Composite Adhesive Market Growth to Surge with Extensive Use across Industries

Author : CMI Blogging | Published On : 28 Mar 2024

They provide higher strength bonding along with resistance to thermal and chemical stresses. They offer design flexibility to manufacturers by facilitating bonding of complex joints compared to mechanical fasteners. With increasing demand for lightweight and high strength materials across industries, the need for composite adhesives is surging.

The Global Composite Adhesive Market Size is estimated to be valued at US$ 3.58 BN in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Composite Adhesive are Henkel AG & Co. KGaA, Master Bond Inc, The Dow Chemical Company, Huntsman Corporation, LORD Corporation, Illinois Tool Works Incorporation-Plexus. , Hernon Manufacturing, Inc ., Scott Bader Company Ltd.

The growing prominence of hybrid-electric and electric vehicles is augmenting the demand for composite adhesives in automotive industry for manufacturing various vehicle parts.

Technological advancements such as development of new adhesive formulations to sustain harsh environmental conditions are further propelling the market growth.

Market Trends

Growing wind energy industry - Wind turbines use large volumes of composites that require robust adhesives for bonding rotor blades and other components. This is expected to drive the demand.

Increasing composite material usage in aerospace - Adoption of lightweight composites in aircraft manufacturing to improve fuel efficiency is expected to boost the composite adhesive consumption.

Market Opportunities

Development of bio-based and recyclable adhesives - Growing environmental concerns are prompting manufacturers to develop sustainable adhesive options.

Market potential in electric vehicles - Mass adoption of EVs will spur the demand for composite adhesives in battery packs, fuel cell components manufacturing.

Impact of COVID-19 on Global Composite Adhesive Market Growth
The COVID-19 pandemic had a significant impact on the global composite adhesive market. During the initial months of the pandemic, manufacturing activities declined sharply as lockdowns were imposed globally. This resulted in a steep decrease in demand for composite adhesives from end-use industries such as aerospace, wind energy, marine, transportation and construction. Composite adhesive manufacturers faced issues related to disrupted supply chains, shortage of raw materials and reduced workforce availability.

However, as economies are gradually reopening, the demand is reviving. The transportation sector is showing signs of recovery with increased vehicle production. Infrastructure development activities are also restarting in many countries. Manufacturers are focusing on new product development, improving formulations and leveraging digital technologies to enhance production efficiency. The demand from wind energy sector is expected to rise sharply in the coming years driven by supportive government policies and goals towards renewable energy adoption. While uncertainties remain, the market is projected to get back on the growth trajectory in the medium to long term supported by initiatives toward economic rebuilding globally post pandemic. Business strategies need to factor in possible future waves and disruptions along with emerging trends to ensure business continuity.

Regions with Highest Concentration of Global Composite Adhesive Market Value
North America currently accounts for the largest share of the global composite adhesive market in terms of value. Presence of major composite adhesive manufacturers, strong aerospace, transportation and construction industries drive the demand. Asia Pacific is concentrating a significant and rapidly increasing market share. Countries like China, Japan and India are prominent manufacturing hubs with strong composite end-use base. Ongoing infrastructural projects, railway and metro development activities support the regional market growth.

Fastest Growing Region in the Global Composite Adhesive Market
Africa is expected to emerge as the fastest growing region in the global composite adhesive market during the forecast period. The growth can be attributed to ongoing initiatives towards infrastructure development including port expansion, railway networks and industrial parks construction. Rising composite consumption in wind turbine blade manufacturing also aids the regional market expansion. Middle Eastern countries are investing heavily in renewable energy projects, utilizing composites on a large scale. These factors will prominently contribute to the rapid composite adhesive demand rise from African markets.

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