TAGS: Epoxy Adhesives Acrylic Adhesives Waterborne Adhesives
Research and Markets (RM) anticipates that the global structural adhesive market size is expected to reach USD 31.9 billion by 2030., registering a CAGR of 5.8% from 2022 to 2030.
The demand for the product is attributed to the rise in the consumption of the product in the construction, transportation, and consumer appliances industries. Additionally, it is utilized in creating a bond between metals, plastics, foams, and fabrics in furniture.
Corrosion & Dust Resistance
Adhesives are extensively used in the majority of day-to-day products. The furniture industry uses several types of adhesives such as polyvinyl acetate, synthetic rubber-based adhesive, cyanoacrylates, chloroprene rubber, and epoxy. Factors such as growing demand for hybrid and durable rubber and rising inclination toward modular and compact furniture are anticipated to drive the furniture industry, leading to the growth of the market during the forecast period.
Several advantages of adhesives such as high flexibility, lightness, chemical, corrosion & dust resistance, and compatibility with varied substances are anticipated to drive the demand for the product from the construction industry in HVAC, roofing, cables, floorings, windows, carpet, and others.
The market growth was negatively impacted for a short period due to COVID-19 owing to the shutting down of manufacturing plants in the automotive, industrial, and construction sectors. The demand fluctuations from these end-use industries had a direct impact on structural adhesives. Additionally, the lockdown impacted the industrial construction sector owing to the slowdown in construction activities.
Water-based Technology to Expand at 6.0% CAGR
Companies are continuously involved in the expansion of manufacturing plants in order to ensure a quick supply of their products to customers and enhance the production capacity of the product. For instance, Henkel AG & Co., AGaA opened its new manufacturing plant in Mexico to ensure the timely availability of the products to the customers.
The water-based technology segment is expected to expand at a lucrative CAGR of 6.0% during the forecast period based on revenue owing to an increase in its bonding applications in leather, wood, and textiles. The epoxy product segment is expected to expand at a significant CAGR of 6.2% from 2022 to 2030 based on revenue as it ensures high strength towards permanent bonding applications.
Highest Growth in Asia Pacific Region
The construction application segment is anticipated to register a revenue-based CAGR of 5.8% during the forecast period due to the rise in the consumption of the product in residential and commercial construction activities. Asia Pacific region is anticipated to register the fastest CAGR of 6.3% during the forecast period based on revenue owing to a rise in the industrial output in China, India, and Southeast Asia.
The growth of the North American construction industry is largely supported by the rapid expansion of the residential housing sector. The construction sector in the U.S. has outperformed Mexico and Canada in the past few years. Companies have been boosting their production capacities in order to keep up with the rising demand from the end-use industries such as construction and transportation.
Source: Research and Markets