Report Predicts Composite Adhesives Market Size May Reach $2bn by 2024 Key Company Profiled 3M, Hexcel Corporation, Henkel, Sika, The Dow Chemical Company, LORD Corporation, Ashland, Bostik, Covestro, allnex, Solvay, Aditya Birla Group
Development of a comprehensive line of epoxies, polyurethane, cyanoacrylates and silicone structural adhesives with the ability to adhere similar & similar substrates and ability to fill gap should boost industry growth. These products are widely used in endoscopes, infusion pumps, IV kits, catheters, imaging equipment and surgical instruments.
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Composite Adhesives market should surpass USD 2 Billion by 2024; according to a new research report. Positive growth drivers pertaining to demand for composite materials in automotive & aircraft manufacturing industry should propel demand for composite adhesives. Rising application scope for these adhesives due to replacement of conventional adhering techniques by use of lightweight composites in lieu of reducing weight & improved performance should drive product demand. Modern aircrafts are manufactured by utilizing over 50% composite materials adopted by major aerospace OEM's including Boeing, Airbus and Bombardier.
Two component composite adhesives market by aerospace application should witness gains at over 6% during forecast period. These adhesives are widely used to attach cured parts to joints like stringers and cured parts such as wing skins in aerospace industry due to its properties such as toughness, stiffness, strength and high-temperature performance. Entry of new players in the aircraft industry will increase production of aircraft owing to rise in demand for aircraft travel along with improved consumer safety and comfort should enhance industry growth prospects of composite adhesives industry.
- Composite Adhesives Market, By Component
• One component (1K)
• Two component (2K)
- Composite Adhesives Market, By Product
• Methyl methacrylate
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Growing application of replacing conventional adhering and binding techniques employing mechanical bolts, fasteners and welds in construction, automotive and wind energy industry should drive product demand. Use of composite adhesives also reduces production cycle time, eliminates drilling process on assemblies enhancing structural strength, reducing weight and cost saving.
Stringent regulatory regimes in North America and Europe pertaining to environment protection and construction methodologies by government agencies and authorities should strengthen composite adhesives market. Automotive agencies like FMVSS and AAPC have laid manufacturing standard operation process (SOP) for industry participants with a view to reduce automotive weight to improve fuel efficiency and reduce emissions.
North America composite adhesives market should witness significant gains during forecast period owing to its stringent regulatory regimes and growing consumer inclination towards green and renewable energy in advancing automotive and aircraft industry. Rising demand for high-quality structural adhesives with superior product properties should trigger higher product demand in the region.
Epoxy based composite adhesives market should witness strong gains at over 5.5% during projected period which can be ascribed to its large quantity demand in automotive, marine and aerospace industry. These products show high strength, temperature resistance, relative low curing time, low shrinkage and cost, thus propelling product demand. Ease of application epoxy-based adhesives should also strengthen product demand.
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Global composite adhesives industry share is moderately concentrated with presence of industry players like 3M, Permabond, Hexcel, Sika AG, Bostik and DYMAX. These companies usually adopt strategies like mergers & acquisition, joint venture and partnerships to expand their regional presence and production capacity. The companies also heavily invest in R&D for product & application innovations along with reducing production cost.
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