Increasing construction spending coupled with growth of footwear industry expected to drive South East Asia PU adhesives market.
San Francisco, California (PRWEB) January 28, 2015
The South East Asia PU adhesives market is expected to reach USD 262.5 million by 2020, according to a new study by Grand View Research, Inc. South East Asia has become a major automobile manufacturing hub due to close proximity to demand centers and low manufacturing cost. This will drive the regional PU adhesives demand. The increase in construction spending due to growing urbanization rates across major countries has also contributed to the market growth. Government support to increase inflow of FDI in Indonesia and Vietnam will have a positive influence on the overall market. Volatile raw material prices may emerge as a major challenge over the next six years.
Browse full research report on South East Asia Polyurethane (PU) Adhesives Market at http://www.grandviewresearch.com/industry-analysis/south-east-asia-polyurethane-pu-adhesives-market
Footwear emerged as the leading application segment and accounted for 25.5% of total market volume in 2013. Emergence of Vietnam as a major footwear manufacturing hub is expected to remain a key driving factor for this segment. Vietnam is the second largest footwear manufacturing nation in the world. Automotive is expected to witness the highest growth rate over the forecast period. The segment is expected to grow at an estimated CAGR of 7.0% from 2014 to 2020. Positive outlook on Thailand’s automotive industry is expected to remain a key driving factor for this segment.
Further key findings from the study suggest:
- South East Asia PU adhesives demand was 46.6 kilotons in 2013 and is expected to reach 70.7 kilotons by 2020, growing at an estimated CAGR of 6.2% from 2014 to 2020.
- Indonesia emerged as the leading regional market and accounted for 33.1% of total market volume in 2013. Increasing construction spending coupled with the growth of the automotive industry is expected to remain a key driving factor for Indonesian market.
- Shift of footwear industry from China to Vietnam on account of low manufacturing cost in the nation is anticipated to have a direct and positive impact on the regional market growth. PU adhesives demand in Thailand is expected to reach 17.4 kilotons by 2020. Thailand’s automotive industry has been growing at a tremendous pace is pronounced to be “Detroit of the East” on account of its growing popularity as a major automobile hub.
- South East Asia PU adhesives market is moderately concentrated with top four companies, Henkel, 3M, HB Fuller, Avery Dennison, dominating the regional market. Other PU adhesives manufacturers include Ashland Inc., Beardow & Adams (Adhesives) Ltd., BASF AG, Bostik SA, Eastman Chemical Company, The Dow Chemical Company, Ellsworth Adhesives, ND Industries, Momentive Performance Materials Inc., Uniseal Inc. and Sika AG.
More insights about South East Asia Polyurethane (PU) Adhesives Market at http://www.grandviewresearch.com/industry-analysis/south-east-asia-polyurethane-pu-adhesives-market
For the purpose of this study, Grand View Research has segmented the South East Asia Polyurethane (PU) adhesives market on the basis of application and region:
South East Asia Polyurethane (PU) Adhesives Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
South East Asia Polyurethane (PU) Adhesives Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
- Rest of South East Asia
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: 1-888-202-9519
Web: Grand View Research