Market Trends of cyanoacrylate adhesives Industry
Favorable government policies to promote electric vehicles will propel automotive industry
- Since 2021, the global automotive industry has been expected to grow steadily but at a slower pace because of the decline in consumers' preferences for individual ownership of passenger vehicles and their increased preference for shared mobility in transportation. The global automotive industry is expected to experience a growth rate of 2% annually, with an expected value addition of USD 1.5 trillion in total revenue during the forecast period.
- In 2020, due to the impact of the COVID-19 pandemic, vehicle sales declined but recovered rapidly in 2021 because the governments of various countries took measures to support their economies, as automotive markets usually contribute majorly to their GDP. Vehicle sales declined from 90 million units of passenger vehicles in 2019 to 78 million units in 2020.
- The introduction of electric vehicles worldwide has contributed significantly to the overall revenue of the global automotive market because of their cheaper energy costs, environmentally benign nature, and efficient mobility features. Various government policies and standards also work as driving factors to increase EV production. For instance, the EU standards for CO2 emissions increased the demand for electric vehicles in 2021. As per the IEA's Sustainable Scenario, 230 million electric vehicles are required to replace combustion fuel-based vehicles by 2030. In 2021, Tesla, the largest EV manufacturer, recorded a rise of 157% in the number of electric vehicles manufactured. This growing trend of consumers preferring electric vehicles is expected to rise further during the forecast period (2022-2028).
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Rising demand for home & office furniture to aid the growth of the industry
- While IKEA is the largest offline retail player in the global furniture market, there has been a rise in e-commerce giants, such as Wayfair, in recent years. The adoption of online furniture shopping by consumers is gaining momentum globally, and its share in the overall furniture market increased from 15% in 2017 to 18% in 2021. This trend is subsequently boosting the demand for furniture due to its convenience and easy installation. The highest sales revenue for furniture was generated in the United States, with USD 229.2 billion, in 2021.
- The global wooden furniture market can be segmented into bedroom, living room, outdoor, and dining furniture. Among these, the living room furniture segment held the highest revenue share, accounting for nearly 40% of the overall furniture market since the increase in the work-from-home culture during the COVID-19 outbreak in 2020. The pandemic led to an increase in demand for living room or home office furniture in 2020-2021, and the segment registered a market value of USD 227.10 billion globally.
- The market is expected to witness steady growth during the forecast period (2022-2028) due to the increasing per capita expenditure on furniture, which rose from USD 72.85 in 2017 to USD 89.30 in 2021 despite the pandemic in 2020, during which it dipped to USD 80.43. This increasing per capita expenditure on furniture could be due to the improving living standards of people.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Rapid growth of civil and military aviation will boost the aircraft production
- Easy availability of resources will support the footwear industry specifically in developing countries
- Growing residential and infrastructural development to thrive the construction sector
