According to a report by Straits Research, the global construction adhesives market is expected to grow from $11.2 billion in 2022 to $17.88 billion in 2031 with a CAGR of 5.34%. The growth is expected to come from to investments in infrastructure, rising demand from the residential sector, as well as advancements in construction techniques and versatile bonding applications.
Due to new building materials, techniques, and time constraints, construction adhesives are increasingly used on construction sites for structural and non-structural bonding. Construction adhesives are versatile for affixing sheetrock, tile, molding, and fixtures to walls, ceilings, and floors. There are numerous chemical compositions for adhesives used in construction. Typical components include clay, cement, polyurethane monomers, styrene-butadiene rubber, acrylic resin, hexane, and various initiators and functional additives.
Developing nations' surging population and increased disposable income have affected the demand from the residential sector. According to the report, the need for higher living standards and the emphasis on investments in developing nations, the demand for residential buildings has risen exponentially. The global residential building construction industry is anticipated to grow due to the tremendous growth potential for single-family and multifamily housing units. The residential sector is expected to grow at a 7.1% CAGR over the next five years, constituting roughly 44% of the total construction growth.
To learn more, visit www.straitsresearch.com/report/construction-adhesive-market.