Composite Adhesives Market to Surpass $2 Billion by 2024
SHELBYVILLE, DE — According to a new research report by Global Market Insights Inc., the composite adhesives market should surpass $2 billion by 2024.
The increasing use of adhesives to replace conventional binding and adhering techniques like mechanical bolt, fasteners and welds in the automotive, marine, construction and aerospace industries should help to grow market size. Its growing popularity for various industrial applications can be attributed to a significant reduction in structural weight, fuel consumption and cost savings. Use of structural adhesives also shortens production cycle time and eliminates drilling hole on assemblies, enhancing structural strength.
The report predicts that demand for acrylic composite adhesives will witness significant gains at over 5% during the forecast period. This growth in demand for acrylic-based products can be attributed to its increasing application scope in binding truck hoods, raised-roof assemblies and in automobiles to bond composites for roofs, doors, lift gates and hoods. Acrylics offer high bond strength on plastic, composites and metals and perform well even on oily surfaces at lower surface temperature than epoxies.
Rapid industrial and infrastructural growth along with increasing renovation projects in Brazil, India, Vietnam and China should bolster demand for composite materials, driving structural adhesives market size. Shifting trends towards adopting composites, which replace traditional building materials like brick, wood, mortar and stone, should further strengthen industry growth. Composite adhesives are used to bond materials that need to withstand high stresses and loads without compromising structural integrity.
MMA composite adhesives market size should surpass $360 million by 2024, due to demand in the aerospace industry. Its fairly high tolerance to poor surface conditions (such as oil contamination), high strength performance, greater freedom of material choice (like metals, magnets, glass, wood and composite), along with bondability with dissimilar materials and improved finish, should drive product demand.
The stringent regulatory frameworks in the United States and Europe, involving VOC levels, emission control and improved fuel efficiency, should add to growth in the composite adhesives industry. The European Commission developed the CARS 2020 action plan to reinforce automotive industry competitiveness along with addressing climatic, environmental and societal challenges.
The growing demand of composites in manufacturing aircrafts for the commercial and defense sectors is increasing demand for adhesives. These products are commonly used to attach joints to cured parts like stingers and uncured parts like wing skins due to their toughness, strength, stiffness and high-temperature performance on fixtures and joints.
The composite adhesives industry in North America, led by the United States, is anticipated to grow at a rate of about 4% during the projected timeframe. The rising use of composite adhesives in medical devices, machinery and welded tubes should drive industry growth. Growing demand for high-quality composite adhesives that offer superior properties should also drive product demand.
The market for one-component composite adhesives should see significant gains due to high demand in the clean energy sector. A rise in demand for one-part adhesives can be ascribed to their freedom of application, offering less time for cure compared to two-part composite adhesives.
Cyanoacrylate-based composite adhesives will see robust growth during the projected timeframe due to their instant adhering properties. These grades of adhesives are highly viscous, surface insensitive and are low in odor. They are commonly used to adhere substrates including polypropylene, polyethylene, PTFE and other polyolefins, which are difficult to bond.
For additional information about the report, Composite Adhesives Market Size By Product (Epoxy, Polyurethane, Acrylic, Methyl Methacrylate [MMA], Polyimide, Phenolic, Cyanoacrylate, Silicone), By Component (One Component [1K], Two Component [2K]), By Application (Automotive & Transportation, Rail Carriage Panels, Wind Energy, Bicycles, Aerospace, Marine, Construction [Metal To Metal Sandwich, In-situ Pipeline Repair, Perforated Panel], Leisure, Storage Tanks, Packaging, Medical [Orthopedic, Bone Cement], Dental, Electronics, Stationary), Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, Thailand, Indonesia, South Korea, Australia, Brazil, Argentina, Saudi Arabia, UAE, South Africa) Competitive Market Share & Forecast, 2017–2024, visit https://www.gminsights.com/industry-analysis/composite-adhesives-market.