Global Construction Adhesive Market Size, Share, and COVID-19 Impact Analysis, By Resin Type (Acrylic, Polyurethanes, Polyvinyl Acetate, Epoxy & Others), By Technology (Water-based, Solvent-based, Reactive & Others), By Application (Insulation, Pressure Sensitive Tapes & Labels, Waterproofing, Walls & Panels, Concrete & Others), By End-Use (Residential, Commercial and Industrial) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The global construction adhesive market was valued at USD 11.60 Billion in 2021. The market is projected to grow USD 16.45 Billion in 2030, at a CAGR of 5.2%. Adhesives are used for bonding plastics, insulation foams, plasterboard panels, wood-based panels, and other synthetic raw materials in commercial and residential structures. Over the next few years, infrastructure improvements in the nation are projected to increase demand for adhesives. The U.S. government unveiled a USD 1.2 trillion infrastructure plan in June 2021 to boost the economy of the nation. The strategy includes improvements in telecommunications, electricity, broadband, water management, and more.
COVID-19 ANALYSIS
The global construction adhesive market is negatively impacted with the outbreak of COVID-19. The drop in commercial and other industrial operations as a result of the pandemic is expected to stymie the expansion of the construction sector. Construction material suppliers in Singapore, France, Germany, and other nations have taken a significant hit as a result of COVID-19. Price increases and problems with material shortages in this industry could limit the market share of construction adhesives in the near future. Construction material demand may increase over the next several years due to the emerging nations' slow but steady recovery of their public and commercial infrastructure projects. Furthermore, insufficient raw material supply will limit the growth of the global construction adhesive market.
TREND
Rising Urbanization Across the World
Increasing infrastructure investments around the globe are likely to drive up demand for construction adhesives. The primary drivers of the construction adhesives market's explosive growth have been increased demand from the non-residential and residential sectors, government incentives for affordable housing to stimulate construction activity, and ongoing infrastructure projects.
DRIVERS
Rising Smart City Projects
The market will rise at a faster rate thanks to increased building of smart cities and expanding public infrastructure across rural areas in emerging nations. The applications for smart cities are created to control urban traffic and enable quick responses.
Government Support for Expenditure on Infrastructural Projects
The primary drivers of the construction adhesives market's explosive growth have been increased demand from the non-residential and residential sectors, government incentives for affordable housing to stimulate construction activity, and ongoing infrastructure projects. In APAC nations like India, China, Indonesia, Vietnam, Malaysia, and Thailand, the demand for adhesives has increased in line with the emergence of new end-use activities like new construction works, repairs, maintenance, and renovation of floors, roofs, wall coverings, beams, and airport construction, amongst others.
RESTRAINT
Concerns Pertaining to Environmental Regulations
Government are focusing more towards eco-friendly construction adhesives products for a variety of applications due to rising environmental concerns and regulatory requirements. For the green building process, Henkel's OSI Green Series offers eco-friendly caulks, sealants, and adhesives. Solventborne construction adhesives have been outlawed in several nations across North America, Europe, and some of APAC due to tighter environmental protection rules.
SEGMENTATION INSIGHTS
The global Construction Adhesive market is segmented by Resin Type (Acrylic, Polyurethanes, Polyvinyl Acetate, Epoxy & Others), By Technology (Water-based, Solvent-based, Reactive & Others), By Application (Insulation, Pressure Sensitive Tapes & Labels, Waterproofing, Walls & Panels, Concrete & Others), By End-Use (Residential, Commercial and Industrial) and Region. Based on the resin type, the market is categorized into acrylic, polyurethanes, polyvinyl acetate, epoxy & others. Based on technology, the market is categorized into water-based, Solvent-based, Reactive & Others. Based on application, the market is categorized into insulation, pressure sensitive tapes & labels, waterproofing, walls & panels, concrete & others. Based on end-use, the market is categorized into residential, commercial and industrial. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
By Resin Type
Based on resin type, is categorized into acrylic, polyurethanes, polyvinyl acetate, epoxy & others. The acrylic segment is expected to dominate the market share of global construction adhesive market owing to primarily to their remarkable bonding capabilities, strong impact resistance, and superior water resistance, acrylic adhesives are becoming more and more popular in the construction industry. From 2022 to 2030, the segment is anticipated to increase at a rate of 5.1 percent.
By Technology
Based on technology, the market is categorized into water-based, solvent-based, others. The water-based segment is expected to dominate the market share of global construction adhesive market owing to greater moisture resistance than products made with other adhesives, which is anticipated to aid in the segment's expansion. Vendors of water-based construction adhesives may find new markets through new product development and increased R&D spending.
By End-Use
Based on end-use, the market is categorized into residential, commercial & industrial. The residential segment is expected to dominate the market share of global construction adhesive market owing to incentives for first-time homebuyers will benefit the global residential construction industry. Companies have adopted organic and inorganic growth strategies to enhance their market shares as a result of the increased demand for new and innovative products and the requirement for R&D in construction adhesives.
REGIONAL INSIGHTS
The global construction adhesive market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Asia Pacific region is expected to dominate the market share of global construction adhesive market owing to expansion in construction sector, and the area is developing a sophisticated contemporary infrastructure. During the anticipated period, the construction adhesives and sealants market is anticipated to rise due to the expanding construction sector in the rising economies of Asia-Pacific, such as India and other Southeast Asian nations. The Indian construction sector, according to the Government of India and the India Brand Equity Foundation (IBEF). For instance, the Prime Minister Awas Yojana's two new subsidy programmes are said to have been planned out in detail by the Indian government (PMAY). By 2022, the government hopes to have housing available to everyone thanks to two new subsidy slabs. These programs will be applicable to loans with a 20-year term as opposed to the present cap of 15 years.
However, North America region is expected to witness highest growth rate during the forecast period of global construction adhesive market due to the strong economic expansion, an increase in new households, and cheap mortgage rates are anticipated to be the main drivers of residential construction growth. However, it is anticipated that there will be a decrease in demand for multi-family housing during the projected period, which could have a moderate impact on residential building.
LIST OF KEY COMPANIES PROFILED:
· 3M
· AVERY DENNISON CORPORATION
· BASF SE
· Benson Polymers
· Bostik
· DAP Products, Inc.
· Dow
· Franklin International
· Gorilla Glue Inc.
· H.B. Fuller Company
· Henkel AG & Co. KGaA
· Hexcel Corporation
· Huntsman International LLC
· Illinois Tool Works
· Master Bond Inc.
· McCoy Soudal
· Sika AG
· Others
KEY INDUSTRY DEVELOPMENTS:
- April 2021- Sika acquired Hamatite to build up Sika's position in the Japanese market, expand market access to all significant Japanese OEMs, and especially increase the range of products available for sealing and bonding uses in the country's construction sector.
- October 2020- H.B. Fuller launched of a new line of Professional Grade MRO (Maintenance, Repair, and Operations) Industrial adhesives, sealants, and lubricants, Gorilla Professional Grade™, to be available in the United States and Canada.
SEGMENTATION:
By Resin Type
- Acrylic
- Polyurethanes
- Polyvinyl Acetate
- Epoxy
- Others
By Technology
- Water-based
- Solvent-based
- Reactive
- Others
By Application
- Insulation
- Pressure Sensitive Tapes & Labels
- Waterproofing
- Walls & Panels
- Concrete
- Others
By End-Use
- Residential
- Commercial
- Industrial
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Global Construction Adhesive Market Size
- August-2022
- 148
- Global
- Chemicals-and-Advanced-Materials
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