USD 23.42 billion Growth Expected in the Global Structural Adhesives Market 2022
Author : Lopa Shree | Published On : 04 May 2021
Global Structural Adhesives Market is estimated to reach USD 23.42 billion by 2022 owing to the growth in automation in developing economies like Brazil, Mexico, China and India. Structural adhesives are the material used to produce a load bearing joint. They are especially used for engineering applications, where joints typically have greater lap shear strengths. Structural adhesives are used in wide range of assembly operations. They do not require drilling holes, or need the heat distortion, but can join disparate without galvanic corrosion. In addition to this, they are responsive to different geometrics, do not need refinishing steps or leave protrusions and give aesthetic appearance.
Structural adhesives play an important role in the movement of composite materials which enable significant weight reduction and better stiffness as compared to the metals. In comparison to the composites, which are not responsive to solvent welding and where drilling can damage components, structural adhesives are an excellent choice for these materials. Owing to its increase in demand for wallpapers, joint cements, automotive assembly applications and household appliances, structural adhesives market is expected to grow at a CAGR of 6.9% in the forecast period.
Structural adhesives offer exceptional bond strength and speedy curing for different and similar substrates in the automobile segment, which will certainly affect the market growth in future. They are formulated to improve the safety & performance, and lower the vehicle weight. The industry players are emphasizing on manufacture of special performance products for automobile applications, used for interior and exterior of vehicles like, hoods, deck lid flanges, doors, roof panels, and interior dashboards. Improved living standards and increase in per capita income amongst youth in developing economies is propelling the growth of automobile market. Also, increasing awareness for light weight vehicles and fuel economy is expected to augment the market.
Structural adhesives industry is also driven by the extensive use structural adhesives for bonding helicopters & aircraft’s components and airframes. They offer high quality finishing for crucial aircraft fabrication applications like engine components to control vibrations, edge, and core filling materials for strengthening structural components and primary substrates, and honeycomb sandwich panels for stiff interior panels and to reduce weight.
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The growing global tourism trend, increasing disposable income, and reduced air fares because of the competition among air liners has resulted to affordable air travelling, which is expected drive the aerospace industry in the years to come. With the introduction of modern welfare technologies, increasing military expenditure to build heavily equipped and lethal fighter planes will also influence the market in future.
Structural adhesives industry is categorized on the basis of component, product, application, end user, and geography. On the basis of component, the market is divided into single and double component products. Single component is mostly used in furniture, water & sewer, and leather industries. The double components are mostly used where safety is a major concern and where bond failure may have dangerous consequences. Hence, both components are expected to register significant contributions in the market.
Based on product, structural adhesives market is divided into polyurethane, epoxy and acrylic. Epoxy segment is predicted to lead the market due to its excellent bonding required in wide range end use industries. On the basis of application, structural adhesives industry is divided into composites, plastics, metals, wood, concrete & tiles, and leather. Metal segment is expected to hold larger market share of structural adhesives due to its extensive use in automotive, building and construction, marine, bus & truck, aerospace, wind energy, and rail industries.
Based on end users, structural adhesives market is segmented as automobiles, aviation & aerospace, and wind energy. Owing to the growing demands for renewable energy, wind energy will hold larger market share of structural adhesives in the forecast period. Geographically, the market is segmented as North America, Europe, Asia Pacific, and Middle East & Africa. Owing to the increase in demand for structural adhesives form developing economies, Asia Pacific is expected to dominate market in future.
The key players in structural adhesives industry include Arkema, Ashland, 3M Company, Illinois Tool Works, Dow Chemical Company, Lord Corporation, SIKA AG, L&L Products, Henkel AG, Master Bond, Elantas, Parson Adhesives, Panacol-Elosol, Hubei Huitian Adhesive Enterprise, Permabond, and Scott Bader.
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