Structural Adhesives Market Analysis

Structural Adhesives Market Analysis

On the basis of number of components, market is classified into single and double component. Double component type will have majority of market share. It is majorly used in critical applications where critical factor of safety and bond failure must be avoided. The components used for this product are hardener and prime adhesive resin. Hardener is used to catalyze the bonding of the adhesive.

Single component structural adhesives market segment will witness a CAGR of over 4% throughout the forecast timeframe. This type is mostly preferred in leather industries, furniture, and sewer & water. It is used for applications which require adhesion for less time and is applied between similar substrates. It needs either surrounding medium like light & humidity, high temperature, or other substances to initiate curing.

Polyurethane product type will have over 55% of the market share in terms of volume throughout the forecast timeframe. This product type is widely used in aviation and automotive industry owing to its high bonding strength and fast curing ability. It is an efficient and economical product for slightly flexible and low impact applications with large bonding areas.

Acrylic structural adhesive will have a growth rate of over 4% throughout the forecast timeframe. It can be attributed to the high bonding strength of the product type on metals and plastics. Low resistance against impact and vibration limits the product’s utility in heavy duty applications.

Based on application, market is categorized into composites, metals, plastics, concrete & tiles, wood, and leather. These specialty adhesives are widely known for its adhesion capability for dissimilar substrates like plastics, aluminum, glass, fiber, and wood, without requiring procedures for mechanical joining such as fasteners, which might result in mechanical failures. Composite application category will have over two-fifth of the structural adhesives market share throughout the forecast timeframe. Increasing application of composites in the aerospace and automotive industries as a replacement of metal parts for overall weight reduction will boost the growth of this application segment in near future.
 

Automobile end-use industry will have significant share of market throughout the forecast timeframe. Structural adhesive is widely used in the automotive industry due to the involvement of many dissimilar components. Development in global economy and stabilization in the slowdown of the Chinese economy will boost the growth of automobile industry in near future. Additionally, increasing affordability of the middle-class consumers owing to availability of a wide range of vehicle categories, has attracted buyers and increased automobile sales.
 

In 2015, structural adhesives market value in the Asia Pacific region was over USD 2 billion and will witness a growth rate of over 4% throughout the forecast timeframe. China and India have observed escalating construction spending owing to government initiatives along with private & public investments. Availability of cost-effective labor & raw material as well as favorable environment has led to several automobile manufacturers establishing their manufacturing facilities in developing countries of Asia Pacific. Well-established shipbuilding sectors in South Korea, China and Japan will also boost the regional product market.