Wilmington, Delaware, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Aerospace Adhesives Market by Technology (Solvent borne, Waterborne, and Reactive), Resin Type (Epoxy, Silicone, Polyurethane, and Others), Function (Structural and Non-structural), and End User (Original Equipment Manufacturer & Maintenance, Repair, and Operations): Global Opportunity Analysis and Industry Forecast, 2023–2032.”
According to the report, the global aerospace adhesives industry generated $0.9 billion in 2022 and is anticipated to generate $1.5 billion by 2032, witnessing a CAGR of 5.0% from 2023 to 2032.
(We are providing aerospace adhesives industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
- 185 - Tables
- 96 - Charts
- 355 - Pages
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Prime determinants of growth
The growth of the global aerospace adhesives market is driven by factors such as increase in number of aircraft and air passengers, surge in penetration of composites in aircraft manufacturing, and rise in demand for lightweight and fuel-efficient aircraft. However, increase in need for high-quality adhesives to bond lightweight material and delay in aircraft deliveries hamper the growth of the market. On the contrary, surge in demand for commercial aircraft and advancements in aircraft are expected to offer remunerative opportunities for the expansion of the aerospace adhesives market during the forecast period.
Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $0.9 Billion |
| Market Size In 2032 | $1.5 Billion |
| CAGR | 5.0% |
| No. Of Pages in Report | 355 |
| Segments Covered | Technology, Resin Type, Function, End User, And Region |
| Drivers | Increase In Number of Aircraft and Air Passengers Surge In Penetration of Composites in Aircraft Manufacturing Rise In Demand for Lightweight and Fuel-Efficient Aircraft |
| Opportunities | Surge In Demand for Commercial Aircraft Advancements In Aircraft |
| Restraints | Increase In Need for High-Quality Adhesives to Bond Lightweight Material Delay In Aircraft Deliveries |
Impact of Russia-Ukraine War Scenario
- On February 24, 2022, Russia initiated an invasion of Ukraine, marking a significant escalation in the ongoing Russo-Ukrainian War that commenced in 2014. The invasion of Ukraine by Russia and the subsequent sanctions imposed on the country have introduced numerous challenges for the aviation industry. For instance, as of March 25, 2022, 36 countries, including members of the European Union, the UK, and the U.S., have implemented airspace closures for Russian airlines.
- Moreover, the conflict between Russia and Ukraine has significantly impacted the aerospace adhesives market, primarily due to disruptions in the supply chain of crucial raw materials. Russia, a major producer of titanium, a material widely utilized in the aerospace industry for its durability and lightweight properties, particularly in widebody aircraft, has seen its supply chain affected. The major aircraft manufacturers such as Boeing and Airbus have faced challenges in securing a consistent supply of titanium.
Recent Developments in the Aerospace Adhesives Industry:
- PPG Industries Expansion: In August 2023, PPG Industries invested $9.8 million to expand its Temple, Texas facility, specifically targeting the adhesives and sealants line.
- Solvay's Technological Advancements: Solvay introduced FusePly 250 in October 2023, a cutting-edge addition to its chemical bonding technology tailored for aerospace manufacturing at temperatures of 250°F and higher.
- Strategic Partnership with Wichita State University: In March 2022, Solvay partnered with Wichita State University's National Institute for Aviation Research (NIAR) to advance aviation solutions, expanding its aerospace portfolio.
- International Expansion with DGE: Bostik collaborated with DGE in March 2022, aiming to distribute adhesive and sealant products across Europe, the Middle East, and Africa (EMEA).
- Arkema's Acquisition: In February 2022, Arkema (parent company of Bostik) acquired Ashland's Performance Adhesives business, fortifying its position in adhesive solutions and aligning with its group strategy.
- H.B. Fuller's Strategic Acquisition: In January 2022, H.B. Fuller acquired Apollo, a UK-based manufacturer of liquid adhesives, coatings, and primers, enhancing its presence in key markets in the UK and Europe.
- PPG Industries' Contribution to Space Exploration: In June 2021, PPG Industries supplied aerospace sealants, coatings, and adhesives for the ATLAS V 541 rocket, launching NASA's Perseverance rover to Mars in July 2020.
Top of Form
The water-borne segment to maintain its leadership status throughout the forecast period.
Depending on technology, the water-borne segment held the highest market share in 2022, accounting for more than three-fifths of the global aerospace adhesives market revenue, and is expected to maintain its leadership status throughout the forecast period, as there is rise in production of aerosol contact adhesives that are formulaically constructed with water as their base liquid, owing to health and environmental concerns related to the adoption of solvents However, the reactive segment is projected to garner the highest CAGR of 6.4% from 2023 to 2032, owing to their capability to establish robust and enduring bonds across a diverse range of materials and applications.
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The epoxy segment to maintain its leadership status throughout the forecast period.
By resin type, the epoxy segment held the highest market share in 2022, accounting for more than one-third of the global aerospace adhesives market revenue, and is estimated to maintain its leadership status throughout the forecast period as companies in the aerospace industry are actively engaged in developing and introducing innovative epoxy-based adhesive technologies and solutions to enhance efficiency. Moreover, the epoxy segment is projected to register the highest CAGR of 6.1% from 2023 to 2032, owing to the wide use of epoxy adhesives for bonding a variety of materials, including metals, composites, and thermoplastics.
The structural segment to maintain its lead position during the forecast period
Depending on function, the structural segment accounted for the largest share in 2022, accounting for more than three-fourths of the global aerospace adhesives market revenue, and is estimated to maintain its leadership status throughout the forecast period as their surge in manufacturing and supply of structural paste adhesives for aircraft that are employed in bonding various materials such as aluminum, stainless steel, titanium, and composites. However, the non-structural segment is projected to register the highest CAGR of 5.8% from 2023 to 2032, owing to growing emphasis on improving passenger comfort and achieving aesthetically pleasing interiors which increases the demand for non-structural adhesives in these specific applications.
The original equipment manufacturer segment to maintain its lead position during the forecast period
As per end user, the original equipment manufacturer segment accounted for the largest share in 2022, accounting for more than two-thirds of the global aerospace adhesives market revenue, and is estimated to maintain its leadership status throughout the forecast period as OEMs continue to manufacture and assemble new airplanes to meet the growing demand for air travel. However, the maintenance, repair and operations segment are projected to garner the highest CAGR of 5.8% from 2023 to 2032, owing to ongoing requirement for MRO activities to uphold the airworthiness of aging fleets.
Asia-Pacific to maintain its dominance by 2032
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting more than one-fourth of the aerospace adhesives market revenue, and is likely to dominate the market during the forecast period, as there is increase in demand for new commercial and cargo aircraft in various countries of the region. Moreover, Asia-Pacific is expected to witness the fastest CAGR of 6.0% from 2023 to 2032, owing to rise in the demand for aviation and maintenance services is likely to indirectly contribute to an increased requirement for adhesives utilized in these service activities.
Key Highlights of the Aerospace Adhesives Market Report:
- Market Scope: The report analyzes the aerospace adhesives market across 16 countries, providing a segment-wise valuation ($ billion) for the 2022-2032 forecast period.
- Robust Methodology: Our research integrates high-quality data, professional insights, and independent opinions, aiming to offer a comprehensive perspective on the global market. This methodology assists stakeholders in making well-informed decisions to achieve ambitious growth targets.
- Thorough Analysis: Over 3,700 materials, including product literature, annual reports, and industry statements, were meticulously reviewed from major industry players. This exhaustive process enhances our understanding of market dynamics.
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Leading Market Players: -
- 3M
- Huntsman Corporation
- H.B. Fuller
- Henkel
- Illinois Tool Works Inc.
- PPG
- Cytec Solvay Group
- Hexcel Corporation
- Bostik (Arkema)
- Dupont
- Permabond
- Lord Corporation
- Master Bond
- Scigrip Adhesives
- General Sealants
- Beacon Adhesives
The report provides a detailed analysis of these key players of the global aerospace adhesives market. These players have adopted various strategies such contract, partnership, agreement, expansion, acquisition, and product launch, others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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