Albany, New York, Nov. 30, 2018 (GLOBE NEWSWIRE) -- The global construction adhesives market features a largely consolidated vendor landscape and is characterized by a high level of competition among leading vendors, observes Transparency Market Research in a recent report. The high level of competition has chiefly resulted from the presence of chiefly generic products in the market, owing to which, buyers can easily switch between suppliers. To gain a greater control on the market, leading vendors are seen focusing on innovations, strategic collaborations with regional players, and expansion in emerging regional markets to benefit from untapped growth opportunities.
Some of the leading companies in the market are 3M, SIKA Group, Henkel AG & Company KGaA, H.B. Fuller Company, and Bostik SA.
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According to the report, the global market for construction adhesives will exhibit a 5.2% CAGR from 2018 to 2026, rising from an opportunity of US$9,202.3 mn in 2017 to US$14,615.6 mn in 2026. Of the key product varieties in the market, the segment of acrylic-based adhesives will see the most promising growth prospects over the report’s forecast period. Geographically, the market in Asia Pacific is expected to provide the most promising set of growth opportunities owing to the vast rise in residential and commercial construction projects in emerging economies.
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Steady Rise in Construction Activities in Developed Economies to Fare Well for Market Growth
The construction industry seems to have picked pace in regions such as North America and Europe post the sluggish run observed during and a few years after the recent economic depression that had hit these regions massively. In the U.S., the residential construction industry registered a year-on-year growth of 10.58% in 2017. Over the period between 2015 and 2016, the non-residential construction industry in the country expanded by 7.71%. This was possible due to the notable rise in commercial, healthcare, and office buildings in the country. The housing market also held on to its positive growth pace over the past few years and the trends are likely to remain strong in the near future as well.
The scenario is equally promising in Europe, with the U.K steadily on its route to becoming the sixth leading construction market in the world. Owing to the rising population in the country, it is estimated that the country will need nearly 3.3 mn new houses over the next 15 years. The construction sector in Spain is also expanding at an impressive pace, positively driving the overall demand for construction adhesives in Europe.
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Stringent Emission-related Regulations in Europe and North America could Hamper Market Growth
While developed economies in regions such as North America and Europe are likely to provide the most needed push to the global construction adhesives market, these regions will also prove to be a big influence on the way the market develops in the near future owing to their stringent emission related regulations. Regulations are especially discouraging of the use of solvent-based construction adhesives. While this factor can act as a direct restraint for the global construction adhesives market, this could also be an opportunity for companies to try their hands at the development of new product varieties that are not based on solvent-based formulas.
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This analysis of the global construction adhesives market is based on a recent market research report by Transparency Market Research, titled “Construction Adhesives Market (Product - Polyurethane, Acrylic, Epoxy, Polyvinyl Acetate (PVA), Silicone; Formulation Technology - Solvent based, Water based, Hot melt, Reactive; Application - Structural, Non-structural; End use - Residential, Non-residential, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018–2026.”
Global Construction Adhesives Market, by Product
- Polyurethane
- Acrylic
- Epoxy
- Polyvinyl Acetate (PVA)
- Silicone
Global Construction Adhesives Market, by Formulation Technology
- Solvent-based
- Water-based
- Hot-melt
- Reactive
Global Construction Adhesives Market, by Application
- Structural
- Non-structural
Global Construction Adhesives Market, by End-use
- Residential
- Non-residential
- Industrial
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