The Global Structural Adhesives Market is valued at US$ 9,993.49 Million in 2019 and is estimated to grow at a CAGR of 6.91% over the forecast period to reach US$ 16,929.02 Million by 2027.
Structural adhesives have the highest load-bearing capacity of all types of adhesives. They also provide exceptional chemical and environmental resistance and are usually formulated to be 100% solid. Structural adhesives are also used to bond dissimilar materials and work well when the substrates have different geometries. They also play a role in the shift to composite materials. These materials reduce weight significantly but offer comparable stiffness to metal, but it is not usually compatible with welding or drilling. There are several reasons why structural adhesives are chosen for a wide variety of assembly operations. Unlike mechanical fasteners, they don't damage substrates by needing drilled holes, and there's no heat distortion (a risk with welding). In Last five years, developing countries such as India, Brazil, and China have witnessed high growth in automotive industry, therefore propelling growth in global
structural adhesives market. In addition, increasing consumption of composites in aircraft manufacturing and subsequent need for adhesives with better structural integrity and strong bonding are expected to complement growth.
Based on the type, the global structural adhesive market is broadly segmented into acrylic adhesives, epoxy adhesives, polyurethane adhesives, cyanoacrylate adhesives and others. Among all of the types, epoxy adhesives dominate the market in terms of the widest range of properties and can have the best overall properties on metals and often on thermoset composites. In addition, rigid epoxies that are commonly available in hardware, tend to be brittle, and are best suited to applications where relatively low stress and no impact are expected. Flexible epoxies, such as 3M™ Scotch-Weld™ Epoxy Adhesive 2216, have higher peel strengths and hence better impact performance; and also good choices for parts
which may require some flex in end use. Toughened epoxies, such as 3M™ Scotch-Weld™ Epoxy Adhesive DP420 and DP460, actually incorporate elastomeric regions which absorb impact, and thus provide the highest shear, peel, impact, vibration and fatigue resistance; and hence are chosen for the most demanding end use applications. However, epoxies require rigorous cleaning of oils from metal joint surfaces for room temperature bonding.
Market Dynamics
Drivers
- Increasing demand of structural adhesives from automobile industry
- Rise in Investments in emerging economies in Asia-Pacific
Restraints
- Fluctuating raw material prices and shortage in the supply of raw materials
- Environmental Regulation in North American and European Countries
Increasing demand of structural adhesives from automobile industry
Increasing demand for structural adhesives for building automobiles has steadily increased over the years, and offers significant advantages over classic bonding techniques, including the ability to use lightweight design components with improved mechanical strength, which will add fuel to the growth of the market. For instance, BETAMATE structural adhesives by DuPont is a high-performance adhesive for aluminum, steel and other materials. This replaces welds and mechanical fasteners, helping improve vehicle strength and durability, reduce weight and improve manufacturing efficiencies. It can be used in applications such as Aluminum chassis/powertrain components, Cockpits, Doors, Engine compartments, Hoods, and others.
Currently, automotive manufacturers are using more lightweight components such as plastics and composites materials. These materials work well for reducing the weight of a vehicle and improving fuel efficiency. But on the other side, they also present a challenge during the assembly process. When having to integrate a non-metal component to a metal component, the manufacturer needs to bond the parts together using a powerful adhesive which will propel structural adhesive market growth. Therefore, the growing automobile industry is expected to fuel growth in the global structural adhesive market during the forecast period.
Geographical Analysis
The Global Structural adhesives Market is valued at USD 2104.73 Mn in 2019 and is estimated to grow at a CAGR of 6.31% over the forecast period to reach USD XX Mn by 2027. The collective revenue of the global Structural adhesives market is expected to generate USD XX Mn by 2027.
The Global Structural Adhesives Market Consists of the North America, South America, Europe, Asia Pacific, and Middle-East & Africa.
Asia-Pacific Segments dominate the global structural adhesives market owing to rapid industrialization and growing demand from the automotive industry. The rising volumes of production and an increase in the number of variants of vehicles sold around the globe have further propelled the demand of the structural adhesive market.
The number of cars sold in the Asia Pacific region in 2016 was 4.69 million compared to 4.34 million in 2015. This is expected to provide huge opportunities for manufacturers and distributors who are seeking to extract profits out of this market.
Middle-East and Africa is expected to grow at a CAGR of 6.05% owing to increase in investment by the government bodies in establishment of commercial spaces across the region associated with increase in usage of structural adhesives in window protection and construction activities.
The key players in the global structural adhesives market includes LORD Corporation, Henkel AG & Co. Kgaa, Dow dupont Inc., Cabot Corp., Ashland And 3M Company.
The key strategies adopted by the prominent players in the global structural adhesives market includes strategic collaboration between the regional players and global players for the development of novel technologies in structural adhesives.
In September 2017, PPG entered into strategic collaboration with Renault-Nissan for the production of Custom-made structural adhesives to more than one million cars in Europe, North America and South America regions.
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