Structural Adhesives Market to Cross $7 Billion by 2024
The capability of the product to minimize the overall weight of the system leads to the increasing use of the such adhesives for aeronautical applications as well. According to Global Market Insights, Inc., “Worldwide structural adhesives market will surpass a revenue collection of USD 7 billion by 2024 with an annual growth rate of more than 4% over 2016-2024.”
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Polyurethane is extensively used in the aviation and automotive sector, on account of its strong bonding strength. Polyurethane dominated the overall structural adhesives market by accounting for 50% of the share in 2015 and will collect considerable revenue by the end of 2024. This product exhibits a sizable demand pertaining to its cost effectiveness and flexibility. The growing polyurethanes (PU) market will also contribute toward the development of structural adhesives industry.
Aviation and aerospace end user segment of structural adhesives market will register an annual growth rate of above 4% over the coming seven years. this product is prominently used due to its notable mechanical characteristics such as superior compressive strength, high glass transition temperature, excellent durability & toughness and cyclic fatigue resistance capability.
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Structural adhesives are widely used as bonding agents to avoid the usage of rivets, welds, and screws in bonding plastic materials. In addition, this product is used to improve the mechanical and aesthetic properties of plastics as well. On these grounds, structural adhesives market from plastic applications collected a revenue of USD 1 billion in 2015 and will generate significant revenue by 2024 with a CAGR of 4.5% over the coming timeframe.
North America structural adhesives market will generate significant revenue by the end of 2024, owing to the surging infrastructure development along with growing advancements in the aviation industry. U.S. and Canada will be the prominent revenue contributors toward North America market share.
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Pertaining to the widespread availability of vehicles along with the rising spending capability of consumers, the sale of automobiles across the globe will observe a massive incline. On these grounds, the automotive segment of structural adhesives industry, having had a revenue of USD 1 billion in 2015, will record a notable growth rate over the years ahead.
Asia Pacific structural adhesives industry collected a revenue of USD 2 billion in 2015 and will register considerable annual growth rate over the period of 2016 to 2024. The regional governments have been investing heavily in construction activities across this geography. Moreover, many of the automotive industry giants are establishing their manufacturing plants in various developing countries of APAC. Japan, India, South Korea, and China will contribute substantially toward the regional growth.
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Industry players are engaged in strategic alliances to strengthen their presence in the diversified business space. The noteworthy players in structural adhesives market are Illinois Tool Works, Arkema, 3M Company, Scott Bader Co., Lord Corporation, Dow Chemical Company, L&L Products, Henkel AG, SIKA AG, Master Bond, Parson Adhesives, Permabond, Ashland Inc., Hubei Huitian Adhesive Enterprise Co., Ltd., Elantas, and Panacol-Elosol GmbH.
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