Specialty Adhesives Market - Growth, Trends, and Forecast (2020 - 2025)
The market for specialty adhesives is expected to grow at a CAGR of more than 4% during the forecast period. Major factors driving the market studied are the growing demand from medical sector. Stringent Regulations is expected to hinder the growth of the market studied.
Infrastructural development in emerging economies is expected to grow during the forecast period owing to the increasing construction activities.
Increasing demand for the stabilizing European construction sector is likely to act as an opportunity in the future.
AsiaPacific dominated the market across the globe with the largest.
Key Market Trends
Growing Demand for Construction Activities
The demand for specialty adhesives is majorly used in the construction industry. The growth in the global population is driving the need for more and more highrise living vertical towers, as well as more urban buildings, which is likely to pose a life safety risk.
According to the world bank, in 2020, the expenditure of construction industry is expected to reach about USD 11.9 trillion, with an increase of about 4.2%.
The construction activities are rapidly increasing in various regions such as AsiaPacific, North America, and Europe, etc.
The pace of growth in the global construction industry is expected to increase during the coming years, in regions, such as MiddleEast and Africa. This reflects the huge investment in building and infrastructure that is taking place in Saudi Arabia, the United Arab Emirates, and Qatar.
With the increasing growth rate of construction activities around the globe, the demand of specialty adhesives is expected to increase in the forecast period.
AsiaPacific Region to Dominate the Market
AsiaPacific region dominated the global market share in 2018. With growing industries such as construction, medical, aerospace etc., the need for specialty adhesives in countries such as China, India, and Japan, is increasing in the region.
Building construction has been growing in AsiaPacific. This can be attributed to population growth resulting in the need for more residential and commercial sectors.
Furthermore, China’s One Belt, One Road initiative, focuses on green development and urbanization with infrastructure development of the airport, roads, and 30,000 km of highspeed rail covering which will cover more than 80 cities and 60% of urbanization ratio with permanent residents, which increase the demand for specialty products.
The Japanese aerospace industry manufactures aircraft components mainly for commercial aircraft and defense aircraft. The production of commercial aircraft is increasing from the last couple of years, owing to the increasing cargo demands.
Most of the aerospace companies in the country are engaged in maintenance repair and operations, such as airplanes and jet engine maintenance and system maintenance. Companies like IHI, Subaru are in the business of maintenance, repair, and overhaul, and work upon more than 100 aircraft per year.
The aforementioned factors is expected to drive the growth of the market in the forecast period.
The specialty adhesives market is semiconsolidated. The major companies include 3M, Arkema Group (Bostik SA), Henkel AG & Co. KGaA, Master Bond Inc., and Permatex, among others.
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