According to a new report published by Allied Market Research, titled, Construction Adhesives & Sealants Chemical Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2015-2023, the global construction adhesives & sealants chemical market was valued at $7,131 million in 2016, and is expected to reach $12,844 million by 2023, growing at a CAGR of 8.8% during the forecast period. In 2016, water-based adhesives accounted for two-fifths of the total share, in terms of revenue, whereas acrylic sealants accounted for one-third of the total share.
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Glass building constructions for commercial space are rapidly increasing. Large sheets of glass for windows, doors, and roof installed in these modern structures require sealants in the panel to achieve a weather-tight structure. Improvement in lifestyle patterns in emerging countries such as China, India, Brazil, Middle East, and Africa owing to the rapid economic development and increase in disposable income have fueled the development of residential projects, which resulted in increased demand for adhesives & sealants.
Volatility in the prices of raw material and regulatory intervention for high volatile organic compounds (VOCs) from the environment bodies & federal agencies are projected to hamper the growth of market during the forecast period. Stringent regulations have promoted R&D activities to develop bio-based adhesives & sealants with reduced carbon footprints, which is expected to provide lucrative opportunities for the key players.
Key Findings of the Construction Adhesives & Sealants Chemical Market
- Asia-Pacific is expected to lead the market during the forecast period, followed by LAMEA
- In 2016, the infrastructures application generated the highest revenue, and is projected to grow at a CAGR of 9.2% during the forecast period
- In 2016, the acrylic sealants type generated the highest revenue, and is projected to grow at a significant CAGR during the forecast period
- The residential segment is anticipated to show high growth rate, registering a CAGR of 8.5%
- LAMEA accounted for approximately one-fourth share in terms of revenue, in 2016.
- The construction adhesives & sealants chemical market in North America is anticipated to grow at a CAGR of 7.4%
- Asia-Pacific and LAMEA collectively contributed more than half of the share in global market, in terms of revenue, in 2016
The key players operating in the market are Henkel AG & Company, H.B. Fuller, Bostik SA, Sika AG, 3M Company, Illinois Tool Works Corporation, Avery Dennison Corporation, DAP Products, Royal Adhesives & Sealants, LLC., and Franklin International.