Non-convertible Binders Market Is Gaining Huge Traction Due to Rapid Growth of the Construction Industry

 

Non-convertible Binders Market

Non-convertible binders are composed of organic materials such as resins, varnishes that contain fatty acids, and other synthetic polymers. These binders are polymerized before an application but are mixed or dissolved in a medium that evaporates after the coating is applied. Growth of the non-convertible binders market is mainly driven by the rapid growth of the construction industry in both developed and developing economies. According to the Institution of Civil Engineers (ICE), the United Kingdom, the global construction industry is expected to reach US$ 15.5 trillion by 2030.

Moreover, several governments around the world are investing or taking initiatives for the development of smart infrastructure, which in turn increases the demand for non-convertible binders. For instance, during 2019-23, the government of India plans to spend US$ 1.4 trillion on infrastructure to have a sustainable development of the country. In recent years, the non-convertible binders market has also witnessed huge traction, owing to increasing urbanization and industrialization due to increasing global population across the world. According to the United Nations, around 55% of the world’s population lives in urban areas, and the number is expected to increase to 68% by 2050.

Non-convertible binders also have advanced features such as environmentally friendly, cost-effectiveness, and lower energy consumption, and are widely used in various end-use industries such as automotive and construction. There is an increasing demand of non-convertible binders from the automotive industry for various applications. For instance, increasing preference for lightweight components owing to the changing dynamics, such as automotive light weighting, emission regulations, and electric vehicles. The above mentioned factors are also responsible for the rapid growth of the non-convertible binders market.

Growth of the non-convertible binders market, in Asia Pacific and Europe, is mainly driven by the rapid growth of the construction industry and the increasing number of renovation and remodeling activities in these regions. According the India Brand Equity Foundation (IBEF), India is expected to become the third largest construction market by 2022. Moreover, German government planned to construct around 1.5 million housing units by 2021. According to the Federal Office for Building and Regional Planning, Germany would require about 350,000 new housing units per year by 2021.

However, there are certain factors which may hamper the growth of the non-convertible binders market, such as fluctuations in raw material prices and limited availability of raw materials that are necessary for the manufacture of non-convertible binders.

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