Market Trends of Specialty Adhesives Industry
This section covers the major market trends shaping the Specialty Adhesives Market according to our research experts:
Growing Demand for Construction Activities
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The demand for specialty adhesivesismajorly used in the construction industry.The growth in the global population is driving the need for more and more high-rise living vertical towers, as well as more urban buildings, which is likely to pose a life safety risk.
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According to the world bank, in 2020, the expenditure of construction industry is expected to reach about USD11.9trillion, with an increase of about 4.2%.
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The construction activitiesarerapidly increasing in various regions such as Asia-Pacific, North America, and Europe, etc.
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The pace of growth in the global construction industry is expected to increase during the coming years, in regions, such as Middle East & Africa. This reflects the huge investment in building and infrastructure that is taking place in Saudi Arabia, the United Arab Emirates, and Qatar.
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With the increasing growth rate of construction activities around the globe, the demand of specialty adhesives is expected to increase in the forecast period.
Asia-Pacific Region to Dominate the Market
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Asia-Pacific region dominatedthe global market share in 2018. With growingindustriessuch as construction, medical, aerospace etc.,the need forspecialty adhesivesin countries such as China, India, and Japan, is increasing in the region.
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Building construction has been growing in Asia-Pacific. This can be attributed to population growth resulting in the need for more residential and commercial sectors.
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Furthermore,China’s One Belt, One Road initiative, focuses on green development and urbanization with infrastructure development of the airport, roads,and 30,000km of high-speed rail covering which will cover more than 80 cities and 60% of urbanization ratio with permanent residents, which increase the demand forspecialty products.
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The Japanese aerospace industry manufactures aircraft components mainly for commercial aircraft and defense aircraft. The production of commercial aircraft is increasing from the last couple of years, owing to the increasing cargo demands.
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Most of the aerospace companies in the country are engaged in maintenance repair and operations, such as airplanes and jet engine maintenance and system maintenance. Companies like IHI, Subaru are in the business of maintenance, repair, and overhaul, and work upon more than 100 aircraft per year.
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The aforementioned factors is expected to drive the growth of the market in the forecast period.
