Structural Adhesives Market Size By Component (Single, Double), By Product (Polyurethane, Epoxy, Acrylic, Cyanoacrylate, Methyl Methacrylate, Silicone), By Application (Composites, Metals, Plastics, Concrete & Tiles, Wood, Leather), By End-User (Automobiles, Aviation & Aerospace, Marine, Construction, Furniture, Water & Sewer), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, and GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Latest Update: Aug 2019 | Published Date: Mar 2017 | Report ID: GMI315 | Authors: Kiran Pulidindi, Soumalya Chakraborty Report Format: PDF
Structural Adhesives Market size will likely cross USD 7 billion by 2024 with gains at over 4% between 2016 and 2024.
U.S. Structural Adhesives Market Share, by Application, 2013 – 2024 (USD Million)
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Unique ability to offer excellent bond strength and fast curing capability for both similar and dissimilar substrate in automobile industry will result in the rapid growth of structural adhesives market size. The product is utilized to reduce the overall vehicle weight and improve the performance & safety. These specialty adhesives are used for exterior as well as interior applications in automobiles like hoods, doors, deck lid flanges, roof panels and interior dashboards. Global automotive sales witnessed over 7% growth between 2015 and 2017. Development in spending capacity and rising living standards of the middle-class populace in emerging economies will propel the automobile market. Additionally, increasing awareness regarding the advantages of light weight vehicles and fuel economy will also have a positive impact on the growth of product market throughout the forecast timeframe.
Another factor that will drive the structural adhesive demand is its extensive application in bonding airframes and aircraft & helicopter components. These specialty adhesives deliver high quality finish required for crucial applications in aircraft fabrication like bonding of honeycomb sandwich panels to provide rigidity to interior panels and weight reduction, core filling materials to provide reinforcement on primary substrates & structural components, etc. Rising disposable income, increasing trend of global tourism, and reduction in air fares owing to intense competition among air liners has resulted in affordable air travelling which will propel the growth of aerospace industry throughout the forecast timeframe. Increasing military expenditure to manufacture highly maneuverable, lightweight and heavily equipped fighter planes will also drive the product demand in near future. However, strict government regulations regarding sealants and adhesives used in aerospace industry might hinder the structural adhesive demand in the forecast timeframe.
Structural Adhesives Market, by Component
On the basis of number of components, market is classified into single and double component. Double component type will have majority of market share. It is majorly used in critical applications where critical factor of safety and bond failure must be avoided. The components used for this product are hardener and prime adhesive resin. Hardener is used to catalyze the bonding of the adhesive.
Single component structural adhesives market segment will witness a CAGR of over 4% throughout the forecast timeframe. This type is mostly preferred in leather industries, furniture, and sewer & water. It is used for applications which require adhesion for less time and is applied between similar substrates. It needs either surrounding medium like light & humidity, high temperature, or other substances to initiate curing.
Structural Adhesives Market, by Product
Polyurethane product type will have over 55% of the market share in terms of volume throughout the forecast timeframe. This product type is widely used in aviation and automotive industry owing to its high bonding strength and fast curing ability. It is an efficient and economical product for slightly flexible and low impact applications with large bonding areas.
Acrylic structural adhesive will have a growth rate of over 4% throughout the forecast timeframe. It can be attributed to the high bonding strength of the product type on metals and plastics. Low resistance against impact and vibration limits the product’s utility in heavy duty applications.
Analysis, by Application
Based on application, market is categorized into composites, metals, plastics, concrete & tiles, wood, and leather. These specialty adhesives are widely known for its adhesion capability for dissimilar substrates like plastics, aluminum, glass, fiber, and wood, without requiring procedures for mechanical joining such as fasteners, which might result in mechanical failures. Composite application category will have over two-fifth of the structural adhesives market share throughout the forecast timeframe. Increasing application of composites in the aerospace and automotive industries as a replacement of metal parts for overall weight reduction will boost the growth of this application segment in near future.
Analysis, by End-user
Automobile end-use industry will have significant share of market throughout the forecast timeframe. Structural adhesive is widely used in the automotive industry due to the involvement of many dissimilar components. Development in global economy and stabilization in the slowdown of the Chinese economy will boost the growth of automobile industry in near future. Additionally, increasing affordability of the middle-class consumers owing to availability of a wide range of vehicle categories, has attracted buyers and increased automobile sales.
In 2015, structural adhesives market value in the Asia Pacific region was over USD 2 billion and will witness a growth rate of over 4% throughout the forecast timeframe. China and India have observed escalating construction spending owing to government initiatives along with private & public investments. Availability of cost-effective labor & raw material as well as favorable environment has led to several automobile manufacturers establishing their manufacturing facilities in developing countries of Asia Pacific. Well-established shipbuilding sectors in South Korea, China and Japan will also boost the regional product market.
Competitive Market Share
Some of the major manufacturers in the structural adhesives market share are Lord Corporation, 3M Company, Scott Bader, Illinois Tool Works, Arkema, Henkel AG, Ashland, SIKA AG, Dow Chemical Company, L&L Products, Panacol-Elosol, Master Bond, Elantas, Parson Adhesives, and Permabond.
Structural adhesives are specialty adhesives, that are majorly used in load bearing applications. These products are rapidly gaining popularity as a substitute for mechanical joints like bolts, rivets, fixtures, screws, and welding. These specialty adhesives prevent the condition of mechanical failure arising due to such joints and deliver strong adhesion for dissimilar as well as similar substrates. Focused research & development activities to augment the product portfolio and meet customer requirements is one of the strategies incorporated by many product manufacturers.
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