Market Trends of Hybrid Adhesives & Sealants Industry
This section covers the major market trends shaping the Hybrid Adhesives & Sealants Market according to our research experts:
Building & Construction Industry to Dominate the Market
- Hybrid adhesives and sealants are widely used in the building and construction applications. By end-user industry, the building and construction segment holds the largest share in the market studied. Hybrid adhesives and sealants offer excellent technical properties, easy and clean application, strong dynamic stress absorption, mechanical endurance, excellent adhesion, long-lasting joints, peel strength, resistance to temperature fluctuations, high chemical, UV, and water resistance, low odor and corrosion resistance, good shock and vibration resistance,and strong and secure adhesion with less substrates.
- MS polymer hybrid sealants are used widely in the building and construction sector. Some of their unique features include excellent adhesion to most common substrates, including wood, metals, plastics, and ceramics, and enhanced weather resistance. In fact, MS sealants show great durability, when exposed to extreme climates, with no signs of diminished adhesion, cracks, or discoloration.
- According to a study published by the Institution of Civil Engineers (ICE), the global construction industry is expected to reach a value of USD 8 trillion by 2030, primarily driven by China, India, and the United States.
- The construction industry in the United States continued to expand in 2019, owing to a strong economy and positive market fundamentals of the commercial real estate, along with an increase in the federal and state funding for public works and institutional buildings. Additionally, other factors, such as the Tax Cuts and Jobs Act of 2017 and the rebuilding activities (after being hit by the hurricane) in the southeastern region of the United States, contributed to the increase in activities in the US construction sector.
- The construction sector in Middle East & North Africa is expected to grow at the fastest pace, as the regional governments are investing in infrastructure projects.
- The construction industry in the GCC is rapidly increasing, with the United Arab Emirates and Qatar expected to be the bright spots, as they are focusing on mega projects, like FIFA World Cup 2022, which may drive the hybrid adhesives and sealants market in the region.
- Hence, owing to the above-mentioned reasons the building & construction industry is likely to dominate the market during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific accounted for the major market share owing to the high demand from countries like China, India, and Japan.
- Rising construction industry is the major boosting factor for the increasing demand of the market studied. Additionally, increasing aerospace manufacturing activities is also another factor adding tot eh growth of adhesives and sealants.
- For instance, the total investment in property had been steadily rising in China. Real estate investment, which is mainly focused on the residential sector, also includes construction of commercial and office space, is acting as the key driver for the growth of construction sector in China.
- Furthermore, under the plan, 'Made in China 2025', it is expected that China will supply over 10% home-made commercial aircraft to the domestic market by 2025. This is expected to propel the demand for PU coatings market during the forecast period.
- Also, the construction sector is one of the booming industries in India. The infrastructure sector is an important pillar for the growth of the Indian economy. The government is taking various initiatives to ensure time-bound creation of excellent infrastructure in the country.
- The country is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, witnessing the construction of 60 million new homes. The availability of affordable housing is expected to rise around 70% by 2024, in India. The Indian government's 'Housing for All by 2022' may also be a major game changer for the industry.
- India has been successful in catching the attention of major aerospace defense manufacturers, owing to its low production cost facilities and strong focus from the government on building the manufacturing sector, under the 'Make In India' initiative.
- Such factors are boosting the demand for hybrid adhesives & sealants market in the country.
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