The construction adhesive tapes market is estimated to hit U.S. $2.5 billion by the end of this year, reaching $3.1 billion by 2027. This is at a CAGR of 4.6% between 2022 and 2027, according to a new report from ReportLinker.
The demand for construction adhesive tapes in building and construction projects is one of the most significant factors projected to drive the growth of the construction adhesive tapes market. However, the negative impact of the COVID-19 pandemic across all the end-users certainly has affected the construction adhesive tapes market adversely — at least temporarily.
The safety and ease of application provided by the construction adhesive tapes are expected to boost the market growth. The use of adhesive tapes has several advantages, such as versatility and quick application. For instance, these tapes not only join two similar or dissimilar materials but also reduce vibration and act as corrosion inhibitors.
The ever-increasing need for high performance and reliability across all modern applications is driving the growth of the construction adhesives market. This is leading to the development of newer and improved applications and performance properties of construction adhesive tapes.
The adhesive tapes that cure quickly, are easy to apply, and available at low cost are in high demand. The newly developed adhesives include silicones and acrylics adhesive tapes.
The recovering construction industry from pandemic has been slow but is also creating opportunities for the construction adhesive tapes market as the economies and the construction industry evolves in different countries. Countries such as India, Australia, Japan, the US, and the UK are also showing good recovery and gaining pace in the construction industry.
This recovery in some of the major construction countries would provide a boost to the demand for construction adhesive tapes.
Changing regulations and industry standards are also a major challenge for construction adhesive tapes market. Regulations regarding the use of construction adhesive tapes are undergoing many changes, which pose challenges to the manufacturers of these adhesives. The development of new products typically undergoes time-consuming labeling and paperwork to demonstrate compliance with the new regulatory policies. However, new products with better properties are being offered by market players to sustain in the construction adhesive tapes market.
There are, for example, changes in rules and standards imposed by the Construction Products Regulation (CPR) in the European Union, which is a concern for manufacturers of construction adhesives, as they determine the minimum (or maximum) performance levels of the construction products.
North America is currently the largest and expected to be the second-fastest-growing region in construction adhesive tapes market in terms of value and volume. This region has high demand for construction adhesive tapes for various residential and non-residential purposes. Plus,
North America is among the largest construction market in the world.
The building and construction industry in North America is highly developed, and architects and builders present in this region are acquainted and skilled with the use of modern architecture in residential and non-residential construction.
This new report has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:
• By company: Tier 1- 37%, Tier 2- 33%, and Tier 3- 30%
• By designation: C Level- 50%, Director Level- 30%, and Others- 20%
• By region: Europe – 50%, Asia Pacific (APAC) – 20%, North America – 15%, Middle East & Africa (MEA)-10%, Latin America-5%
Download the report here.