LONDON–(BUSINESS WIRE)–#GlobalStructuralAdhesivesMarket–The structural adhesives market is expected to grow by 1.36 million tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Developing countries across the world are witnessing large scale migration of people from rural areas and urban areas. In 2019, the urban population in China accounted for approximately 60% of the total population compared to 55% in 2015. Similarly, India’s urban population increased from 32.77% in 2015 to 34.47% in 2019. The growth in the urban population is resulting in a rise in the number of construction projects. For instance, the Government of China is planning to invest over USD 1 trillion in urban infrastructure projects over the next decade. Such investment plans are increasing the demand for adhesives and sealants, including structural adhesives from the construction industry. These factors are expected to fuel the growth of the global structural adhesives market during the forecast period.
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As per Technavio, the growing demand for bio-based adhesives will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Structural Adhesives Market: Growing Demand for Bio-based Adhesives
The growing demand for environmentally-friendly products has increased the use of bio-based adhesives across end-user industries such as automotive, construction, and others. Vegetable-based polyamides and soybean-derived polyols, polyisoprene, and epoxies are the major biological products used to produce these adhesives. They do not emit VOCs and are safer and biocompatible. With the growing stringency of environmental regulations and rising consumer awareness regarding the adverse effects of synthetic materials, the demand for bio-based adhesives is expected to increase further during the forecast period. This trend is expected to have a positive impact on the growth of the global structural adhesives market.
“Increasing demand for lightweight automobiles and the rapid growth of the automotive industry will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Structural Adhesives Market: Segmentation Analysis
This market research report segments the structural adhesives market by Type (Urethane, Epoxy, Acrylic, Cyanoacrylic, and Others), Geography (APAC, Europe, North America, South America, and MEA), and Application (Construction, Transportation, Aviation, Wind energy, and Others).
The APAC region led the structural adhesives market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing demand from furniture, transportation, aerospace, and transportation industries in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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