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The global structural adhesives market was valued at US$ 9,419.4 Mn in 2017. It is anticipated to expand at a CAGR of 6.98% from 2018 to 2026, according to a new research report titled ‘Structural Adhesives Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global structural adhesives market is driven by a rise in demand for structural adhesives from the building & construction and wind energy sectors worldwide. In terms of demand, Asia Pacific accounts for a dominant share of the global structural adhesives market.
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Increase in Demand for Lightweight and Low-carbon Emitting Vehicles and Aircraft are Driving the Structural Adhesives Market
The automotive industry is continually working toward designing lightweight and fuel-efficient vehicles that can reduce carbon dioxide emissions significantly. Stringent regulations regarding carbon dioxide emissions are being imposed worldwide. Structural adhesives play an important role in reducing carbon dioxide emissions. They provide vehicles with structural strength.
They possess the ability to bond various surfaces together. Use of structural adhesives makes vehicles lighter, quieter, and safer compared to mechanical fastening methods such as welding, bolting, and soldering. Structural adhesives are known to distribute load evenly across a surface, resulting in better efficiency compared to mechanical fastening, which generates local stress in parts joined. Currently, around 15 kilograms of adhesives are used in an average car. This amount is likely to increase in the next few years.
Structural adhesives are preferred for use in interiors, exteriors, and engine compartments of aircraft, due to their advantages over other types of adhesives. Structural adhesives carry higher weight loads and improve uniform distribution of stress and strain across the joints. They also maintain the integrity and strength of materials, as there is no hole, rivet, or fastening element to weaken the structure. The above-mentioned factors are projected to fuel demand for structural adhesives worldwide during the forecast period.
Asia Pacific Dominates Global Structural Adhesives Market
Based on region, the global structural adhesives market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of value and volume, Asia Pacific was a leading region of the global market in 2017. The market in the region is anticipated to expand at a rapid pace during the forecast period, owing to expansion in the automotive & construction industry and presence of major manufacturers of structural adhesives in the region. Europe and North America are significant consumers of structural adhesives.
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However, countries in the European Union are developing new policies that compel manufacturers to produce bio-based adhesives in order to reduce impact on the environment. These government policies are becoming increasingly stringent for manufacturers of structural adhesives. The structural adhesives market in Latin America is projected to expand at a sluggish to moderate pace during the forecast period, as demand for structural adhesives in these regions is anticipated to rise in the next few years, due to an expansion in the automotive industry in these regions.
High Degree of Competition among Players Operating in Structural Adhesives Market
The degree of competition among players operating in the structural adhesives market in the China is high, due to the presence of a large number of players producing structural adhesives in the country. Key players operating in the global structural adhesives market are Henkel AG & Co. KGaA, 3M, Sika AG, Huntsman International LLC, Illinois Tool Works Inc., H.B. Fuller, Ashland, DowDuPont, Bostik, and LORD Corporation.
Automotive Segment to Lead Market
Based on end-use industry, the global structural adhesives market can be divided into automotive, building & construction, marine, aerospace, wind energy, and others. The others segment includes sporting goods, electronics, and furniture. Automotive was a highly attractive segment of the global structural adhesives market in 2017, due to a rise in demand for structural adhesives for use in recreational vehicles and lightweight vehicles. Structural adhesives are used significantly in the automotive industry, as they can provide better adhesion to distinct substrates such as steel and plastics.
Global Structural Adhesives Market, by Type
Global Structural Adhesives Market, by End-use Industry
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Expansion of Product Portfolio in Aerospace Structural Adhesives Generating Incremental Opportunities
Demanding applications in the aerospace industry are generating incremental opportunities for companies in the structural adhesives market. Aircraft structural materials, engines, and parts require high-quality aerospace structural adhesives to ensure a safe & reliable fleet for airline operators. Applications such as lightning strike protection materials, metal bonding, composite joining, and surface preparation end uses are translating into value-grab opportunities for manufacturers.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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