Americas Structural Adhesives Market:
Demand Analysis and Growth Forecast
According to the US Department of Commerce, the U.S. construction spending for June 2022 was around US$1,784.3 billion which was 10.8% above the June 2021 estimate of US$915.2 billion. The market for Americas Structural Adhesives is being driven by the rising demand for structural adhesives for bonding concrete, ceramic tiles, masonry, construction panels, metal, structural glass and others. The rise in construction activities would boost the market growth in the region. Also, the growing healthcare facilities in America would increase the demand for structural adhesives for bonding medical devices and, in turn, would raise the growth of the Americas Structural Adhesives Market during the forecast period 2022-2027.
Americas Structural Adhesives Market: Leading Segments
Based on resin, the Americas Structural Adhesives market can be segmented into polyurethane, epoxy, acrylic, cyanoacrylate, methyl methacrylate, phenolics and others. Polyurethane is the leading segment in the Americas structural adhesives market. During the forecast period 2022-2027, the polyurethane segment is expected to grow at a CAGR of 4.8%. Also, based on type, the Americas structural adhesives market can be segmented into solvent-based, water-based and others. Based on substrate, the Americas structural adhesives market can be segmented into metal, plastic, composites, wood and others. The growth of various segments can be attributed to different reasons such as the increase in housing projects and repair & maintenance work, globally.
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Americas Structural Adhesives Market: By Region
North American region dominated the Americas Structural Adhesives Market in terms of revenue with a share of 80% in 2021 and is projected to dominate the market at a CAGR of 5.8% by revenue during the forecast period 2022-2027. The growth is mainly driven by the growing investment in construction buildings and the presence of advanced medical facilities in the region. As per Statistics Canada, the total investment in building construction in June 2022 was around $20.8 billion with a 0.3% increase as compared to May 2022 in Canada. Thus, such surging development related to building & construction sectors in the North American region is expected to boost the demand for Americas Structural Adhesives.
Americas Structural Adhesives Market Trends
The rise in the development of the medical sector would drive the demand for structural adhesives for bonding various medical devices and, in turn, would expand the Americas structural adhesives market. According to International Trade Association, the Canadian medical device market is valued at US$6.5 billion and is projected to grow by 2.1% per year by 2026. Thus, the demand for structural adhesives is also simultaneously increasing due to its need for bonding medical devices and positively impacting the Americas Structural Adhesives market.
The Major Players in this Market
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Americas Structural Adhesives Market. The top 10 players in the Americas Structural Adhesives market are Dow Inc., 3M Company, Henkel AG, Hernon, Lord Corporation, Arkema, H.B. Fuller, Huntsman, DuPont and Master Bond.
Mr. Venkat Reddy
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