Structural adhesives market application sector will likely be signified by the joining of composite materials. This application segment gauged over a third of the total share owing to the popularity of composites in automotive and aerospace industries.
Owing to numerous product properties that help enhance the performance and safety of vehicles, Structural Adhesives Market has been gaining renewed popularity of late. This product is used primarily to reduce the overall weight of automobiles. In addition, a perpetual change in the living standards coupled with a rise in the per capita income has led to an increase in the automobile production and sales, which will fuel structural adhesives market. The capability of the product to minimize the overall weight of the system leads to the increasing use of the such adhesives for aeronautical applications as well. According to Global Market Insights, Inc., “Worldwide structural adhesives market will surpass a revenue collection of USD 7 billion by 2024 with an annual growth rate of more than 4% over 2016-2024.”
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Polyurethane is extensively used in the aviation and automotive sector, on account of its strong bonding strength. Polyurethane dominated the overall structural adhesives market by accounting for 50% of the share in 2015 and will collect considerable revenue by the end of 2024. This product exhibits a sizable demand pertaining to its cost effectiveness and flexibility. The growing polyurethanes (PU) market will also contribute toward the development of structural adhesives industry. Aviation and aerospace end user segment of structural adhesives market will register an annual growth rate of above 4% over the coming seven years. this product is prominently used due to its notable mechanical characteristics such as superior compressive strength, high glass transition temperature, excellent durability & toughness and cyclic fatigue resistance capability.
North America structural adhesives market will generate significant revenue by the end of 2024, owing to the surging infrastructure development along with growing advancements in the aviation industry. U.S. and Canada will be the prominent revenue contributors toward North America market share.
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Pertaining to the widespread availability of vehicles along with the rising spending capability of consumers, the sale of automobiles across the globe will observe a massive incline. On these grounds, the automotive segment of structural adhesives industry, having had a revenue of USD 1 billion in 2015, will record a notable growth rate over the years ahead.
Asia Pacific structural adhesives industry collected a revenue of USD 2 billion in 2015 and will register considerable annual growth rate over the period of 2016 to 2024. The regional governments have been investing heavily in construction activities across this geography. Moreover, many of the automotive industry giants are establishing their manufacturing plants in various developing countries of APAC. Japan, India, South Korea, and China will contribute substantially toward the regional growth.
Browse key industry insights spread across 180 pages with 277 market data tables & 12 figures & charts from the report, “Structural Adhesives Market Size By Component (Single, Double), By Product (Polyurethane, Epoxy, Acrylic, Cyanoacrylate, Methyl Methacrylate, Silicone), By Application (Composites, Metals, Plastics, Concrete & Tiles, Wood, Leather), By End-User (Automobiles, Aviation & Aerospace, Marine, Construction, Furniture, Water & Sewer), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, and GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
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