Bangladesh’s adhesive market is rapidly changing and evolving, with new technologies and products constantly emerging. From the traditional glue made from natural materials to innovative synthetic adhesives, the industry has gone through a significant transformation over the past few decades. In this blog post, we take a deep dive into exploring the adhesive market in Bangladesh: its history, current trends, challenges faced by manufacturers and consumers alike, as well as future growth prospects. So grab your seat belts and prepare to be amazed at how this humble yet essential product has shaped Bangladesh’s manufacturing landscape!
Table of Contents
History of the adhesive market in Bangladesh
The adhesive market in Bangladesh has been growing at a fast rate in recent years. The market size was estimated to be around BDT 7.5 billion in 2016 and is expected to grow at a CAGR of around 7% over the next 5 years. This growth is mainly due to increasing demand from the construction industry and other downstream sectors such as automotive, engineering, and textiles.
There are several factors contributing to this growth including population growth, industrialization, increasing demand for new infrastructure, and an expanding business base. In addition, the Government of Bangladesh has made initiatives to boost the adhesive market by introducing necessary legislation and regulatory framework.
One of the key challenges facing the adhesive market in Bangladesh is its low literacy rate. This has resulted in a lack of awareness about adhesive technologies among consumers, which limits their disposable income and willingness to adopt new technologies. Additionally, outdated processes and equipment are still being used in many factories resulting in low quality products.
Nevertheless, there are several strengths that Bangladeshi companies can exploit to continue their growth in the adhesive market. These include a well-educated workforce, abundant natural resources (mainly oil), and a relatively low cost of production.
Adhesive Varieties and Applications
Currently, adhesive products are available in a wide range of formulations and sizes. This makes them ideal for a variety of applications, including labeling, packaging, and labels for food safety. In addition, there are adhesive varieties designed for specific applications, such as drug adhesion.
Adhesive products are used in a number of different industries. The world’s largest adhesive manufacturer is the Adhesives & Sealants Institute (ASI) in the United States. It produces about 28% of all adhesive products sold globally. Other major adhesive manufacturers include 3M and Dupont.
The global market for adhesive products was worth $30 billion in 2013 and is expected to grow at a rate of 7% annually over the next five years. This growth is due to increasing usage in various industries, especially in the area of labeling and packaging. In particular, the healthcare industry is responsible for more than half of the growth in this market segments over the forecast period. In addition to adhesive products themselves, coatings and diagnostic devices that work with adhesive materials account for a significant share of sales in this market segment.
Bangladesh has been one of the fastest-growing regions for adhesive application over the past few years owing to its ample supply of raw materials and low labor costs. Several multinational companies have set up manufacturing facilities in Bangladesh over recent years to tap into this growing market. These companies include BASF SE (Germany), Daicel Chemical Industries (Japan), Dow Corning Corporation. And some local importer and manufacturer like Rinomas adhesive manufacturer and distribution company in Bangladesh.
Challenges confronting the adhesive market in Bangladesh
A market overview of adhesive products in Bangladesh is provided in this section. The current adhesive market size and trends are also discussed. Critical challenges inhibiting growth of the adhesive market are also mentioned. To mention a few, lack of infrastructure, inadequate knowledge about adhesives and their benefits, and limited stickiness among traditional applications such as roofing tar are some of the major challenges confronting the adhesive market in Bangladesh. Efforts are needed to address these issues if the growth potential of this market is to be realized.
The current adhesive market size in Bangladesh was estimated at US$ 93 million in 2014, and is expected to grow at a CAGR of 6%. In terms of end users, distributors/vendors and consumers/users, the dominant segment is consumers/users (68%), followed by distributors/vendors (30%) and end users (2%). The region-wise distribution is presented in Figure 1 below.
Figure 1: Share (%) of End Users for Adhesives Market by Region
Bangladesh stands out as one of the key regional markets for adhesives due to its favorable demographics, low cost of living and increasing demand for infrastructure development. This report covers only adhesive products; other related product segments such as sealants, rubbers etc., are not included in this report hence any detailed analysis can not be carried out. One reason for this may be that the majority (>80%) adhesive products sales come from traditional building & construction sector while
Recommendations for stakeholders
There are various stakeholders who could benefit from adhesive market research in Bangladesh. Here are some recommendations for stakeholders who want to know more about the current and future trends of the adhesive market in Bangladesh.
- Businesses: businesses that produce or use adhesives should be interested in understanding the market dynamics in order to make strategic decisions about pricing, production, and distribution.
- Researchers: academic researchers should collect data on adhesive consumption, production, prices, and market shares to help better understand market trends. Data collection can be conducted through surveys, interviews, or market analysis tools.
- Suppliers and Manufacturers: suppliers of adhesives and manufacturers of adhesives products should be aware of changing consumer demand in order to optimize their businesses according to customer needs. Additionally, they should track industry developments to stay on top of changes that might impact their bottom line.
- Regulatory Authorities: regulatory authorities such as Consumer Affairs Departments or Product Safety Bureaus play an important role in ensuring the safety of consumers and the environment by overseeing product quality and safety standards. They may require companies that produce or sell adhesives products to submit marketing materials for review before they can be released publicly. Understanding current adhesive marketing practices is essential for meeting these regulatory requirements
Brief History of a Local Manufacturer company in Bangladesh (Rinomas Adhesive Company)
We’re talking about a adhesive company called Rinomas which is located in Bangladesh. It’s an adhesive manufacturer and has been in operation for eight years. Another company that is synonymous with Rinomas is RBL, which is a distributor and supplier of adhesives in Bangladesh. Rinomas started out with a small plant and a dedicated team of experts who aimed to provide high-quality adhesives that met the needs of various industries.
Over time, the company expanded its operations by importing chemicals from around the world and assembling them locally under strict quality control measures.
Research and development are at the core of Rinomas adhesive manufacturer’s commitment to developing innovative products tailored to specific markets, including cyanoacrylate glue for repairing mobile phone screens, furniture coatings (PU & NC) for interior design projects, laminates for packaging and many more.
With its exceptional services and ability to meet ever-changing customer demands, Rinomas adhesive manufacturer in Bangladesh has managed to build strong relationships with its clients over the years. Quality assurance mechanisms that ensure product consistency are a key factor in Rinomas’s growth.
Leave A Comment