Construction Adhesives Market to Garner $16.9 Billion, Globally, By 2031 at 5.9% CAGR, Says Allied Market Research
Growing demand for construction adhesives in residential housing and infrastructure drives the growth of the global construction adhesives market.
PORTLAND, Ore., March 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Construction Adhesives Market by Resin Type (Acrylic, Polyvinyl Acetate (PVA), Polyurethanes (PU), Epoxy, Others), by Technology (Water based, Reactive, Solvent based, Others), by Application (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global construction adhesives industry generated $9.6 billion in 2021, and is anticipated to generate $16.9 billion by 2031, witnessing a CAGR of 5.9% from 2022 to 2031.
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Prime determinants of growth
Growing demand for construction adhesives in residential housing and infrastructure drives the growth of the global construction adhesives market. However, stringent regulations associated with the presence of volatile organic compound (VOC) insolvent-based construction adhesives are predicted to restrict the market growth. Moreover, manufacturers are investing in the development of low-VOC and VOC-free adhesives, and builders are discovering new and imaginative methods to incorporate adhesives materials into their projects, which is presenting new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global construction adhesives market, owing to temporary closure of construction facilities during the lockdown.
- Several construction projects were either delayed or cancelled across the world, especially in the initial period of the pandemic. This was due to supply chain disruptions, unavailability of raw materials, and shortage of labor force.
- Production of construction adhesives was halted. The demand for construction adhesives was majorly hampered.
The residential segment to maintain its leadership status throughout the forecast period
Based on application, the residential segment held the highest market share in 2021, accounting for around two-fifths of the global construction adhesives market, and is estimated to maintain its leadership status throughout the forecast period. Construction adhesives in residential are used in houses, apartments, condos, and interiors for providing superior bonding capabilities. Construction adhesives are used in a variety of applications in residential construction, including flooring laying, tile installation, wall art, and exterior insulating material. However, the commercial segment is projected to manifest the highest CAGR of 6.2% from 2022 to 2031. Construction adhesives are also commonly used in commercial roofing applications. These adhesives can bond shingles, tiles, and other roofing materials, helping to create a strong and weather-resistant roof. Construction adhesives can bond a variety of materials, including metal, plastic, and wood.
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The acrylic segment to maintain its leadership status throughout the forecast period
Based on resin type, the acrylic segment held the highest market share in 2021, accounting for nearly two-fifths of the global construction adhesives market, and is estimated to maintain its leadership status throughout the forecast period. Acrylic adhesives are versatile and widely used in a range of industrial and commercial applications due to their strong bonding properties, fast curing time, and ability to bond to a variety of surfaces. However, the polyurethanes segment is projected to manifest the highest CAGR of 6.4% from 2022 to 2031. Polyurethanes are used in building and construction to create high-performance products that are strong, lightweight, perform well, and are durable & versatile. Polyurethane products can also help to improve the aesthetics of homes and buildings.
The water-based segment to maintain its lead position during the forecast period
Based on technology, the water-based segment accounted for the largest share in 2021, contributing to more than two-fifths of the global construction adhesives market, and is projected to maintain its lead position during the forecast period. Water-based construction adhesives are widely used in the construction industry due to their low odor, low VOC (volatile organic compound) content, and ease of use. However, the solvent-based segment is expected to portray the largest CAGR of 6.2% from 2022 to 2031. Solvent-based adhesives are used to modify the properties of concrete in low water-cement ratios to achieve the desired processability, transport the concrete over long distances, and increase the open time.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global construction adhesives market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 6.1% from 2022 to 2031. Acrylic water-borne adhesives and latex water-borne adhesives are widely used in the building and construction industries in Asia-Pacific. Acrylic water-borne adhesives are mostly utilized in the construction industry as pressure-sensitive adhesives in the form of labels and tapes for tile bonding and laminating.
Leading Market Players: -
- Huntsman International LLC,
- DAP Global Inc.,
- MAPEI S.p.A.,
- Sika AG,
- 3M,
- ARDEX AMERICAS,
- Permabond LLC.,
- BASF SE,
- Henkel AG & Co.
- KGaA,
- H.B. Fuller Company
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/construction-adhesives-market/purchase-options
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