Technavio analysts forecast the global roofing adhesive marketto grow at a CAGR of nearly 7% during the forecast period, according to their latest report.
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Technavio has published a new report on the global roofing adhesive market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global roofing adhesivemarketfor 2017-2021. Technavio's database and industry-specific repositories are used for defining the hypothesis for the study, which is further fine-tuned through primary research involving industry experts.
Growing investment in the building and construction industry, particularly in the residential sector, is driving the demand for roofing adhesives during the forecast period. The rise in urban populations and the standard of living are driving the investment in new residential constructions, notably in emerging economies of APAC. APAC is anticipated to witness the highest growth rate because of the rise in the demand for residential, non-residential, and infrastructure activities in countries such as Vietnam and Thailand.
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Technavio chemicals and materialsanalysts highlight the following three factors that are contributing to the growth of the global roofing adhesive market:
Increasing demand from emerging economies
The increase in residential and non-residential building constructions in emerging economies is expected to boost the application of roofing adhesives during the forecast period. The emerging countries such as India, China, Indonesia, Russia, and Brazil are expected to drive the demand for roofing adhesives. In 2015, the GDP of India and China was around 7.56% and 6.9%, respectively.
Ajay Adhikari, a lead additives, adhesives, and sealants research analyst at Technavio, says, "The availability of land, cheap labor, and fewer government regulations have made many roofing adhesives vendors to shift their manufacturing centers to these regions. Higher disposable incomes and changing lifestyles in these economies have led to higher growth in the construction market
Growth in building and construction industry
The output of the global building and construction industry is anticipated to grow by more than 80% and reach USD 15.5 trillion in 2030. Countries such as India, China, and the US are expected to have more than 50% of the total market share. The transformation of the economy is consumer driven and service-centered. It offers opportunities for the growth of building and construction in education, healthcare, and commercial infrastructure.
"The growth in 2015 was mainly driven by worldwide construction, improvement in living standards of individuals, and continued urbanization. Globally, residential construction increased to nearly 3% in 2014, led by the expenditure in North American residential development. The residential construction sector of Western Europe experienced an increase of more than 1%," adds Ajay.
Growing urban population
The building and construction market in India is anticipated to grow almost twice as China in 2030. The urban population in India is anticipated to grow more than 160 million in 2030 and Delhi alone is expected have 10.4 million people. Other developing countries such as parts of Africa and Latin America are expected to reach 46% in 2020 from 40% in 2010.
The developed construction markets across the globe such as those of the US, Canada, the UK, and Germany are focusing on upgrading the quality of the existing public infrastructure, whereas, in developing economies such as Asian and African nations, the construction market is focusing on the development of new public infrastructures.
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