TAGS: Hot-melt Adhesives Acrylic Adhesives Solvent borne Adhesives Waterborne Adhesives
Markets and Markets (M&M) anticipates that the global construction adhesive tapes market size is projected to grow from 2.5 USD million in 2022 to 3.1 USD million by 2027, growing at a CAGR of 4.6% during the forecast period.
The demand from the construction industry is expected to drive the growth of the market during the forecast period between 2022 to 2027. However, factory shutdowns, interrupted supply chains, and reduced demand from end-use industries has negatively affected the construction adhesive tapes market.
Impact of COVID-19
The COVID-19 pandemic and pre-existing regulatory issues such as protracted permitting procedures have slowed the production of construction adhesive tapes. However, the demand is expected to recover in the coming years. COVID-19 was first identified in China, and the pandemic later disrupted the global construction adhesive tapes supply chain, resulting in reduced manufacturing activities across end-use industries.
The construction industry has resumed manufacturing activities and is soon expected to recover from the impact of the COVID-19 pandemic, leading to the growth of the construction adhesive tapes market.
Increasing Demand in Emerging Economies
The global economy is recovering from the slowdown and is expected to revive the construction industry that directly increases the consumption of construction adhesive tapes. On the other hand, emerging economies such as India, China, Brazil, and the countries in the Middle East are focusing on public infrastructure development. This growth in infrastructural development is a major growth factor for the construction adhesive tapes market.
According to India Brand Equity Foundation, the infrastructure sector is a key driver of the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from the government for initiating policies that would ensure the time-bound creation of world-class infrastructure in the country. The increased government spending in China has bolstered the demand for construction adhesive tapes in the country.
The developed countries such as the US, Germany, the UK, Japan, and the other Western European countries have established infrastructure for public, commercial, and transport sectors. The developed infrastructure in these countries provides low scope for new construction activities.
Moreover, infrastructures are built to sustain for a longer period, thus providing low opportunities for growth of the construction adhesive tapes market. It is projected that in the next five years the demand for construction adhesive tapes will witness moderate growth, mainly because of the increased activity in the construction sector.
Hot-melt Technology Accounted for Largest Market Share
Based on technology, the construction adhesive tapes market has been classified into hot-melt based, solvent-based, and others. The hot-melt based segment of the construction adhesive tapes market had the largest market share in 2021, in terms of value and volume. This technology offers a various benefits compared to other adhesive technologies such as excellent adhesion, quick set and ease of use, fast processing, and others.
Acrylic resin type segment segment dominated the construction adhesive tapes market, in terms of value and volume
Based on resin type, the construction adhesive tapes market has been classified into acrylic, rubber, and others. The acrylic segment is expected to lead the construction adhesive tapes market during the forecast period, in terms of value and volume. The acrylic resin has a high demand owing to its advantageous physical and chemical properties, lower cost, and applications in various end-use applications in the construction industry. Acrylic-based adhesive tapes are suitable in solvent- and water-based technologies because they offer higher resistance to other solvents, chemicals, and water.
The flooring segment is projected to lead the construction adhesive tapes market during the forecast period, in terms of value and volume. Flooring application is expected to grow significantly in the adhesive tapes market. the adhesive tapes are used for protecting delicate surfaces & products, lane marking, and repairing purposes. Acrylic resin-based adhesives take most part of the flooring application adhesive tapes, owing to its high abrasion and temperature resistance, and smooth surface finish.
The residential end-use industry segment is projected to lead the construction adhesive tapes market during the forecast period, in terms of value and volume. The use of construction adhesive tapes in residential applications is attributed to the benefits offered by them such as increased strength, excellent quality of finish, improved tensile strength, aesthetics, improved productivity, and reduced manufacturing costs.
Highest Growth in Asia Pacific Region
Asia Pacific has emerged as the leading consumer as well as producer of construction adhesive tapes owing to the growing building & construction activities in the emerging countries of the region, increasing domestic demand, income levels, and easy access to resources. The growth in this market is also driven by foreign investments owing to cheap labor and economical and accessible raw materials.
Government proposals to improve public infrastructure and increase in cost-effective non-residential construction are also driving the construction adhesive tapes market growth in the region. Nevertheless, the North American and European construction adhesives market are still attractive markets for high-quality products and significant brand recognition. However, the manufacturers in these regions face tough competition from the Asia Pacific market, as the cost is an important factor for end customers and the local manufacturers in Asia Pacific are successfully providing similar construction adhesive tapes at lower costs.
Source: Markets and Markets (M&M)