Global Construction Adhesives Market Set For 8.9% Growth, Reaching $17.05 Billion By 2028
Construction Adhesives Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Projected Market Size and Growth Rate of the Construction Adhesives Market?2
The construction adhesives market has witnessed considerable growth recently and is poised for further expansion. From $11.15 billion in 2023, it is expected to reach $12.14 billion in 2024, boasting a compound annual growth rate CAGR of 8.9%. This historic growth can be largely attributed to the rise in construction and infrastructure projects, building renovations and repairs, a growing need for green building and sustainability, increasing regulatory compliance, and burgeoning urbanization and population growth.
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How Will the Construction Adhesives Market Evolve in the Foreseeable Future?
The construction adhesives market is predicted to experience robust growth in the next few years, reaching $17.05 billion by 2028 at a CAGR of 8.9%. The forecast period's growth is expected to be fueled by the rise in digital construction workflows, circular economy practices, construction safety standards, emerging market growth, and adaptation to changing climatic conditions. The period is also set to witness significant trends, such as high-performance and specialty adhesives, innovative prefabrication and modular construction, the introduction of sustainable and low-VOC adhesives, innovative technological integration, and smart building technologies.
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Which Factors Are Driving the Construction Adhesives Market Growth?
The surge in construction activities is a key driver propelling the growth of the construction adhesives market. Construction is the process of assembling materials to erect large-scale structures. The rising construction activities for both residential and non-residential buildings are adding impetus to the construction adhesives market's growth. For instance, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported that in 2021, 1,337,800 new residential construction units were completed—a 4% increase from 2020. This surge in construction activities underpins the growth of the construction adhesives market.
Who Are the Key Players in the Construction Adhesives Market?3
Prominent companies operating in the construction adhesives market include Minnesota Mining and Manufacturing Company., Adhesives Technology Corporation, Arkema SA, Avery Dennison Corporation, DAP Products Inc., Dow Inc., H.B. Fuller Company, Henkel AG & Co. KGaA, ITW Performance Polymers, MAPEI S.p.A., Sika AG, Wacker Chemie AG, Ashland Inc., Don Construction Products Limited, Franklin International Group Ltd., Parker Hannifin Corp., LORD Corp., M-D Building Products Inc., RPM International Inc., BASF SE, Permabond LLC, ARDEX AMERICAS Inc., Huntsman International LLC, Bostik SA, Jowat SE, Pidilite Industries Limited, Royal Adhesives & Sealants LLC, The Dow Chemical Company, Akzo Nobel N.V., Chemence Inc., Collano Adhesives AG, Delo Industrial Adhesives LLC, Hexion Inc., Master Bond Inc., Parson Adhesives Inc.
What Are the Emerging Trends in the Construction Adhesives Market?
An emerging trend in the construction sector is the growing usage of bio-based adhesives. With growing environmental awareness and depleting fossil resources, the development of bio-based adhesives with lowered carbon footprints has become critical. These adhesives, derived from renewable, bio-based materials, are environmentally friendly and boast impressive mechanical and chemical properties, making them more efficient. Henkel AG & Co., a Germany-based chemicals company, announced the development of LOCTITE HHD 3544F, the industry’s first bio-based adhesive, in May 2021. This adhesive sources two-thirds of its content from renewable, plant-based feedstocks.
How is the Construction Adhesives Market Segmented?
The construction adhesives market covered in this report is segmented as follows:
1 By Type: Water-based, Solvent-based, Hot-melt, Reactive
2 By Resin Type: Acrylic Adhesive, Polyurethane PU, Polyvinyl Acetate PVA, Epoxy
3 By Application: Residential, Commercial, Industrial
What Does the Regional Perspective of the Construction Adhesives Market Look Like?
Asia-Pacific, the largest region in the construction adhesives market in 2023, is projected to be the fastest-growing region during the forecast period. The report also includes detailed regional insights into Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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