growth in the various sectors is likely to increase the demand for cyanoacrylate adhesives through the forecast period.
The cyanoacrylate adhesive market is fragmented. The major companies include 3M, Master Bond Inc., H.B. Fuller Company, Henkel AG & Co. KGaA, and Arkema Group, among others.
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