The global Structural adhesives market would be valued at US$ 14.74 Bn in 2022 and go for a good CAGR of 6.7% between 2022 and 2032.
The market for structural adhesives is anticipated to witness steady growth over the coming years as the scope of application for structural adhesives increases across various industry verticals. Structural adhesives have gained popularity owing to their characteristic properties of high load-bearing capacity, high strength, faster curing time, etc.
Structural adhesives are also preferably used in the automotive industry due to their characteristic qualities. Automotive structural adhesives are anticipated to be highly preferred in the manufacturing of electric vehicles which are gaining popularity across the world.
The global structural adhesives market analysis is done on the basis of substrate, product type, resin type, application, and region. Depending on substrate, the market is divided into metal, wood, composite, plastic, and others. On the basis of product type, it is fragmented into solvent-based, water-based, and others. Depending on resin type, it is classified into epoxy, polyurethane, acrylic, cyanoacrylate, and others.
The applications covered in the study include automotive, building & construction, aerospace, electrical & electronics, energy, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Takeaways from Market Study
· North America holds 28.3% of the structural adhesives market and the status quo is expected to be the same even going forward.
· The market for structural adhesives in Europe stands at a valuation of US$ 4.65 billion and accounts for a significant market share of 31.6% in the global marketplace.
· Polyurethane (PU) structural adhesives account for nearly 20% of the structural adhesives market.
· The global structural adhesives market is expected to witness 2X growth between 2022 and 2032.
“The structural adhesives market has been negatively impacted due to the wake of COVID-19 pandemic, owing to its dependence on automotive, aerospace, energy, and other sectors. According to a report, the automotive industry witnessed 30% decline in sales in March 2020 as compared to March 2019, owing to lock-down and shutdowns of auto plants.” says a Fact.MR analyst.
Market Developments
The key participants are emphasizing on sustainability through development and tabling the products that would prove to be sustainable in the long run.
· Italy-based RALLK is into manufacturing the cement-hardening adhesives along with the other thermal coat adhesives to address the cement industry. The major advantage is that they do have a lower carbon footprint in comparison with traditional adhesives.
· Bostik (Arkema’s adhesive division), in May 2022, did announce launching its novel adhesive solution. It’s an extended arm of its commitment to “Responsibility for Hygiene”. This new-fangled Nuplaviva i90 Hot-Melt Wetness Indicator has renewably-sourced contents.
· Henkel, in December 2018, acquired Aislantes Nacionales S.A. (Chile), so as to strengthen its position in the Chilean market.
