ALBANY, N.Y, Nov. 11, 2020 /PRNewswire/ -- A steady drive for demand for various formulations in adhesives has come from the building and construction industry and range of architectural application. However, in recent months, COVID 19-led stay-at-home orders resulted in spike in demand for adhesive solutions in do-it-yourself (DIY) application. As the economies activities are picking pace, construction of complex architectures will pave way to new revenue streams.
Adhesives Market: Key Driving Factors and Promising Avenues
Rise in infrastructural developments in developing and developed regions is a key driver for sales of adhesives market. Civic construction projects have been extensive source of revenue streams for manufacturers.
Given the complexity of large-scale construction projects, cutting-edge networking technologies such as BIM (Building Information Modeling) tools is expected to rise at rapid adoption.
Contactors, architects, and adhesive suppliers can collaboratively work with the help of BIM models. This has opened a new revenue stream for players in the adhesives market.
The growing traction of 3D modeling among architects and designers has bolstered new demand avenues in the adhesives market.
A new growth momentum has come from the packaging sector. Businesses in the sector are harnessing linerless labels to meet sustainability requirements of foodservice industry.
Advances in pressure-sensitive adhesives are expected to see new growth avenues in the adhesives market.
Rise in demand for new array of adhesive solutions in the automotive industry is expanding the revenue potential in the adhesives market.
External physical and chemicals factors usually speed up aging of adhesives, thereby reducing its strength and overall performance. Specialty manufacturers aiming at new performance attributes are incorporating elastomer soft materials to unveil new products in the adhesives market. A case in point is ioinspired liquid-superrepellent fibrillar dry adhesives.
Several manufacturers in the adhesives market are raising awareness among their customers to use chemical boosters to help retain the performance of adhesive solutions for a long time. New array of products must meet the prevalent regulations in various regions pertaining to emission of VOCs.
Rapid pace of industrialization and sheer pace of urbanization in several parts of Asia Pacific has spurred the uptake of adhesives in the building and construction industry. In recent years, a marked growth impetus to the regional revenue generation has come from the automotive application. China, South Korea, and Japan are at the forefront of the demand.
The foray of top players into India and China will spur the growth prospects of the regional market.
Adhesives & Sealants Market - The global adhesives & sealants market for manufacturing industry is primarily driven by the increase in usage of adhesives & sealants in electronic products, batteries, and appliances. Furthermore, the demand for adhesives & sealants has been rising across the globe, owing to its adoption in electric vehicles. Adhesives & sealants are utilized throughout the interior, exterior, and engine compartment of an aircraft. Acrylics, epoxies, cyanoacrylates are considered as aerospace adhesives. Adhesives are preferred in interiors, exteriors, and engine compartments of aircraft, due to their advantages over other types of adhesives. Adhesives carry higher weight loads and improve uniform distribution of stress and strain across joints. Adhesives also maintain integrity and strength of materials, as there is no hole, rivet, or fastening element to weaken the structure. These factors are projected to fuel the global demand for adhesives & sealants during the forecast period.
Sports Flooring Market - In terms of value, the global sports flooring market is anticipated to expand at a CAGR of ~6% from 2020 to 2030. The demand for indoor sports activities has been increasing in North America and Europe due to extreme weather conditions. Governments and private sports clubs in these regions are investing significantly in indoor sports complexes. The growth in public awareness about the link between physical activity and health is also projected to drive the demand for indoor sports activities. There has been a significant rise in participation in indoor sports activities in North America and Europe over the past few years. This can be ascribed to increase in household income and growth in expenditure on recreational activities. The rise in awareness about fitness and personal care is encouraging people to spend on gym memberships; and yoga, Zumba, and dance activities. This trend is likely to continue in the near future.
Electrical Appliance Coatings Market - The global electrical appliance coatings market was valued at ~US$ 6.2 Bn in 2019 and is anticipated to expand at a CAGR of ~6% during the forecast period. The global electrical appliance coatings market is driven by increase in demand for electrical appliances from the rising population of Asia Pacific. Asia Pacific accounts for a major share of the global electrical appliance coatings market, led by high demand for electrical appliance coatings, among appliance manufacturers in the region.
Conformal Coatings Market - The exponential growth in the electric vehicles industry is expected to drive the global conformal coatings market during the forecast period. Plastics offer several structural and weight advantages over traditional metal automotive parts. The number of printed circuit board assemblies (PCBAs) in electric vehicles and the intricacy of the modules are higher than that in traditional combustion engine vehicles. This is anticipated to drive the demand for conformal coatings. According to the International Energy Agency (IEA), electric car deployment has been rising rapidly since the last 10 years, with the global stock of electric passenger cars passing 5 million in 2018, an increase of 63% from that in the previous year. China accounted for around 45% share of electric cars in the world in 2018, representing a total of 2.31 million compared to 39% in 2017. Therefore, increase in the production of electric vehicle is estimated to propel the demand for PCBs. This, in turn, is projected to drive the global conformal coatings market during the forecast period.
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