Structural Adhesives Market Analysis (2023-2028)

The Global Structural Adhesives Market size is estimated at USD 17.86 billion in 2023, and is expected to reach USD 25.81 billion by 2028, growing at a CAGR of 7.64% during the forecast period (2023-2028).

The market was negatively impacted by COVID-19 in 2020. However, it recovered significantly in 2021, owing to rising consumption from various end-user industries, such as construction, automotive, and wind energy.

• Over the short term, the increasing investments in developing Asia-Pacific economies and increasing demand from the global construction and automotive sectors may drive the market studied.
• However, growing environmental and health concerns are expected to hinder the growth of the studied market.
• The growing research on underwater structural adhesives is likely to act as an opportunity for market growth in the future.
• Asia-Pacific dominated the market, with the most significant consumption recorded in China.

Market Trends

• With growing construction activity worldwide, the demand for structural adhesives is projected to increase during the forecast period. The global construction market was valued at around USD 7.2 trillion in 2021 and is likely to witness a growth rate of 3.6% in 2022.
• The construction sector in the Asia-Pacific region is the largest in the world and is expanding at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization. The highest growth for housing is also expected to be registered in the Asia-Pacific region, owing to the expanding housing construction markets in China and India. According to the National Bureau of Statistics of China, the output value of the construction works in the country in 2021 was CNY 25.92 trillion (~USD 4.03 trillion), increasing from CNY 23.27 trillion (~ USD 3.62 trillion) in 2020.
• The United States occupies a significant share of the North American construction industry. Canada and Mexico also contribute significantly to the construction sector. According to the US Census Bureau, the value of new construction put in place in the country accounted for USD 1,626,444 million in 2021, increasing from USD 1,499,570 million in 2020.