KEY FINDINGS The Asia Pacific tackifier market is expected to register a CAGR of 5.38%, over the forecast period of 2021 to 2028. The region’s market growth is facilitated by key aspects, such as, the increased automotive output, the augmenting production division, and well-established manufacturing bases in countries like, South Korea, China, and Taiwan.
MARKET INSIGHTS The Asia Pacific tackifier market growth is evaluated through the assessment of Vietnam, South Korea, Thailand, Australia & New Zealand, Indonesia, India, China, Japan, and the rest of the Asia Pacific.The packaging industry in South Korea has continued to observe significant growth, over recent years.
The major factor fueling the country’s packaging sector entails the rising product packaging innovations, which increases the products’ convenience.For instance, microwavable packaging is likely to have a tremendous impact on South Korea’s food packaging sector, during the forecast period.
In addition, people’s eating habits have transitioned substantially, across the nation. In this regard, the consumption of rice, South Korea’s primary staple food, has declined, while fruit, meat, vegetables, and dairy products, have increased. Indonesia’s automotive production recorded a growth rate of 10.3%, from 2017 to 2018, and acquired a production figure of 1,343,714 units in 2018. The country harbors several major natural resources, beneficial for the furniture sector, such as timber and rattan. As Indonesia continues to remain one of the fastest-growing economies, worldwide, the country has also become a potential land of opportunities for the construction sector. Hence, these factors are set to fuel the Asia Pacific tackifier market growth, over the forecast years.
COMPETITIVE INSIGHTS Some of the distinguished companies operating in the market are, Arakawa Chemical Industries Ltd, Yasuhara Chemical Co Ltd, WestRock Company, Guangdong Komo Co Ltd, etc.
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