The North American adhesives market is anticipated to reach an estimated value of $1.1 billion by 2023, according to a report by Stratview Research.
The market’s growth is attributed to a thriving construction industry, along with the increasing use of water-based adhesives and the continued replacing of mechanical fastening systems with adhesives.
The report says that because of their use with wood flooring, polyurethane adhesives are currently dominating the adhesive market. However, acrylic adhesives are expected to see the highest growth between 2018-2023 due to their increased use in luxury vinyl tile and carpet installations.
Water-based technology adhesives remain at the forefront of the market, a domination that is likely to strengthen by 2023 due to increasing regulations designed to reduce VOC emissions.
Stratview Research’s 2018-2023 projections were made by examining market trends between 2012 and 2017. The full 150-page market analysis can be purchased here for $4,290.
