The specialty adhesives market is expected to register a CAGR of more than 4.2% during the forecast period of 2019 - 2024. Major factor driving the market studied is the growing demand from the various sectors, such as construction, medical, etc. However, stringent regulations are expected to hinder the growth of the market studied.
- Infrastructural development in the 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.
- Asia-Pacific dominated the market across the world with the largest consumption.
Key Market Trends
Growing Demand for Construction Activities
- The demand for specialty adhesives is majorly from the construction industry. The growth in the global population is driving the need for more high-rise living vertical towers, more urban buildings, etc.
- The global construction sector is expected to expand in real terms, by an annual average of 3.2% over the next decade, to a nominal value of more than USD 6.0 trillion
- The construction activities are rapidly increasing in the various regions, such as Asia-Pacific, North America, and Europe.
- The pace of growth in the global construction industry is expected to increase during the coming years, in regions, such as Middle East & Africa. This reflects the huge investment in building and infrastructure that is taking place in Saudi Arabia, United Arab Emirates, and Qatar.
- With the increasing growth rate of construction activities around the world, the demand for specialty adhesives is expected to increase in the forecast period.
The Asia-Pacific Region is Expected to Dominate the Market
- The Asia-Pacific 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.
- The building and construction industry has been growing in Asia-Pacific. 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 high-speed rail covering, which may 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, owing to the increasing cargo demands.
- Most of the aerospace companies in Japan are engaged in maintenance repair and operations, such as airplanes and jet engine maintenance and system maintenance.
- Aforementioned factors are expected to drive the growth of the market in the forecast period.
The specialty adhesives market is semi-consolidated. The major companies include 3M, Arkema Group (Bostik SA), Henkel AG & Co. KGaA, Master Bond Inc., and Permatex, among others.
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