Market Highlights
The global
structural adhesives market in 2015 was USD ~18.3 billion and is expected to
grow at the CAGR of 7.9% between 2016 to 2022.
The global
structural adhesive market is growing considerably due to increase in usage of
plastics in automotive industry to reduce weight, enhance corrosion resistance
and durability in order to increase fuel efficiency along with reducing carbon
emissions that will propel the structural adhesive market growth. Automobile
industry requires lightweight metals that has strong bonding properties between
dissimilar substrates such as steel-plastic and steel-magnesium that are used
in door panels, window-glass attachment, brakes and friction plates. Thus,
booming automobile industry due to increase in demand for passenger car will
contribute in growth of structural adhesive market in future.
Structural
adhesive is segmented into product types, technology and application. On basis
of product types, structural adhesive is segmented into epoxy, acrylic,
urethane, cyanoacrylate and others. Urethane structural adhesive dominates the
market demand owing to its low cost and properties such as high elasticity and
durability which are extensively used in applications such as automobile and
construction. These factors are expected to contribute to its demand over the
forecasted year. Cyanoacrylic adhesive possess properties such as low toxicity
and fast setting which will make it ideal for application in industrial machine
tools, medical devices, household appliances and consumer goods. Moreover,
these properties will fuel the growth of cyanoacrylic adhesive market in the
coming years.
Based on
technology, structural adhesive is segmented into water based and solvent
based. Factors such as rapid drying rate, water resistant and semi-flexibility
are favoring its usage in various bonding applications such as joint cements,
wall covering, household appliances and automotive assembly. Strict
environmental regulation regarding presence of VOC in solvent based adhesives
has positively impacted the growth of water-based adhesives. Government concern
regarding exposure to harmful chemicals and volatility in raw material prices
can hamper the market in future.
Major structural adhesives applications include
construction, transportation, automobile and furniture. Increasing plastic
consumption in transportation industry such as automobile and aircraft is
expected to boost the market demand of structural adhesive. Rapid
industrialization and increase in government spending for improving public
transport and infrastructure for the betterment of the society has anticipated
to be the major driving factor of structural adhesives market. Changing
lifestyle of consumer along with innovations in furniture designs are boosting
the demand of the market in emerging economies like India, China and Mexico.
Organic solvent based adhesives are used in medical devices and usage of this
is growing drastically. Packaging and industrial machinery are anticipated to
contribute to structural adhesive market’s demand till 2022 and it has started
since 2016.
APAC is
the largest regional market followed by North America and Europe. Asia Pacific
exhibits highest market share due to increase in investment in building,
construction and electronic appliances. Increasing automobile, furniture and
construction industry in China, India, Indonesia and Thailand owing government
tax incentives and low cost of raw material and labor is expected to favor the
structural adhesive market growth. North America witnessed a moderate growth
due to slow economic growth post-recession. Europe also witnessed a stable
growth owing to economic problems such Brexit.
Global Structural Adhesives Market Players:
ü 3M Company
ü The Dow
Chemical Company
ü Ashland
Inc.
ü SIKA AG
ü Henkel AG
& Co.
ü Lord
Corporation
ü Scott
Bader Company
ü Arkema
S.A.
ü Hubei
Huitian Adhesive Enterprise Co.
ü Ried B.V.
Co.
Segmentation
The global
structural adhesives market is majorly segmented on the basis of product types,
technology and applications. Based on the product types, structural adhesives
market is segmented into
epoxy, acrylic, urethanes, cyanoacrylate and others. Further, on the
basis of technology, the market is classified into water based and solvents
based. Similarly, on the basis of application the market is again classified
into automotive, transportation, building & construction, furniture and
others.
Access
Full Research Report by Market Research Future@ https://www.marketresearchfuture.com/reports/structural-adhesives-market-2177
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