Structural Adhesives Market is Estimated to Develop at a CAGR of 6.9% during the Forecast Period, observes TMR Study
- The rising rate of aircraft manufacturing is estimated to drive market demand for structural adhesives during the forecast period
- The need for high-performance structural adhesives able to tolerate changes in temperature, stress, chemicals, vibration, as well as other kinds of agents in final end-use products or components is increasing.
ALBANY, N.Y. , May 24, 2022 /PRNewswire/ -- The value of global structural adhesives market stood at US$ 12.2 Bn in 2021. The market is estimated to rise at a CAGR of 6.9% during the forecast period, from 2022 to 2031. The global structural adhesives market is estimated to attain valuation of US$ 22.1 Bn by 2031. Structural adhesives can survive abrupt pressure fluctuations or chemical exposure whilst maintaining substrate integrity. As a result, all firms are conducting considerable R&D to develop structural adhesive formulations in order to retain substrate qualities. In addition to the automobile sector, structural adhesives are important in the aerospace industry for bonding composite-to-composite parts, metal-to-composite, and metal-to-metal.
The global structural adhesives market is expected to grow significantly from 2022 to 2031, due to structural adhesives' beneficial features, particularly in automotive as well as building & construction sectors. Within design constraints, these adhesives can convey structural stress without compromising structural integrity.
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For several years, stakeholders in the automotive sector have used riveting, welding, fasteners, and other processes to perform their commercial activities. In order to build sturdy end-use products with multi-substrates, structural adhesives are appearing as a possible alternative to these traditional approaches. Structural adhesives not only come sturdier, but they also have a number of advantages over previous techniques, such as being more cost-effective, making the production process for autos go much faster, and requiring less talent to utilize.
In 2021, Asia Pacific accounted for roughly 34% of the global structural adhesives market. Due to high usage of urethane products, the region commands a significant share of the market. The regional market is also fueled by increasing demand from the wind energy and automotive industries, which represent around 8% and 39% of total consumption, accordingly.
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Key Findings of Market Report
- Epoxy structural adhesives are assisting manufacturers in increasing their profits since they are becoming more popular in carbon fiber composite bonding for use in drilling platforms. Newer variants of epoxy adhesives capable of curing at low temperatures as well as traditional high-heat one-part chemistries are becoming more widely available.
- Wind turbine assembly adhesives suited for composite, metal, and plastic assemblies are becoming more widely available from structural adhesives makers. These adhesives are now offered in convenience cartridge packaging and also as bulk packaging for high volume uses such as pails, gallons, and drums.
- The aerospace industry's high-demand applications are creating new prospects for structural adhesives manufacturers. In order to provide a dependable and safe fleet for airline operators, high-performance aerospace structural adhesives are required for aircraft structural materials, parts, and engines. Companies are gaining value from uses such as surface preparation, composite joining, lightning strike protection substances, and metal bonding. Adhesive pastes, mold release, films, and primers for aerospace structural adhesives are being added to the product portfolio of companies in the structural adhesives market.
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Global Structural Adhesives Market: Growth Drivers
- Firms in the global structural adhesives market are boosting production capacity for high-quality urethane adhesives used for rubber material bonding, concrete restoration, and composite component joining. With the aid of urethane adhesives, end users are increasing the assembling, testing, as well as prototyping of composite products.
- Due to increasing demand for urethanes and epoxy, the market in the North America is expected to grow at a CAGR of roughly 6.5 %. Furthermore, owing to the rapid expansion of the wind energy industry in Germany, the market is expected to rise at a CAGR of 6% during the forecast period.
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Global Structural Adhesives Market: Key Players
Some of the key market players are
- The Dow Chemicals Company
- Henkel AG & Company KGaA
- Huntsman International LLC.
- Illinois Tool Works Inc.
- The Dow Chemicals Company
- H.B. Fuller Company
Global Structural Adhesives Market: Segmentation
Product Type
- Epoxy
- Acrylic
- Urethanes
- Cyanoacrylates
- Others
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