Pune India, March 01, 2023 (GLOBE NEWSWIRE) -- As per the Report Published by GreyViews, Construction Adhesives Market is expected to grow from USD 10.1 billion in 2022 to USD 15.5 billion by 2030, at a CAGR of 5.5% during the Projection period 2023-2030. The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the construction adhesives market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the construction adhesives market are present across various countries in the above-mentioned regions.
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Global Construction Adhesives Market Size By Resin Type (Epoxy, Acrylic, Polyvinyl Acetate, Polyurethanes, and Others), By Technology (Solvent-based, Water-based, and Others), By Application (Industrial, Residential, and Commercial), Regions, Segmentation, and forecast till 2030.
The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the resin type, technology, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global construction adhesives market are “3M Company, Foshan Xinboqiao Electronic Co.Ltd., 5M, Ardex, Chang Chun Group, DowDuPont, SHENZHEN MEITAIBANG CHEMICAL CO. LTD., Epotek, MAPEI, Henkel, Jiangxi Tengde Industrial Co. Ltd., Nan Ya Plastics Corporation, Masterbond, MG Chemicals, Permabond, Powerblanket, Shenzhen Zhengdasheng Chemical Co. Ltd., SHENZHEN TIANMAXUN TECHNOLOGY CO. LTD, The Gorilla Glue Company among others”. To achieve a substantial market share in the worldwide construction adhesives market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
One of the primary reasons driving the market examined in the medium term is the development of housing and construction projects in emerging countries. Singapore, for example, experienced favorable growth in 2019, and construction investments are likely to continue in the coming years. The entire construction demand, or the value of construction contracts to be awarded, is expected to range between USD 28 billion and USD 33 billion in 2020. The allocation of various public sector building projects, such as public housing, private sector projects, and so on, is largely responsible for the increase in construction contracts. Global infrastructure spending is expected to drive demand for construction adhesives throughout the forecast period. According to the United Nations' infrastructure report for 2021, increased infrastructure investments can add 0.6% to global GDP. This increase may be greater in some nations, such as the United States and Brazil, where it may reach 1.3% and 1.5%, respectively. Emerging economies are expected to remain important markets for construction adhesives demand, accounting for 60% of infrastructure spending.
Scope of Construction Adhesives Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Resin Type, Technology, Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | 3M Company, Foshan Xinboqiao Electronic Co.Ltd., 5M, Ardex, Chang Chun Group, DowDuPont, SHENZHEN MEITAIBANG CHEMICAL CO. LTD., Epotek, MAPEI, Henkel, Jiangxi Tengde Industrial Co. Ltd., Nan Ya Plastics Corporation, Masterbond, MG Chemicals, Permabond, Powerblanket, Shenzhen Zhengdasheng Chemical Co. Ltd., SHENZHEN TIANMAXUN TECHNOLOGY CO. LTD., The Gorilla Glue Company. among others. |
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Segmentation Analysis
The polyurethanes segment is expected to be the fastest-growing segment in 2022.
The resin type segment is epoxy, acrylic, polyvinyl acetate, polyurethanes, and others. The polyurethanes segment is expected to witness the highest growth rate during the forecast period. Polyurethane adhesives are paintable, water resistant, have a low odor, have a low VOC content, and may be used in both cold and hot conditions. They are used for both internal and exterior building purposes.
The solvent-based segment is expected to be the fastest-growing segment in 2022.
The technology segment is solvent-based, water-based, and others. The solvent-based segment is expected to witness the highest growth rate during the forecast period. Due to its added advantages, including increased moisture resistance compared to different adhesives.
The residential segment is expected to be the fastest-growing segment in 2022.
The application segment is industrial, residential, and commercial. The residential segment is expected to witness the highest growth rate during the forecast period. Due to the rising house construction markets in China and India, the Asia-Pacific region was predicted to have the highest growth rate in residential development in recent years. China, India, and numerous Southeast Asian countries dominate the low-cost house construction industry in Asia-Pacific. However, with most Asia-Pacific countries being adversely impacted by COVID-19 on a broad scale, growth is projected to decelerate significantly in the short run. Globally, there has been a considerable undersupply of housing to satisfy demand. This created a significant opportunity for investors and developers to adopt alternative construction methods and new partnerships in order to accelerate development.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the construction adhesives include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. The COVID-19 epidemic had a significant influence on the Asia-Pacific construction sector, which is sensitive to economic cycles. This epidemic has had a significant impact on large countries such as India and China. Because of the social distancing strategy, all construction projects were halted, and virtually every market, from construction materials to equipment, was affected. This aspect has severely curtailed the need for construction adhesives on the same side, limiting the market growth.
Country Analysis
- Germany
Germany's construction adhesives market size was valued at USD 0.72 billion in 2022 and is expected to reach USD 1.11 billion by 2030, at a CAGR of 5.6% from 2023 to 2030. Infrastructure investment in Europe was stable in 2020, but it climbed by 1.5% year on year in November 2021 compared to the same month the previous year. The construction sector is predicted to grow by 2.5% in 2022 over 2021, according to the most current EU Construction Outlook Report. Germany ruled the European continent.
- China
China’s construction adhesives market size was valued at USD 1.04 billion in 2022 and is expected to reach USD 1.6 billion by 2030, at a CAGR of 5.8% from 2023 to 2030. The Chinese construction industry expanded rapidly as a result of the central government's requirement for construction expenditure to sustain economic growth. The government created the "Made in China 2025" project, with the goal of increasing industrial efficiency, product quality, and brand recognition.
- India
India's construction adhesives market size was valued at USD 0.8 billion in 2022 and is expected to reach USD 1.24 billion by 2030, at a CAGR of 5.7% from 2023 to 2030. The construction industry is India's second-largest industry, contributing around 9% of GDP, and has shown hopeful development in 2019 with a re-energized output of around 8%. By the conclusion of the projected period, India's construction industry is expected to be the third-largest in the world, with a market value of almost USD 1 trillion.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the construction adhesives market is mainly driven by the rising applications of construction adhesives.
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