High growth rates in the construction industry, specifically the residential housing market, and worldwide legislation on solvent emissions are driving global demand for construction adhesives and sealants.
Global demand for construction adhesives will increase from 1.865 million tonnes in 2013, to 2.28 million tonnes by 2019, according to a new market report.
This surge in demand will see its market value increase in value from $5.36 billion in 2013, to $6.67 billion at an average annual growth of 3.7% to 2019. The overall global adhesive and sealant industry comprised almost 1.3 million tonnes with a value of $41 billion in 2013.
The Future of Construction Adhesives and Sealants to 2019– demonstrates the large size of the overall global market, with high growth expected inChinaand Latin America. In 2010Chinaovertook theUSto become the world’s largest construction market, and although construction is expected to slow inChinabecause of slower population growth, projections show that the nation will maintain its leading position.China’s global share is forecast to rise from 18% today to 26% in 2025 as a result of increased urbanisation and a growing middle class.
TheUSis also expected to see an upturn in construction as a result of population growth, but its share will remain at 12% of the global market. Many nations are expected to see growth over the period, but others,Japanfor example, will see their construction sectors slow as a result of declining or ageing populations and decreased economic growth. Despite its slowdown,Japanis expected to be the ninth-largest contributor to global construction growth. The market in Western Europe is expected to contract by nearly 5% compared with its pre-recession peak in 2007, whereas the market in North America is expected to be nearly 40% larger.
The report states that the overall consumption of adhesives and sealants in the construction industry is inextricably related to the growth of GDP globally and for individual countries – the global construction industry currently represents about 10% of global GDP. Adhesives are materials designed to hold materials together by surface attachment, often as alternatives to mechanical fastening systems. Construction adhesives and sealants are a substantial part of this market and are used in the construction of buildings, in civil engineering and in renovation and maintenance. These materials comprise some 28% of all global construction chemical with construction adhesives and sealants having approximately 19% of the volume and 13% of the value.
Based on extensive primary research –T – Market Forecasts to 2019–demonstrates high growth rates in the construction industry, specifically the residential housing market, and worldwide legislation on solvent emissions are driving global demand for construction adhesives and sealants. This comprehensive report provides exclusive analysis of key market drivers and trends that will shape the future of the industry over the next five years.