Canada Adhesives Market to Grow with a CAGR of 4.25% through 2028
Surge in research and development activities is expected
to drive the Canada Adhesives Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Canada Adhesives
Market– By Region, Competition, Forecast and Opportunities, 2018-2028F”,
the Canada Adhesives Market stood at USD1.02 billion in 2022 and is anticipated
to grow with a CAGR of 4.25% in the forecast period, 2023-2028. The initiatives
taken by government based on adhesives has led to favorable market conditions
for the Canada Adhesives Market. Several factors contribute to the growth of
various adhesives market products.
The Government
of Canada, through its regulatory framework, plays a crucial role in overseeing
and ensuring the safety and effectiveness of a wide range of medical devices.
These devices encompass anything from simple adhesive bandages to complex and
life-saving equipment like insulin pumps. This commitment to regulation
underscores the government's dedication to safeguarding the wellbeing of
individuals in the healthcare sector.
Under the
Canada-U.S. Free Trade Agreement, notable developments have taken place in the
adhesives industry. Specifically, the agreement has impacted tariffs on
adhesives, sealants, and the resins used to manufacture them. These adjustments
reflect a proactive approach to foster and promote trade within the adhesives
industry, creating opportunities for growth and collaboration between Canada
and the United States.
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Research and
development (R&D) plays a pivotal role in driving the growth of the
adhesives market. With an increasing emphasis on R&D activities, there has
been a surge in efforts aimed at enhancing the performance characteristics of
adhesive products. For instance, in the silicone-based lid-seal adhesives
market, significant research activities have been undertaken to not only
improve product performance but also to expand the range of application areas.
This focus on innovation and advancement is instrumental in shaping the future
of the adhesives industry, ensuring that adhesive products continue to meet evolving
needs and challenges across various sectors.
The Canada
Adhesives Market is segmented in resin, end user, regional distribution, and company.
Based on its resin, the acrylic segment held the
largest share in the market. The dominance of acrylic adhesives in the Canadian
adhesives market can be attributed to several factors. One key factor is the
growth of end-user industries, particularly the packaging industry. As a major
consumer of acrylic adhesives, the packaging industry has been experiencing
robust growth, driven by increasing consumer demand and the rise of e-commerce.
The versatility and performance of acrylic adhesives make them well-suited for
various packaging applications, further fueling their demand.
Additionally, the medical adhesives market is also
witnessing significant growth, with acrylic resins holding a significant share.
This can be attributed to the increasing adoption of advanced medical devices
and the growing demand for minimally invasive procedures. Acrylic adhesives
play a crucial role in medical applications such as wound closures, surgical
tapes, and medical device assembly. The strong bond strength, biocompatibility,
and sterilization capabilities of acrylic adhesives make them ideal for these
critical medical applications.
Based on region, Quebec segment is expected to grow
during the forecast period.
Quebec's strategic location is a key factor
contributing to its dominance in the Canadian adhesives market. With its
extensive transportation infrastructure, including well-connected roadways,
railways, and ports, Quebec facilitates the efficient distribution of adhesives
not only within Canada but also to other regions beyond its borders. This
seamless connectivity allows businesses in Quebec to effectively reach customers
in various markets, both domestically and internationally.
Furthermore, Quebec's proximity to major markets in
the United States presents additional advantages for the expansion of the
adhesives industry. The close geographical proximity enables easier access to
U.S. customers, fostering stronger business relationships and opening doors to
new opportunities for growth and collaboration.
Major companies operating in Canada Adhesives Market
are:
- H.B. Fuller Canada Inc.
- Dow Chemical Canada ULC
- Sika Canada Inc.
- AkzoNobel Canada Inc.
- Henkel Canada Corporation
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“Growing application of adhesives in various end user
industries are key drivers of the adhesives market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of adhesives with every passing year
are anticipated to register an impressive growth to Canada Adhesives Market in
the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Canada Adhesives Market By Resin (Acrylic,
Cyanoacrylate, Epoxy, Polyurethane, Silicone, VAE/EVA, Others), By End User (Aerospace,
Automotive, Building & Construction, Healthcare, Packaging, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Canada Adhesives Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Canada Adhesives Market.
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