Apr 28, 2023
Steady growth forecast for construction adhesives market
The global construction adhesives market size is expected to reach US$14.76 billion, growing at a compound annual growth rate (CAGR) of 4.9% by 2030, says a report by Grand View Research, Inc. The emergence of COVID-19 affected the construction industry around the world in 2020 and its impact continued in 2021 and 2022 as well in certain countries. Polyvinyl acetate resins witnessed the fastest growth rate with a CAGR of nearly 5.9%. These adhesives do not contain solvents and are, therefore, useful to consolidate porous construction materials such as sandstone. Reactive and other technology had a CAGR of nearly 5.2%. These technologies exhibit long-term durability and high bond strength under severe environmental conditions. Commercial applications led growth with a CAGR of nearly 5.4%. The segment growth over the forecast period is anticipated to profit from the rising number of commercial buildings such as pharmacies, grocery stores, and large box stores that have been constructed over the past few years. Focus on sustainable construction and infrastructure projects is anticipated to assist the market growth during the coming years. The adoption of digitization and emerging technologies is another key factor, which is likely to provide a boost to the building and construction sector and associated materials over the long term.
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