Wilmington, Delaware, United States, Nov. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global structural adhesives market was estimated at a value of US$ 12.2 billion in 2021. It is anticipated to register a 6.9% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 22.1 billion by 2031.
Epoxy structural adhesives are becoming more and more popular in carbon fiber composite bonding for drilling platforms, which is helping manufacturers improve their bottom lines. Epoxy adhesives that cure at low temperatures and more recent iterations that follow the traditional high-heat one-part chemistry are becoming more widely available from manufacturers. Selecting the incorrect structural adhesive for various end-use applications might result in unfavorable effects.
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To assist desired outcomes following the usage of structural adhesives on various types of materials, organizations are engaging specialists who are educating customers about many aspects, such as chemical resistance, environmental difficulties during manufacturing, and mechanical obstacles.
Global Structural Adhesives Market: Key Players
A few major manufacturers hold the majority of the market share in the consolidated global structural adhesives market. Important companies are spending money on research and development, mainly to create structural adhesives made of bio-based materials. These adhesives can lower carbon dioxide emissions, which will enhance the supply and value chain.
Major players have embraced the strategy of product range expansion and mergers and acquisitions. The following companies are well-known participants in the global structural adhesives market:
- Henkel AG & Company KGaA
- Sika Group
- 3 M
- Bostik SA
- H.B. Fuller Company
- Ashland
- Illinois Tool Works Inc.
- The Dow Chemicals Company
- LORD Corporation
- Huntsman International LLC.
Key Findings of Market Report
- It has been discovered that wind turbine assembly adhesives, such as acrylic, epoxy, and urethane adhesives, enhance the strength, longevity, and aesthetics of wind turbine components.
- These innovative adhesives are starting to replace more conventional attachment techniques like tapes, rivets, and welds, which helps to reduce the expenses related to metal finishing and preparation.
- Wind turbine assembly adhesives that work with metal, composite, and plastic components are becoming more widely available thanks to manufacturers in the structural adhesives industry.
- Convenience cartridge packaging and bulk packaging, such as drums, gallons, and pails for high volume applications, are two convenient ways to get these adhesives.
- This is why it is anticipated that throughout the projected period, the structural adhesives market will develop at a positive CAGR.
Market Trends for Structural Adhesives
- Structural adhesives manufacturers are seeing new prospects as a result of the demanding applications of the aerospace industry. High-quality aerospace structural adhesives are needed for aircraft engines, components, and structural materials to guarantee airline operators a safe and dependable fleet.
- Applications including materials that guard against lightning strikes, metal bonding, composite joining, and end applications for surface preparation are creating value-adding chances for manufacturers.
- The product offerings of structural adhesives manufacturers are being broadened to include mold release, films, adhesive pastes, and primers specifically designed for use with aircraft structural adhesives. The need for these adhesives is being driven by the increasing rate of aircraft manufacture.
- Professionals with years of expertise create the materials used in primary and secondary aircraft structural components in the aerospace industry. These discoveries are increasing the need for structural adhesives used in aviation.
Global Market for Structural Adhesives: Regional Outlook
Various reasons are propelling the growth of the structural adhesives market throughout the region. These are:
- In 2021, Asia Pacific held about 34% market share for structural adhesives globally. Since urethane goods are used in large quantities, the area has a substantial market share. The demand from the wind energy and automotive industries, which together represent for 8% and 39% of the regionl consumption, is another factor driving the industry.
- In light of the strong demand for urethanes and epoxy, the structural adhesives market in North America is expected to grow at a CAGR of around 6.5%. The wind energy sector's rapid expansion is expected to propel the German market with a 6% CAGR.
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Few of key developments by the players in this market are:
| Company name | Key Developments |
| H.B Fuller Company |
|
| 3M |
|
Global Structural Adhesives Market Segmentation
Product Type
- Epoxy
- Acrylic
- Urethanes
- Cyanoacrylate
- Others
End-use
- Automotive
- Aerospace
- Marine
- Building & Construction
- Wind Energy
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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