Structural Adhesives Market to Top US$ 16.1 Bn as Adoption of Lightweight Composites Burgeons within Automotive Sector: Future Market Insights
A detailed study published by Future Market Insights (FMI) uncovers critical trends and opportunities facilitating the growth in the structural adhesives market. The report emphasizes on highlighting key micro & macro-economic indicators pushing sales across various segments in terms of product type and application across six regions for the upcoming decade.
Future Market Insights (FMI), Dubai: As per the latest survey by FMI, the global structural adhesives market is estimated to top US$ 11.6 Bn in 2022. Increasing applications of structural adhesives in lamination, flooring, roofing, and coating across the construction sector are fueling the demand in the market.
Demand for fuel-efficient and electric vehicles is rapidly increasing across the world with increasing fuel costs. Hence, automotive manufacturers are emphasizing on using lightweight materials such as composites, plastic, and others to enhance the fuel efficiency of vehicles. As per FMI, the market is anticipated to reach US$ 16.1 Bn by 2028.
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As structural adhesives play a crucial role in bonding substrate materials such as plastic and composites, increasing demand for lightweight materials within the automotive sector is projected to bolster the growth in the market. Driven by this, sales of structural adhesives are anticipated to rise at 5.6% CAGR between 2022 and 2028.
Further, growing usage of adhesives for structural bonding applications across the aerospace industry, owing to their outstanding performance qualities such as high heat resistance, impact-absorbing capacity, load-bearing capacity, and others is propelling the demand in the market.
This has assisted the market to account for around 18% of the total adhesives and sealants sales in 2021.
Based on product type, the epoxy-based structural adhesives segment is projected to account for a significant share in the market through 2028. High flexibility, resistance to water, oil, and chemicals, and inertness compared to others adhesives are primary factors driving the growth in the segment.
“Increasing government emphasis for promoting the adoption of electric vehicles and increasing number of massive renewable energy generation projects across developing economies are expected to augment the growth in the market,” says a FMI analyst.
Key Takeaways from Structural Adhesives Market Study
- The U.S. is estimated to account for the largest share in North America market, owing to increasing adoption of structural adhesives across the construction sector.
- Europe is expected to hold nearly 26% of the overall sales through 2028, favored by surging demand for electric vehicles in Germany and the U.K.
- China is projected to emerge as the most attractive structural adhesives market in East Asia, accounting for around 27% of the total sales over the assessment period.
- India is forecast to register swift growth in South Asia market, on the back of growing customer inclination towards fuel-efficient vehicles in the country.
- On the basis of product type, polyurethane is anticipated to remain the most sought-after adhesive, accounting for nearly 55% overall share between 2022 and 2028.
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- Increasing use of structural adhesives for fabrication of automotive components such as doors, body panels, dashboard, and glass attachments are propelling the demand across the automotive industry.
- Growing number of infrastructure development activities such as airports, hotels, resorts, residential buildings, and others across India, China, and Brazil are favoring the growth across the construction sector.
- Implementation of stringent regulation regarding the emission of volatile organic compounds (VOC) is restraining the growth in the market.
- Adverse effects associated with the structural adhesives such as shortness of breath, skin problems, fatigue, and dizziness are hindering the sales in the market.
Key manufacturers in the global structural adhesives market are investing in research and development (R&D) activities for novel adhesives with better curing properties as per changing industry standards for diverse industry verticals.
- In December 2021, Dymax, a leading curing and adhesives manufacturer, announced introducing a new adhesive specifically designed for electric vehicle battery assembly, 9501-F adhesive. The product has excellent bonding strength for fixing cylindrical battery cells to holders and plastic bases to create a complete battery pack structure.
- In June 2021, Solvay, an international chemical company, announced launching a new range of adhesives for applications across aerospace industry. The new adhesives – AeroPaste 1009, 1100, 1006, and BR 179 non-chromate primer – provide processing flexibility and increase part assembly efficiency.
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Some of the key players operating in the market profiled by FMI are:
- 3M Company
- Sika AG
- Henkel AG & Co. KGaA
- The Dow Chemical Company
- Scott Bader Co.
- Uniseal Inc.
- Huntsman Corporation
- Ashland Inc.
- Lord Corporation
- Illinois Tool Works Inc.
- Permabond LLC
More Valuable Insights on Structural Adhesives Market
The latest report by FMI provides a detailed analysis of the global structural adhesives market, providing credible insights into key factor driving the market through 2022 and beyond. The study also disclosed growth projections on in structural adhesives market with detailed segmentation:
By Product Type:
- Epoxy-based Structural Adhesives
- One Component
- Two Component
- Acrylic-based Structural Adhesives
- Polyurethane-based Structural Adhesives
- Structural Adhesives for Transportation Sector
- Structural Adhesives for Automotive Sector
- Structural Adhesives for Aerospace Sector
- Structural Adhesives for Marine Sector
- Structural Adhesives for Building & Construction Sector
- Structural Adhesives for Energy Sector
- North America Structural Adhesives Market
- Latin America Structural Adhesives Market
- Europe Structural Adhesives Market
- East Asia Structural Adhesives Market
- South Asia & Pacific Structural Adhesives Market
- Middle East & Africa (MEA)Structural Adhesives Market
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Key Questions Covered in the Report
- The report offers insight into structural adhesives market demand outlook for the forecast period 2022-2028
- The market study also highlights projected sales growth for structural adhesives market between 2022 and 2028
- Structural adhesives market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Structural adhesives market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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