South Korea adhesives industry has showcased an overwhelming performance by inclining at a CAGR growth of 12.6% during the period 2009-2014. This growth was mainly emanated through significant surge in demand from domestic as well as overseas markets. The products manufactured in the South Korea adhesive industry have comprehensive applications in woodworking, construction, packaging, transportation, textile, machinery, paper and bookbinding and footwear industries. The plywood industry has contributed the highest proportion of revenue generated by the industry owing to the surging furniture industry in the country. The adhesives market has been transformed in the recent years, owing to its superiority over different chemicals, which imparts high heat resistance to the end product and reduces the weight of the end products heavily.
South Korea adhesives market has inclined at a CAGR of 12.3% during 2009-2014. The strengthening of the revenues growth has been observed on account of rising demand from different sectors such as packaging, plywood, automotive and others, which positively affected demand from domestic and overseas markets. This sharp upsurge in revenues have been showcased due to incline in profitability, with the sharp impact of high demand from different segments of the economy due to strong economic growth. The growth of adhesives Industry in South Korea has provided impetus to the growing presence for international and regional players which are foraying into the Industry. The modes of distribution used in the adhesives Industry are largely B2B retail chain.
In the calendar year 2014, the major application sectors for the South Korea’s adhesive industry have been plywood, construction, packaging, transportation, textile, machinery, paper and book binding and footwear. The adhesives market in South Korea has been primarily dominated by the plywood adhesives, which have commanded a massive share in the overall revenues of the adhesives market during 2014. Construction and Packaging have been important segments that have contributed significant shares in the South Korea adhesives market revenues. Both the segments have contributed a share of 15.0% each towards the market revenue, which was followed by footwear adhesives segment.
South Korea adhesives market has been also divided into structural, Semi-structural and non-structural adhesives. In 2014, structural adhesives contributed majority of overall adhesives market revenues in South Korea followed by non-structural and semi-structural adhesives respectively. The demand for structural adhesives is increasing for bonding high performance components and reducing weight. The second highest contribution of non-structural adhesives can be attributed to its usage in areas where low or moderate strength is required. They are also used to produce secondary or temporary connections.
South Korea adhesives import during the period 2009-2014 has been subjected to fluctuating growth rates. However, adhesives imports value has remarkably surged at a CAGR of 10.2%, during the period 2009-2014. The domestic demand for adhesives has also escalated at a rapid pace, which was primarily fueled by growth in packaging industries and automobile sector. This growth is expected to continue at a rapid pace in the foreseeable future. In line with the growth in domestic demand, the demand from overseas market has also showcased a rising momentum.
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