The Global Construction Adhesives Market Is Set For Remarkable Growth At A CAGR Of More Than 7% As Per The Business Research Company's Construction Adhesives Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 21, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Construction Adhesives Global Market Report 2023, the global construction adhesives market has experienced significant growth, with the market size increasing from $10.26 billion in 2022 to $11.23 billion in 2023, marking a notable compound annual growth rate (CAGR) of 9.4%. This upward trend is expected to continue, with the market projected to reach $15.09 billion in 2027 at a CAGR of 7.7%.
The surge in construction activities has been a driving force behind the robust growth of the building and construction adhesives market. Construction, involving the assembly of materials to create large structures, has seen a notable uptick, particularly in residential and non-residential building projects. For instance, in 2021, the U.S. witnessed a 4% increase in completed new residential housing construction units, as reported by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
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Key players in the construction adhesives market, including industry giants such as 3M, Henkel AG & Co. KGaA, and Sika AG, are increasingly turning to bio-based adhesives. These adhesives, sourced from renewable, plant-based materials, not only contribute to environmental sustainability but also offer superior mechanical and chemical properties, enhancing their efficiency.
For example, Henkel AG & Co., a leading German chemicals company, introduced LOCTITE HHD 3544F, the industry's first bio-based adhesive, with two-thirds of its content derived from renewable, plant-based feedstocks.
In 2022, Asia-Pacific emerged as the largest region in the construction adhesives market. Furthermore, the region is expected to maintain its position as the fastest-growing market in the coming years.
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The global construction adhesives market is segmented by:
- Type: Water-based, Solvent-based, Hot-melt, Reactive.
- Resin Type: Acrylic Adhesive, Polyurethane (PU), Polyvinyl Acetate (PVA), Epoxy.
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Application: Residential, Commercial, Industrial.
In conclusion, the Construction Adhesives Global Market Report 2023 offers a wealth of insights and data that industry players can leverage to navigate the dynamic landscape of the construction adhesives market. By delving into the comprehensive analysis provided in this report, businesses can identify emerging opportunities, anticipate market trends, and make informed strategic decisions.
Construction Adhesives Global Market Report 2023 by The Business Research Company provides insights on the construction adhesives market size, construction adhesives market segments, construction adhesives market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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