Market Insights:
Market Research Future Reports presents its latest report on the global structural adhesive market which stated that it is on the verge of expanding globally at a CAGR of 7.9% and is expected to achieve a valuation of USD 18.3 billion by 2022. Such progress in the market expansion has thus led the market to make ways for opportunities to enter the world of structural adhesives.
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Global Structural Adhesive Market: Drivers & Trends
The global structural adhesive market is mounting considerably with the factor of increasing usage of plastics in the automotive industry to reduce weight, enhance corrosion resistance and durability in making a vehicle fuel efficient coupling with reducing carbon emissions. These are considerably propelling the structural adhesive market growth presently, and it will remain on the same sporty line in the forecast period as well.
The booming automobile industry is also supporting and contributing to the growth of the structural adhesive market owing to the increase in demand for passenger car globally. Therefore, offering high load bearing capabilities, structural adhesives also have excellent environmental and chemical resistance that enables them to withstand physical shock at a range of temperatures. With that, structural adhesives can also bond to a variety of dissimilar materials, including composite substrates, which makes the manufacturers create lightweight cars and other vehicles.
Other factors that are significantly contributing to the global structural adhesive market are mentioned to be increasing government expenditure in public infrastructure and commercial buildings for window panels, roofing, and wall coverings. Also, it has also been observed that changing consumer lifestyle with changing trends in furniture designs for building and construction application is also going to boost the demand in the future time.
On the flip side, the factor of fluctuation in prices for raw material and strict environmental regulation can hinder the market in the years to come.
Structural Adhesive Market Segmentation
According to MRFR’s reports, the global structural adhesive market has been segmented by categories of technology, application, product, and region.
By the segmentation of technology, this market segment includes water based and solvent based.
By the segmentation of application, this market segmentation includes automotive, transportation, building & construction, furniture, and others.
By the segmentation of product type, this market includes epoxy, acrylic, urethanes, cyanoacrylate, and others.
Global Key Players
- 3M Company
- The Dow Chemical Company
- Ashland Inc.
- SIKA AG, Henkel AG & Co.
- Lord Corporation
- Scott Bader Company
- Arkema S.A.
- Hubei Huitian Adhesive Enterprise Co.
- Ried B.V. Co.,
Regional Outlook
On the geographical front, Asia Pacific accounts for the chief market share owing to rapid industrialization and upward demand from construction and furniture industries. Countries such as China, India, Thailand, and Indonesia are listed as the fastest growing regions of global structural adhesive due to tax incentives, provision of subsidies and easy availability of raw material and labor as well.
Whereas North America is also expected to witness a steady growth owing to sluggish growth of industries post-recession and surge in consumer spending particularly in the U.S. This will eventually drive the demand of this market in substantial ways.
Plastics and composites are replacing conventional materials such as metals due to a rise in demands for weight reduction of components in automotive, energy, and marine. This factor is driving demand for structural adhesives in North America. On the other hand, the market share of Middle East & Africa is assessed to remain constant by the end of the forecast period, as the growth rate of the construction industry sluggish. However, the growth rate is expected to increase in the future.
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