Structural Adhesives Market Growth Majorly Driven by Rising Global Demand from Major End-Use Industries and Rapid Infrastructure Development: Reports and Data

Rising demand for structural adhesives from end-use industries including automotive, aerospace, building & construction, and transportation is driving market growth

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Nov 01, 2021, 10:43 ET

NEW YORK, Nov. 1, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Structural Adhesives Market Size, Share & Demand By Resin Type (Polyurethane, Epoxy, Cyanoacrylate), By Technology (Water-based, Solvent-based), By Application (Automotive, Building & Construction, Wind Energy, Aerospace), and By Region Forecast to 2028."

According to the latest report, the global structural adhesives market size was USD 14.42 Billion in 2020 and is expected to reach USD 22.47 Billion in 2028 and register a CAGR of 5.8% during the forecast period, 2021-2028.

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Drivers, Restraints, Opportunities

Increasing number of infrastructure development projects in some developed and several developing countries is a key factor driving market growth. Investment in infrastructure projects, expansion of existing airports and construction of new ones, and increasing number of educational institutions, hospitals, industrial facilities, and water infrastructure is other key factors also expected to continue to drive revenue growth of the market.

Structural adhesives are used in installation of flooring, and for lamination and roofing requirements, and advancements in polyester- and epoxy-based products has resulted in expansion of application areas of these adhesives in the construction industry and others. Rapidly increasing population and rising demand for housing are among other factors driving market growth. Adhesives are used in construction applications such as for joining and bonding a variety of materials such as glass, metals, dense concrete, plastic, and hardwood, and others. Apart from increasing building and infrastructure development initiatives and projects, stringent regulatory standards regarding enhanced fuel-efficiency and reduced carbon emissions is resulting in rising demand for more lightweight automobile body panels and components and footprint. In addition, increased use of structural adhesives in aerospace applications for weight reduction and enhanced bonding is also expected to continue to support revenue growth of the market.

Steady shift towards renewable energy resources is resulting in increasing deployment of wind turbines in the energy generation industry, which is expected to continue driving demand for structural adhesives, particularly for bonding composites.

Growth of markets in developed countries such as the US, Germany, UK, Japan, and others in Western Europe already have well-established public, commercial, and transportation infrastructure. Asia Pacific is expected to continue to dominate other regional markets in the global structural adhesives market in terms of revenue share and growth rate.

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Emerging economies in regions such as the Middle East & Africa (MEA) and Latin America are also high-potential markets that are expected to open up major revenue opportunities for structural adhesives manufacturers over the forecast period. MEA is expected to remain a major market over the forecast period due to major projects to rebuild industrial, commercial, and residential infrastructure in various countries where civil wars and related activities have resulted in large-scale destruction. In addition, advancements in various technologies and materials, and increasing focus on developing more high-tech infrastructure and construction projects in countries in the region are key factors expected to support MEA market revenue growth. For instance, as of October 2021, Saudi Arabia had started moving earth and tunneling through mountains to build a futuristic cross-border linear city in the Tabuk Province of northwestern part of the country. Neom or 'New Future' and 'New Enterprise Operating Model' is a project aimed at constructing the new smart city on the Red Sea coast, which is expected to host its first residents in 2024.

COVID-19 Impact Analysis

Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines

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Epoxy Structural Adhesives to Account for Largest Revenue Share:

The epoxy segment among the resin type segments is expected to account for largest revenue share in the global structural adhesives market owing to increasing production of more lightweight vehicles and rising demand for adhesives from the automotive industry. In addition, increasing demand for various industrial and aerospace applications is supporting revenue growth of this segment. Epoxy also exhibits good thermal and chemical resistance, and also has low shrinkage and cohesive strength, thereby making it ideal for various end-uses.

Increasing use of Water-Based Structural Adhesives Driving Segment Revenue Growth:

Among the technology segments, the water-based segment is expected to register substantially faster revenue growth. Increasing focus on reducing environmental impact is a key factor resulting in higher preference for more eco-friendly, non-hazardous, and no Volatile Organic Compound (VOC) emitting adhesives in various industries and applications, which is driving revenue growth of the water-based segment.

Europe to Account for Steady Revenue Growth:

Europe market revenue is expected to register a steady CAGR over the forecast period, owing to high volume car production in countries such as Germany, France, Italy, and Spain. Growth of the market in the region is also majorly supported by increasing need for bonding of substrates such as glass, plastics, metals, fibers, and composites among others, which are used in vehicle and component manufacturing.

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Asia Pacific Market Revenue to Account for Largest Revenue Share:

The structural adhesives market in Asia Pacific is expected to account for largest revenue share. Rapid urbanization and industrialization as well as increased building activities in countries such as China, India, Vietnam, and Indonesia are key factors expected to continue to drive Asia Pacific structural adhesives market revenue growth during the forecast period.

Major Companies in the Market Report Include:

Henkel AG & Co. KGaA
Sika AG
3M
DuPont de Nemours, Inc.
Huntsman International LLC.
Illinois Tool Works Inc.
Arkema, B. Fuller Company
Ashland Global Specialty Chemicals Inc.
Cabot Corporation.

Market Segmentation:

For the purpose of this report, Reports and Data has segmented the global structural adhesives market based on resin type, technology, application, and region:

Resin Type Outlook (Revenue, USD Billion; 2018-2028)

Polyurethane
Epoxy
Cyanoacrylate
Methyl Methacrylate
Acrylic
Others

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Technology Outlook (Revenue, USD Billion; 2018-2028)

Water-based
Solvent-based
Others

Application Outlook (Revenue, USD Billion; 2018-2028)

Automotive
Building & Construction
Wind Energy
Aerospace
Others

Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
Italy
France
BENELUX
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Rest of Asia Pacific

Latin America

Brazil
Rest of LATAM

Middle East & Africa

Saudi Arabia
U.A.E.
South Africa
Rest of MEA

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