Please Wait.....
Report
South Korea Adhesives - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2017 - 2028
Market Report I 2022-11-07 I 199 Pages I Mordor Intelligence
The South Korea Adhesives Market size is estimated at USD 1.34 billion in 2024, and is expected to reach USD 1.66 billion by 2028, growing at a CAGR of 5.5% during the forecast period (2024-2028).
The fast-paced growth in the production of eco-friendly cars in South Korea to lead the market's growth
- Adhesives are classified in South Korea according to their application. Since packaging and automotive are the fastest expanding industries in South Korea, they serve the most customers in the nation, accounting for approximately 42% of total adhesive consumers.
- The nation has created several initiatives to encourage the packaging sector. South Korea has a well-developed policy framework that promotes an integrated approach to waste and material management, based on the pay-as-you-throw, 3Rs, and EPR principles, with the goal of advancing toward resource circulation and a circular economy. However, the government must speed up its efforts to keep up with the country's continuously expanding municipal and marine plastic garbage. South Korea is one of the world's largest manufacturers and users of single-use plastic packaging. The government has also pledged to cut plastic waste by 30% in 2022 and 50% by 2030, as well as to achieve a recycling rate of 70% by 2030, up from 34% presently.
- South Korea's automobile industry is presently the world's fifth-largest producer of passenger automobiles. The car industry accounts for 13% of manufacturing production, creates 12% of value added, and is a vital industrial sector that employs around 12% of South Koreans. The sales of eco-friendly cars such as electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell electric vehicles (FCEVs) may increase the fastest in South Korean markets in the near future. The government's decision to spend USD 125.9 million on R&D has increased the confidence of South Korean manufacturers and purchasers in alternative powertrains. All such factors lead to the demand for adhesives.
South Korea Adhesives Market Trends
Paper packaging having 33% of share in overall packaging production will propel the market
- South Korea is one of the major packaging industries in the Asia-Pacific region. The packaging industry contributes around 2.2% to the country's GDP. Trade exchange, employment, labor charges, and government policy support are the factors that are affecting the South Korean packaging industry.
- In 2020, an economic slowdown in the country was observed due to the impact of the COVID-19 pandemic. The production volume reduced by 4.75% in the same year compared to 2019 due to a supply chain disruption, labor shortages, and a lockdown in the country for nearly three months. However, economic recovery in the country was observed as international borders were opened in 2021, which resulted in a regular supply of raw materials for production that increased by 5,600 tons in 2021.
- In South Korea, paper is largely used for packaging, accounting for 33% of the total packaging production. Corrugated box packaging is also widely used in the country. The production of these boxes suddenly increased by 21% in 2020, producing 3373 million units in the same year. Production was raised due to online deliveries by the e-commerce industry in the country. Packaging is mainly used for food protection, healthcare, and beauty products in the country.
- Packaric, DAEDO, and Asia Korea Printing are the top packaging companies in South Korea. The trend of flexible packaging in the country is expected to boost the growth of the packaging industry. The flexible packaging market is expected to record a CAGR of 3.4% during 2022-2026.
Rapid growth of electric vehicles to boost the automotive sector
- The South Korean automotive industry is the seventh-largest in the world, with a production share of over 4.5% in the first half of 2021. The automotive industry in the country is heavily dependent on exports. As exports decreased, automobile production decreased for the fourth straight year. In 2019, automotive production in the country declined by 1.9% to 3.95 million vehicles, compared to the previous year's 4.03 million vehicles. The decline in production was due to a decrease in domestic and international sales. The automotive industry is expected to decline further due to COVID-19, impacting sales and production until early 2021.
- In 2019, the country recorded about 39,50,614 units of vehicles produced, which drastically reduced to 35,06,774 units in 2020, accounting for a decline of about 11% owing to the COVID-19 pandemic. The variation in automotive production between 2019 and 2021 recorded around 12%, whereas between 2020 and 2021, the variation recorded around -1%.
- Currently, there are several developments related to increasing electrification adoption in the country, due to which the country has largely focused on the production of EVs. The accumulated number of electric vehicles in South Korea surpassed the 300,000 mark in the second quarter of 2022, taking 1.2% of the total number of registered vehicles in the country. Hyundai Motor Group, one of the largest car manufacturers in the country, has taken steps to open new production facilities to increase EV production in the country. The growing adoption of sustainability in the country may boost the growth of the automotive sector in the coming years.
South Korea Adhesives Industry Overview
The South Korea Adhesives Market is fragmented, with the top five companies occupying 24.74%. The major players in this market are 3M, BURIM CHEMICAL CO., LTD, Henkel AG & Co. KGaA, OKONG Corp. and Unitech Co., Ltd (sorted alphabetically).
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 EXECUTIVE SUMMARY & KEY FINDINGS
2 REPORT OFFERS
3 INTRODUCTION
3.1 Study Assumptions & Market Definition
3.2 Scope of the Study?
3.3 Research Methodology
4 KEY INDUSTRY TRENDS
4.1 End User Trends
4.1.1 Aerospace
4.1.2 Automotive
4.1.3 Building and Construction
4.1.4 Footwear and Leather
4.1.5 Packaging
4.1.6 Woodworking and Joinery
4.2 Regulatory Framework
4.2.1 South Korea
4.3 Value Chain & Distribution Channel Analysis
5 MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2028 and analysis of growth prospects)
5.1 End User Industry
5.1.1 Aerospace
5.1.2 Automotive
5.1.3 Building and Construction
5.1.4 Footwear and Leather
5.1.5 Healthcare
5.1.6 Packaging
5.1.7 Woodworking and Joinery
5.1.8 Other End-user Industries
5.2 Technology
5.2.1 Hot Melt
5.2.2 Reactive
5.2.3 Solvent-borne
5.2.4 UV Cured Adhesives
5.2.5 Water-borne
5.3 Resin
5.3.1 Acrylic
5.3.2 Cyanoacrylate
5.3.3 Epoxy
5.3.4 Polyurethane
5.3.5 Silicone
5.3.6 VAE/EVA
5.3.7 Other Resins
6 COMPETITIVE LANDSCAPE
6.1 Key Strategic Moves
6.2 Market Share Analysis
6.3 Company Landscape
6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
6.4.1 3M
6.4.2 AVERY DENNISON CORPORATION
6.4.3 BURIM CHEMICAL CO., LTD
6.4.4 H.B. Fuller Company
6.4.5 Henkel AG & Co. KGaA
6.4.6 Industrial Adhesives Company MCS
6.4.7 OKONG Corp.
6.4.8 SAMYOUNG INK&PAINT INDUSTRIAL,. CO. LTD
6.4.9 Unitech Co., Ltd
6.4.10 YOUNGWOO CF CO.,LTD.
7 KEY STRATEGIC QUESTIONS FOR ADHESIVES AND SEALANTS CEOS
8 APPENDIX
8.1 Global Adhesives and Sealants Industry Overview
8.1.1 Overview
8.1.2 Porter's Five Forces Framework (Industry Attractiveness Analysis)
8.1.3 Global Value Chain Analysis
8.1.4 Drivers, Restraints, and Opportunities
8.2 Sources & References
8.3 List of Tables & Figures
8.4 Primary Insights
8.5 Data Pack
8.6 Glossary of Terms
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security