Market Trends of europe cyanoacrylate adhesives Industry
Supportive government initiatives to promote electric vehicles will raise the industry size
- Europe has a GDP of 34,230 USD per capita with a growth rate of 1.6% y-o-y in 2022. The automotive industry sector contributes a percentage of around 2% of the total GDP. The European vehicle production comprises 81% passenger vehicles, 17% commercial vehicles, and 2% other vehicles in 2021.
- In 2020, many European countries were affected by the COVID-19 pandemic, including Germany, Italy, Spain, Russia, and the United Kingdom. The pandemic resulted in supply chain disruptions, lockdowns in the countries, and chip shortages which affected automotive production in Europe. The production of vehicles sharply declined by 22% compared to 2019.
- The United States imports 25.3% worth of cars from Europe and became one of the leading importers of the United States, where Germany accounted for 10.3% and the United Kingdom for 4.7% of total imports of vehicles in the country in 2021. At the beginning of 2022, the sale of the new vehicle dropped by 20.5% due to the invasion of Ukraine by Russia, which reflected in vehicle production as well. In the first quarter of 2022, the European automotive market was down by 10.6% compared to the same period last year.
- Vehicle production is likely to grow with a CAGR of 2.25% during the period (2022 to 2027) due to the new investments being made in electric vehicles by many European countries. For instance, Spain is going to invest USD 5.1 billion in electric vehicle production.
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Rising demand for aesthetic and smart furniture to aid the industry growth
- Europe is one of the largest producers of furniture in the world. The region contributes nearly 30% of global furniture production after the Asia-Pacific region. Germany, Italy, Russia, and Spain are the top producers of furniture and its products. However, the region was impacted by the COVID-19 outbreak in 2020, which resulted in the shutdown of production facilities in several countries. This has reduced their furniture production by 7.14% compared to the previous year.
- Germany is the largest producer of Furniture units in Europe. The country produced nearly 323.6 million units in 2021, which is 23% of Europe's furniture production. German retailers have started offering 3D product visualizations or augmented reality apps which are boosting the demand for furniture products through e-commerce portals in the country.
- Italy is another major producer of furniture and its products in Europe, and the country is popular for Italian Furniture. The country holds 15% of Europe's furniture production. The country's furniture exports recorded a constant growth rate, which was about 2.7% in 2018 and 3% in 2019. The technological advancement in the woodworking and joinery industry of Italy is adopted worldwide.
- Europe is a leader in the high-end segment of the furniture market. It is said that nearly two out of every three high-end furniture products sold in the world are produced in the European Union. The furniture manufacturers in Europe are using eco-friendly materials such as pine wood, oak wood, beech wood, and a few others for production, which is gaining demand in the region. These factors will raise furniture production in the coming years in Europe.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Significant concentration of aircraft manufacturers across the region will boost the industry size
- Advanced technology is likely to boost the production rate
- Rapid growth of new construction along with rising need for renovation activities will drive the industry
