The soaring infrastructural development and construction activities in several countries is one of the major factors fueling the demand for structural adhesives across the globe. Structural adhesives are basically defined as the adhesives that are used for bonding joints and are capable of holding multiple substrates together under varying degrees of stress. These adhesives are widely used for repairing various infrastructural applications such as those pertaining to roads, railways, and bridges, mainly because of their high resistance toward temperature, chemical, and weather, and high strength.
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The major factors responsible for the surging infrastructural development activities are the growing population levels and urbanization in several countries around the world. Additionally, the increasing migration of people from rural areas to cities and towns has caused a sharp surge in the construction of commercial and residential buildings, which has, in turn, boosted the requirement of structural adhesives all over the globe. Besides these factors, the burgeoning usage of structural adhesives in the transportation industry is also contributing toward their soaring popularity throughout the globe.
Apart from the above-mentioned factors, the ballooning usage of these adhesives in the electrical and electronics sector, especially in various electrical systems and devices such as junction boxes, transformers, and transmission towers and in the footwear industry is also causing a sharp spike in the sales of these adhesives around the world. As a result, the global structural adhesives market generated a revenue of $11,677.9 million in 2018 and is expected to attain a value of $15,683.0 million in 2024. The market is also predicted to advance at a CAGR of 5.2% between 2019 and 2024.
Across the globe, the structural adhesives market registered the highest growth in the Asia-Pacific (APAC) region over the last few years and this trend is likely to continue in the forthcoming years as well, according to the estimates of the market research company, P&S Intelligence. This is primarily ascribed to the huge investments being made in various infrastructural development projects in the APAC nations and the subsequent surge in construction and infrastructural development activities in the region. China is predicted to observe the highest usage of these adhesives in the APAC region in the future years.
Therefore, it can be said with surety that the demand for structural adhesives will increase tremendously all over the world in the years to come, mainly because of their mushrooming requirement in the construction, automotive, footwear, and electrical and electronics industries across the world.
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