New York, United States, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Construction adhesive is versatile for affixing sheetrock, tile, molding, and fixtures to walls, ceilings, and floors. Typically, it is sold in cylinders intended for use with caulking machines. There are numerous chemical compositions for adhesives used in construction. Typical components include clay, cement, polyurethane monomers, styrene-butadiene rubber, acrylic resin, hexane, and various initiators and functional additives. According to Straits Research, “The global construction adhesives market size is estimated to reach USD 17.88 billion by 2031, growing at a CAGR of 5.34% during the forecast period (2023–2031).” Due to new building materials, techniques, and time constraints, construction adhesives are increasingly used on construction sites for structural and non-structural bonding. Examples include bonding insulating boards, gypsum, wood laths, and joining reinforcement and facade elements.
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Growing Investments in Infrastructure Development Drives the Global Market
The rising number of infrastructure development initiatives in developed and developing nations is a significant factor driving market expansion. Investments in infrastructure projects, the expansion of existing airports, the construction of new ones, and the expansion of educational institutions, hospitals, industrial facilities, and water infrastructure are also anticipated to contribute significantly to the market's projected revenue growth.
Construction adhesives find application in several contexts, such as the installation of flooring, lamination processes, and roofing projects. Due to technological advances, polyurethane and epoxy-based adhesives have expanded their applications in the construction industry. Therefore, increasing investments in infrastructure development are anticipated to stimulate market expansion.
Increasing Demand from the Residential Sector Creates Tremendous Opportunities
Developing nations' surging population and disposable income have affected the demand for the residential sector. Due to the need for higher living standards and the emphasis on investments in developing nations, the demand for residential buildings has risen exponentially. The global residential building construction industry is anticipated to grow due to the tremendous growth potential for single-family and multifamily housing units.
Rising business sector growth, low-interest-rate environments, rising discretionary cashflows, accelerated urbanization, a growing population, and innovative developments drive the global residential building construction industry. The residential sector is expected to grow at a 7.1% CAGR over the next five years, constituting roughly 44% of the total construction growth. Therefore, rising residential demand is anticipated to generate opportunities for market expansion.
Regional Analysis
Asia-Pacific is the most significant global construction adhesives market shareholder and is estimated to exhibit a CAGR of 5.48% during the forecast period. Increasing population and disposable income in China, India, and Indonesia have fueled residential housing growth in the Asia-Pacific region, thereby boosting the demand for construction adhesives in the industry. Multiple mega infrastructure projects and 2,991 hotel construction projects are anticipated to propel the construction industry in China to a 4.21 percent CAGR between 2016 and 2021.
Similarly, Indonesia has the potential to expand by approximately 9 percent over the next five years due to the pipeline of 378 hotel and residential construction projects. Due to the COVID-19 pandemic, postponing the 2020 Tokyo Olympics to 2021 accelerated new infrastructure projects and upgrades and contributed to developing the Japanese construction industry after 2020. The demand for construction adhesives will increase with the construction industry over the forecast period.
Key Highlights
- The global construction adhesives market was valued at USD 11.20 billion in 2022. It is estimated to reach USD 17.88 billion by 2031, growing at a CAGR of 5.34% during the forecast period (2023–2031).
- Based on type, the global construction adhesives market is segmented into acrylic, polyurethane, polyvinyl acetate, epoxy, and others. The acrylic segment is the largest revenue contributor to the market and is projected to exhibit a CAGR of 5.67% over the forecast period.
- Based on technology, the global construction adhesives market is bifurcated into solvent-based, water-based, hot-melt, reactive, and others. The water-based segment is the highest contributor to the market and is anticipated to exhibit a CAGR of 5.54% over the forecast period.
- Based on application, the global construction adhesives market is bifurcated into the residential and commercial segments. The residential segment dominates the global market and is predicted to grow at a CAGR of 5.41% over the forecast period.
- Asia-Pacific is the most significant global construction adhesives market shareholder and is estimated to exhibit a CAGR of 5.48% during the forecast period.
Competitive Players
The key global construction adhesives market players are Henkel, 3M, Arkema, Sika, Dap Products, BASF, Dow, Franklin International, ITW Performance Polymers, Avery Dennison, Mapei, Laticrete International, Terraco, Fosroc, H.B. Fuller, and others.
Market News
- In June 2023, H.B. Fuller Company, the world's largest provider of pureplay adhesives, announced that it had finished two strategic acquisitions that will accelerate the transformation of the company's portfolio toward more highly specified applications and enhance the diversification of H.B. Fuller's Construction Adhesives (CA) business.
- In April 2023, US adhesives manufacturer HB Fuller announced its intentions to shut down a North American construction adhesives plant and leave a facility in Argentina.
Global Construction Adhesives Market: Segmentation
By Type
- Acrylic
- Polyurethane
- Polyvinyl Acetate
- Epoxy
- Others
By Technology
- Water-Based
- Solvent Based
- Hot-melt
- Reactive
- Others
By Applications
- Residential
- Commercial
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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