Increasing Focus On Using Lightweight Materials Is Increasing Demand For Two Component Adhesives Market
Two component adhesives are binding substances known for adhesions that are led by chemical reactions. These adhesives are sometimes recognized as reactive adhesives or structural adhesives.
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Two component adhesives are known for their fast curing, easy process due to their creamy consistency, flawless shine after mechanical polishing, high chemical and wear resistance, and high bonding power even at high temperatures.
Owing to this, demand for these adhesives is consistently rising in end-use industries. This is projected to aid the expansion of the two component adhesives market over the forecast period of 2020 to 2030.
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Rising Demand in Automotive & Construction Sectors Supporting Growth
In the automotive industry, increasing focus on using lightweight materials such as plastics, composites, and aluminum has risen demand for two component adhesives. These adhesives are employed for meeting the bonding requirements owing to their high chemical resistance, excellent wear resistance, and high bonding power even at high temperatures.
Besides the automotive sector, rise in demand from the construction sector is driving the growth of the two component adhesives market. Growth witnessed is attributable to the replacement of conventional binding and adhering methods such as mechanical pins, fastening, and welding with two component adhesives.
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Fluctuating Raw Material Prices Hampering Growth
Manufacturers in the two component adhesives market have stated instability in the prices of raw material. In addition to this, government regulations and the consequent effects on end-use industries are hampering the full-fledged growth potential of the global two component adhesives market.
Two Component Adhesives Market by End-use Industry
Based on end-use industry, the two component adhesives market is gaining significantly from the automotive and construction segments. In the automotive segment, growth witnessed is attributable to rising investments in R&D practices by automotive manufacturers and increasing government initiatives.
All these factors are leading to the expansion of the automotive sector, thus augmenting demand in the two component adhesives market. Furthermore, with electric vehicles set to roll out, demand is projected to rise significantly.
Besides the automotive segment, the construction segment is holding a sizeable two component adhesives market share. Superior properties of two component adhesives such as ability to bind different materials together, more efficient distribution of stress across a joint, cost-effectiveness, easily mechanized process, and greater flexibility in design are aiding market growth.
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Two Component Adhesives Market: Competitive Landscape
The global two component adhesives market is highly competitive in nature, which is attributable to increasing R&D activities by manufacturers. Players are working more on megatrends such as e-mobility, sustainability, and digitalization to create a fast-changing environment. Additionally, mergers and acquisitions adopted by leading companies to enhance their product portfolios are also propelling the growth of the two component adhesives market.
With a surge in demand from construction, automotive, and aerospace industries, several newcomers marked their entry into the market.
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