Market Trends of Contact Adhesives Industry
This section covers the major market trends shaping the Contact Adhesives Market according to our research experts:
Construction Industry to Dominate the Market Demand
- Contact adhesives, owing to their characteristics and physical properties (such as good cohesion, adhesion and elasticity, high cohesive strength, flexibility, high elastic modulus of substrate, resistance from thermal expansion, environmental resistance from UV light, corrosion, sal twater, rain, and other weathering conditions), have extensive use in the construction industry.
- They are mainly used in wooden flooring and artificial turf, owing to their property of strain crystallization. Though the use of contact adhesive in the construction sector is considered to be steady, the market is, however, expected to be affected at present, owing to the declining sector in the country.
- Countries such as the United States, China, India, etc., are the major countries where the construction industry is booming. With the increasing population in such countries, the demand for construction is also growing.
- For instance,according to the World Bank, globally, by 2020, theconstruction industry expenditure is likely to reach around USD11.9 trillion.
- Such an increase in the construction industry is likely to increase the demand for the contact adhesive market over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share. The robust demand from industries, such as automotive, construction, footwear, furniture, and packaging, are likely to drive the growth of contact adhesives in the region.
- The following Asia-Pacific countries, such as China, India, Indonesia, Pakistan, and Bangladesh, are among the top 10 most populous countries in the world. Moreover, the population in such countries is increasing continuously, which is expected to significantly add to the demand for footwear in the coming years.
- The Chinese government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities, over the next 10 years.
- The Indian government’s target of investing USD 120.5 billion, for developing 27 industrial clusters, is expected to boost commercial construction in the country.
- China already has numerous airport construction projects under the planning or developing phase. The Indian government also plans to construct 100 new airports, by 2032.
- In addition, residential and commercial construction is also increasing in countries, such as the Philippines, Vietnam, and Indonesia.
- Moreover, with such robust growth in construction activities, the demand and production in the furniture market are expected to increase at a robust rate, in the coming years.
- Countries in the region, such as India, Indonesia, Malaysia, and Thailand, have been witnessing an increase in investment and production in the automotive industry. Besides, China stands to be the largest automotive producer in the world.
- Though production declined in China during 2018, the automotive production is expected to increase in the future, driven by the government and automaker’s efforts toward developing and increasing the sales of electronic vehicles.
- The region is also witnessing the fastest growth in the global packaging industry, where countries, such as China and India, have been leading the market. Factors, such as e-commerce, online food deliveries, and innovation and development in the packaging industry, have been driving the growth of the packaging industry in the region.
- Hence, all such market trends are likely to drive the demand for contact adhesives in the region, during the forecast period.
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