The global construction adhesives market is estimated to grow at a ~5% CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the various advantages provided by adhesives, over other bonding materials. Adhesives provide flexibility in the bonded surfaces, divides stress evenly across the joint, and is very cost-effective. The escalating construction of residential buildings is estimated to boost the market growth. Permanent residences are being built on a mass scale by government as well as private builders to provide housing for the ever-increasing population, which requires adhesive for flooring, outdoor insulation and panel installments, among others. This is expected to propel the market growth. Moreover, availability of a variety of adhesives as per the requirement of construction process, is projected to encourage the market development.
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The market is segmented by application into tile installation, wallpapers, carper lying and others, out of which, the tile installation segment is anticipated to hold the notable share in the global construction adhesives market over the forecast period on account of increasing construction of residential buildings, where tiles are extensively used for flooring. On the basis of end-user, the residential segment is estimated to gain the highest market revenue over the forecast period, on the back of increasing construction of houses, and use of adhesive for installation of tiles, wallpapers, and others. In the U.S., construction of new houses crossed the expenditure of USD 200 billion, which is estimated to reach USD 430 billion by 2024.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global construction adhesives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on account of increasing construction of housing societies, office buildings, and other infrastructural construction, backed by rapid urbanization and growing population in countries, such as, India, Japan, and China.
The market in the North America region is anticipated to garner major market share during the forecast period, owing to rising construction activities in United States, and Canada, backed by growing urban population. The U.S. construction sector valued at around USD 1.4 trillion in 2020.
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The global construction adhesives market is further classified on the basis of region as follows:
Our in-depth analysis of the global construction adhesives market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing construction of housing societies globally, along with various advantages of adhesive over other bonding materials is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Unstable economic nature of construction industry is estimated to hamper the market growth.
The market in the Asia Pacific region is estimated to gain largest market share over the forecast period, owing to the increasing construction activities backed by the rising population and growing urbanization.
The major players in the market are H.B. Fuller Company, Arkema Group, The Dow Chemical Company, DAP Products Inc., and Avery Dennison Corporation.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The residential segment is anticipated to hold largest market over the forecast period and display significant growth opportunities owing to the increasing construction of housing society.
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