Albany, NY -- (SBWire) -- 02/27/2019 --The global construction adhesives market was valued at US$ 9,202.3 Mn in 2017 and is anticipated to reach US$ 14,615.6 Mn in 2026, expanding at a CAGR of 5.2% from 2018 to 2026, according to a new report titled 'Construction Adhesives Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR). The global construction adhesives market is driven by the increase in demand for construction adhesives in residential housing and infrastructure industries. Asia Pacific dominates the global market, driven by the significant economic progress and infrastructure development in various countries in the region.
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Increase in Demand for Construction Adhesives in Residential Housing and Infrastructure Industries
The residential and non-residential construction sectors in the U.S. expanded significantly in 2017. This trend is likely to continue during the forecast period. The residential construction sector in the U.S. experienced year-on-year growth of 10.52% and 10.58% in 2016 and 2017, respectively. The non-residential construction sector expanded by 7.71% from 2015 to 2016. Major growth was witnessed in health care, commercial, and office buildings in the country. The housing market in the U.S. is estimated to expand at a rapid pace in the near future. New York, Houston, Los Angeles, and Chicago are projected to represent 20% of total construction output in the U.S. by 2026. India is expected to overtake Japan and become the third leading construction market in the world by 2026.
The U.K. is set to become the sixth leading construction market in the world. The country is anticipated to overtake Germany to become the leading construction market in Europe by 2026. The U.K. needs to build around 3.3 million houses over the next 15 years to meet the requirements of its growing population. The construction market in Spain is projected to expand significantly in Europe in the near future. However, growth of the construction market in Germany is projected to slow down substantially by 2026. Mexico is likely to overtake Brazil by 2030, becoming the leading construction market in Latin America during the forecast period.
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Stringent Environmental Regulations in North America and Europe
VOC emissions that occur during the use of construction adhesives pose serious threat to the environment. Several countries have set guidelines regarding the permissible limit for VOC emission during the usage of construction adhesives, especially solvent-based construction adhesives, in industries. Manufacturing operations are bound by rules and regulations with respect to evaluation, registration, storage, usage, handling, and transportation of certain substances and their emissions, effluents, and related wastes. Violation of such regulations can result in heavy penalties, leading to legal issues. This is expected to restrain the demand for construction adhesives. Most manufacturers are shifting from solvent-based construction adhesives to water-based adhesives. Rapid industrialization and urbanization has increased air pollution, which has affected the health of people across the globe. Several countries are facing pressure from domestic and international regulatory bodies to formulate regulations and principles regarding VOC control in order to curb air pollution. Air pollutants such as VOCs, particulate matter (PM), carbon monoxide (CO), oxides of nitrogen (NOx), and sulfur dioxide (SO2) cause serious hazards to agriculture and climate worldwide. VOCs cause major air pollution in urban and remote areas. Emission standards have been fixed for effective control of air pollution. These standards allow permissible limits that are formulated by organizations such as Central Pollution Control Board, Ministry of Environment & Forests, Bureau of Indian Standards (BIS), World Health Organization (WHO), and National Emissions Inventory (NEI). The NEI is a composite of data collected from various sources, including the industrial sector, EPA models, and numerous state and local agencies engaged in air quality management.
Construction Adhesive Market Current Trends and Future Aspect Analysis 2026