Structural Adhesives Market Trends 2022 In-Depth Coverage And Various Important Aspects
Market Scope
Market Research Future (MRFR) confirms that the structural adhesives market had touched USD 18.3 billion in the year 2016 and is touted to capture a CAGR of 7.9% between 2020 and 2027.
Key Boosters and Barriers
The fast-expanding sectors like construction, automotive, transportation and furniture are encouraging Structural Adhesive Market companies to spend considerably on research and development activities. The adhesive has become an indispensable component in several sectors and are frequently subjected to advancements, which further boost their appeal and application scope. Structural adhesives have impressive thermal, chemical, abrasion and impact resistance and provide the high load-bearing capability, strength, resistance and durability against heat, impact, solvents, and fatigue. These also offer benefits like smoother lines with no protruding rivets, weld marks or nails in the body of the vehicle such as car, bus, and truck.
The market growth is also facilitated by the rising preference for modified polyurethane and epoxies adhesives, coupled with the surging prevalence of methyl methacrylate adhesives in marine, wind energy, automotive and building & construction applications. Mounting penetration of advanced composites, rampant demand for green, sustainable, and non-hazardous structural adhesives, and inclination towards low carbon-emitting and lightweight vehicles as well as aircraft will also ensure solid market growth for structural adhesives in subsequent years.
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Segmental Review
The automotive adhesives market has been considered for product type, technology and application are the top segments considered in the MRFR report.
The product types analyzed are acrylic, epoxy, cyanoacrylate, urethanes, and others. Epoxy remains one of the most sought-after structural adhesives in the market as it adheres to several material types, has high strength, produces low VOC during the curing process, and can bear heavy loads.
The technologies covered in the report are water-based as well as solvent-based. Water-based structural adhesives are significantly used in hard and rigid joining like automotive assembly, furniture panels, household appliances and joint cement. The demand is bolstered by the strict regulations imposed by environment agencies pertaining to the volatile organic compound present in solvent-based adhesives.
The top applications of structural adhesives include transportation, automotive, furniture, building & construction, and more.
Regional Insight
The structural adhesive industry can be regionally split into Europe, Asia Pacific or APAC, MEA or Middle East & Africa and North America.
Fast industrialization rate and high demand in furniture and construction sectors have made APAC the highest gainer in the global market. The stunning growth can also be credited to the escalating use of adhesives in the automotive and transportation sector, especially in India, South Korea, China and Japan. Therefore, these countries are presumed to be the most profitable markets in the region in the years to come. Indonesia and Thailand are some of the fastest expanding markets for structural adhesives, in view of the surge in tax incentives offered by the government and the high availability of cheap-priced labor as well as materials.
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The Europe market has taken the second lead in the global industry, while Germany, Italy, Spain and the UK and France are emerging as the top contributors. Rising government expenditure with respect to commercial buildings and public infrastructure is likely to enhance the use of structural adhesives for applications in roofing, wall coverings and window panels. High living standards of the consumers who are focused on the latest trends in terms of furniture designs should further foster the market demand in the ensuing years.
North America is on a healthy growth trajectory, on account of the extensive use of structural adhesives in the construction and automotive industries. The biggest market in North America is the US, considering the booming sales of automobiles such as trucks, vans and more. Substrates like plastics, glass, composites, and metals are significantly used for vehicle manufacturing in the country and is expected to be favorable for the structural adhesives market during the analysis period.
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Major Vendors
The strongest players active in the structural adhesives industry include Ried B.V. Co., Arkema S.A., SIKA AG, Hubei Huitian Adhesive Enterprise Co., Lord Corporation, Scott Bader Company, 3M Company, The Dow Chemical Company, Ashland Inc., Henkel AG & Co., to name a few.
Latest Updates
February 2021
Bostik, a renowned player in advanced adhesive solutions has acquired Poliplas Ltda. Bostik is a Brazilian company and is well-known in the fast-expanding hybrid adhesives and sealants industry. Poliplas, on the other hand, is a major firm in the Brazilian adhesives industry. Both the companies will team up to offer high-performance and quality adhesives as per the customers’ requirements. The acquisition is expected to push Bostik’s strategy to make a name in the construction sector, while reinforcing its position in the adhesives domain.
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