The Growth Prospects and Challenges of the Philippines Contact Cement Market: An Overview of Drivers and Opportunities During the Forecast Period (2023 - 2030)

San Francisco, CA -- (SBWire) -- 02/23/2023 --EXPLORING THE BOOMING CONTACT CEMENT MARKET: GROWTH DRIVERS AND OPPORTUNITIES IN THE CONSTRUCTION AND FURNITURE INDUSTRIES
The tremendous demand for waterproof and heat-resistant materials in the construction sector has boosted the contact cement market. Increasing demand for wood-based products and shifting towards sustainable raw materials in the construction and furniture industries are among the prime factor creating growth prospects for the contact cement market. Thus, various agencies are investing in the sector to support the growth of wood-based products.
For instance, the Philippine Statistics Authority (PSA), the National Economic and Development Authority (NEDA), the Department of Trade and Industry (DTI), and Law Enforcement Units are among the participating government agencies that will present the status of the wood industry sector in regards to trade, investments, supply and demand forecasts on a local and global scale, as well as law enforcement.
Growth in construction activities in the Philippines is another factor adding to the country's contact cement growth. For instance, the Philippines' government is counting on a push for infrastructure development to spark a significant economic recovery in 2021. A consensus/average GDP growth forecast of 7.8% for the year is supported by Fitch Solutions Country Risk & Industry Research's prediction that the Philippines' construction sector will have double-digit growth of 13% in 2021.

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STRINGENT REGULATIONS AROUND HAZARDOUS CHEMICALS TO DWINDLE THE GROWTH
Hazardous chemicals associated with the adhesive hamper the growth of the product in the Philippines due to stringent regulations of the county. The major side effects of the chemicals include swelling, pain, tears, redness, and blurred vision. Furthermore, the effects of overexposure include skin contact, which may cause skin irritation. Prolonged and repeated skin contact leads to cause dermatitis and defatting due to the solvent properties. Thus to reduce the impact of the toxins, the country has come up with stringent regulations governed by various agencies, including the Department of Health (DOH) and the Department of Environment and Natural Resources (DENR).
Some of the major regulation imposed by the country includes DENR Administrative Order No. 2004-17, DOH Administrative Order No. 2008-0011, Occupational Safety and Health Standards (OSHS), Environmental Impact Assessment (EIA) and Republic Act No. 8749, the Philippine Clean Air Act of 1999.
In addition, the high cost of contact cement is another factor challenging the market growth. The high cost of contact cement and the availability of alternatives such as adhesives and tapes may limit its growth in the Philippines. The government of the Philippines is also focusing on promoting eco-friendly adhesives, which may affect the demand for contact cement.

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RECOVERING AUTOMOTIVE PRODUCTION TO IMPROVE THE CONTACT CEMENT DEMAND IN PHILIPPINES
The automotive sector has been involved significantly, creating growth opportunities for the contact cement market in the Philippines. Contact cement is used in the automotive industry for bonding and laminating materials such as leather, vinyl and other plastic materials in car interiors, including seats, door panels and headliners. The growth in the Philippine automotive industry has boosted the demand for contact cement.
For instance, Sales of motor vehicles increased in the Philippines by 33.8% in December 2022 as opposed to 32.4% the month before. The average growth rate for the Philippines' motor vehicle sales between January 1997 and December 2022 was 7.0%. The statistics peaked at 13,315.8% in April 2021 and hit a record low of -99.5% in April 2020. In December 2022, the Philippines had sales of 37,259.0 vehicles.

PHILIPPINES CONTACT CEMENT MARKET REPORT SCOPE
By Type
1. Neoprene
2. Polyurethane
3. Acrylic
4. Styrene Butadiene Co-Polymer

By Technology
1. Water-based Contact Cement
2. Solvent-based Contact Cement

By End-User
1. Building and Construction
2. Automotive
3. Packaging
4. Wood and Furniture