According to a report,“Structural Adhesives Market Size, Share & Trends Analysis Report By Technology, By Product (Urethanes, Cyanoacrylic), By Application (Furniture, Transportation), By Region, And Segment Forecasts, 2014 – 2022”, published by Grand View Research, Inc., Global structural adhesives market is expected to reach USD 23.42 billion by 2022. Increasing automotive production particularly in emerging markets of China, India, Brazil and Mexico is expected drive the global structural adhesives market. Rigid bonding applications such as window glazing, wood panels and decorative trims require structural adhesives for fast setting and load bearing purposes. Industrialization and urbanization are expected to drive construction industry growth in emerging as well as developing nations, which further prompts structural adhesives demand.
Water-based structural adhesives accounted for over 55% of the overall market volume in 2014. Increasing regulatory intervention from environmental agencies regarding VOC presence in solvent-based adhesives has positively impacted water-based structural adhesives demand. Additionally, its superior drying rate and semi-flexibility post drying are major factors contributing towards their increasing demand in joint cements, wall coverings, household appliances and automotive assembly applications. It is also expected to witness the highest growth of 6.9% from 2015 to 2022.
Key Takeaways from the report:
Global structural adhesives market demand was 5,158.3 kilo tons in 2014 and is expected to reach 8,243.8 kilo tons by 2022, growing at a CAGR of 6.8% from 2015 to 2022.
Urethanes were the leading product segment and accounted for over 60% of the overall market volume in 2014. Urethane adhesives are primarily used for plastic adhesion in various rigid bonding applications. Increasing incorporation of plastics and composites in automotive components is expected to drive its demand over the forecast period. Cyanoacrylic adhesives are expected to witness the highest growth of 8.5% from 2015 to 2022.
Major structural adhesive applications include transportation and construction which collectively accounted for over 45% of the total market volume in 2014. Positive outlook on automotive industry coupled with increasing construction spending particularly in China, India and Indonesia is expected to drive this segment over the forecast period. Adhesives with organic solvent composition are gaining acceptance in medical devices. Additionally, niche application segments such as industrial machinery and packaging are anticipated to register significant structural adhesives demand over the forecast horizon.
Asia Pacific was the largest regional market and accounted for 45.0% of total consumption in 2014. Major structural adhesive consumers in the region include China and India which together accounted for over 55% of the regional market volume in 2014.
Global structural adhesives market is concentrated in nature with small scale companies catering to application specific end-use markets. Product pricing, partnership agreements and R&D in product innovation are expected to maintain competitiveness in the market. Major industry participants include SIKA, Arkema AG, 3M Company, The Dow Chemical Company, Ashland Inc., Henkel AG & Co., and Lord Corporation.
Browse More Reports in Plastics, Polymers & Resins Industry:
- Polyurea Market – The polymer is used in a host of applications, such as construction and transportation, owing to its unique characteristics including fast curing time, high thermal stability, pigment compatibility, and excellent water insensitivity.
- Emulsion Polymers Market – Increasing construction projects, especially in the emerging economies of Asia Pacific and Middle East has also been driving the need for high-quality paints and coatings which in turn is anticipated to augment industry volumes.
Asia Pacific accounted for over almost 45% share of the global volume in 2013. Rapid industrialization in India and China and subsequently growing transportation, construction, and furniture industries in these respective countries are expected to favorably impact the regional market growth over the forecast period. Robust economic and industrial growth in Southeast Asian countries, particularly in construction, consumer appliances, and furniture industries, is expected to further complement the demand in Asia Pacific.
The market in North America is driven by stringent food, environment, and medical regulations by regulatory bodies including the Environmental Protection Agency (EPA) and the Food and Drug Administration (FDA). U.S. is the major consumer of the product in the region. High demand from the automotive and aerospace industries is expected to drive the demand in the economy.
Central and South America is comparatively a small regional market. It is expected to witness significant growth over the forecast period, primarily driven by Brazil. Brazil nearly accounted for half of the market share owing to robust growth of the construction and automotive industries.
Structural Adhesives Market Share Insights
The global market is concentrated in nature with multi-national corporations catering to end-use industries while small scale companies are catering to niche applications. Presence of a matured distribution network enables smaller companies to market their products easily.
Technological advancements, product pricing, and partnership agreements, especially to cater to the domestic demand, are expected to drive the competition in the structural adhesives market. Key companies include Henkel AG & Co.; Ashland Inc.; SIKA AG; Arkema S.A.; 3M Company; The Dow Chemical Company; Scott Bader Company; Lord Corporation; and Ried BV.
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research, Inc.
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
Country: United States