Construction Adhesive Market Size, Share and Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3530
Global construction adhesive market size is expected to witness commendable growth over 2021-2027, due to the implementation of affordable housing projects, particularly in Europe. Likewise, the rising allocation of funds for infrastructural advancements and the subsequent upliftment of related sectors like steel and cement will further boost the demand for construction joint adhesives. The usage of construction adhesives provides certain advantages over other binding techniques, such as the ability to bind different materials, efficient stress distribution across the joint, cost-effectiveness, and greater design flexibility.
High government funding for the accelerated construction of hospitals is one of the prominent trends bolstering the construction adhesive market dynamics. For example, in 2020 the UK government announced a commitment of $5.09 billion to build 40 hospitals in England by 2030. Additionally, the mounting deployment of polyurethane foam adhesives for subfloor installation, owing to their superior bond strength will also create growth opportunities for construction adhesive distributors worldwide.
With regards to resin type, the epoxy segment is expected to hold an appreciable share of the construction adhesive market by 2027. This can be credited to the extensive use of this uniquely versatile composite material over other conventional materials in the construction industry. The demand for construction epoxy adhesives will further be boosted by their excellent bonding capacity, low shrinkage, and gap-filling properties.
Middle East & Africa is anticipated to emerge as a lucrative revenue pocket for the construction adhesive industry by 2027, on account of the growing megacities projects in the region. In March 2021, the Crown Prince of Saudi Arabia introduced a $500 billion signature megacity project, with an objective to diversify the nation’s economy. However, the sharp rise in building and construction material and project costs over the past months may create roadblocks to steady market expansion in the MEA region.
The competitive landscape of the construction adhesive market consists of companies including Avery Dennison Corporation, Franklin International, Henkel AG & Co., The Dow Chemical Company, Bostik SA (Arkema), Sika AG, H.B. Fuller, and 3M Company, among others. These market participants are implementing strategies like innovative product launches, business expansions, and mergers and acquisitions to gain a competitive edge over rivals across the global market.
For instance, Sika took over Hamatite, a leading producer for automotive and construction adhesives, in April 2021. This deal was inked with an aim to expand bonding and sealing product offerings for Japan’s construction industry and boost Sika’s access to Japanese OEMs. In October 2020, H.B. Fuller launched a range of Professional Grade MRO Industrial adhesives, lubricants, and sealants under the brand name, GorillaPro, in Canada and the U.S. This new product range was designed for use in varied industrial applications, such as construction and packaging.
Growing Construction Material Costs During COVID-19 to Influence Construction Adhesive Market Trends:
The deadly coronavirus pandemic has caused an unprecedented economic and social disruption across almost all sectors of the economy, including the building and construction materials industry. Suppliers of construction materials in Singapore, France, Germany, and other countries have experienced a massive blow due to COVID-19. Price hikes and issues regarding material shortage in this sector could impede the construction adhesive industry share over the foreseeable future. Slow but steady recovery of public and commercial infrastructure development in emerging economies could foster the consumption of construction materials over the coming few years.
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