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Global Construction Adhesives & Sealants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Global Construction Adhesives & Sealants Market is projected to register a CAGR of 6.22%. Key Highlights. Largest Segment by Technology - Sealants : Globally, sealants registered the highest market share due to their wide applications in the building and construction industry, including joint sealing, insulation, curtain wall, façade, and glazing.
New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Construction Adhesives & Sealants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381271/?utm_source=GNW
Largest Segment by Resin - Polyurethane : Polyurethane resins hold the largest market share owing to their wide applications as adhesives and sealants in the building and construction industry, specifically for both interior and exterior applications.
Largest Segment by Region - Asia-Pacific : The Asia-Pacific region is the largest regional segment, driven mainly by the demand for residential and commercial construction in countries including India, China, South Korea, Thailand, and Japan.
Fastest-growing Segment by Region - Asia-Pacific : Due to the increasing population and rapid urbanization in countries such as China, India, Indonesia, and Malaysia, the Asia-Pacific region is projected to be the fastest-growing region in the market during the forecast period.
Key Market Trends
Polyurethane is the largest segment by Resin.
Globally, the most prominent are adhesives and sealants based on polyurethane, acrylic, silicone, and polysulphide resins. Global demand for these products witnessed slow growth during 2017-2019 due to a decline in construction activities in the Asia-Pacific and European regions. The demand from these two regions recorded CAGRs of -1.82% and 0.73%, respectively, in this period. The demand for construction adhesives and sealants declined in 2020 from all regions due to a shortage of raw materials, workers, and other factors due to the COVID-19 pandemic. Among all resins, the demand for adhesives based on cyanoacrylate resins took the worst hit and declined by 6.19% compared to 2019.
In 2021, as restrictions eased, the demand for construction adhesives and sealants quickly rebounded to the pre-pandemic levels. Support schemes like the Homebuilder program in Australia played a crucial role in the demand growth. This growth trend is expected to continue throughout the forecast period, and the demand for construction adhesives and sealants is expected to record a CAGR of 4.13% during the forecast period 2022-2028.
Construction adhesives and sealants based on acrylic resin occupied the largest share of the demand among all resins because of their strong bonds. The demand share for acrylic resins is expected to remain the highest during the forecast period. The demand growth for silicone resin-based construction adhesives and sealants is expected to outpace the demand growth for acrylic resin-based construction adhesives and sealants over the forecast period.
Asia-Pacific is the largest segment by Region.
Asia-Pacific accounted for the largest share of the demand for construction adhesives and sealants throughout the study period because of the large number of construction activities in China, Japan, South Korea, India, Australia, and other countries in the region. China has the largest construction market globally and generates up to 71% of the demand from Asia-Pacific due to the country’s large population and increasing urbanization.
In 2017-2019, the demand for construction adhesives and sealants was sluggish due to a decline in construction activities in a few countries in Europe and South America because of the increased volatility of financial markets and increased interest rates by central banks of countries like Argentina.
In 2020, the demand for construction adhesives and sealants declined by up to 27% in a few countries, but the global impact was not severe as construction activities were deemed essential in a few countries like South Africa and Brazil, among others. In a few countries, like Russia, construction sites were the first to reopen after the pandemic. These factors cushioned the COVID-19 pandemic’s impact on the global market, restricting the decline to 7.6%.
In 2021, due to relief packages and support schemes in countries like the United States, Australia, and EU countries, construction activities quickly reached their pre-pandemic levels, thus boosting the demand for construction adhesives and sealants. Infrastructure construction adhesives and sealants are expected to witness the largest growth among other construction adhesives and sealants types during the forecast period because of increased investments and budget allotments in European, South American, and Asia-Pacific countries.
Competitive Landscape
The Global Construction Adhesives & Sealants Market is fragmented, with the top five companies occupying 32.69%. The major players in this market are Arkema Group, Henkel AG & Co. KGaA, MAPEI S.p.A., Sika AG and Soudal Holding N.V. (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381271/?utm_source=GNW
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