Structural Adhesives Market Overview:
The
global structural adhesives market in 2015 was USD ~18.3 billion and is
expected to grow at the CAGR of 7.9% between 2016 to 2022.
The
global structural adhesive market is growing considerably due to increase in
usage of plastics in automotive industry to reduce weight, enhance corrosion
resistance and durability in order to increase fuel efficiency along with
reducing carbon emissions that will propel the structural adhesive market
growth. Automobile industry requires lightweight metals that has strong bonding
properties between dissimilar substrates such as steel-plastic and
steel-magnesium that are used in door panels, window-glass attachment, brakes
and friction plates. Thus, booming automobile industry due to increase in
demand for passenger car will contribute in growth of structural adhesive
market in future.
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Global Structural Adhesives Market Players:
ü
3M
Company
ü
The Dow
Chemical Company
ü
Ashland
Inc.
ü
SIKA AG
ü
Henkel
AG & Co.
ü
Lord
Corporation
ü
Scott
Bader Company
ü
Arkema
S.A.
ü
Hubei
Huitian Adhesive Enterprise Co.
ü
Ried
B.V. Co.
Segmental Analysis:
Structural
adhesive is segmented into product types, technology and application. On basis
of product types, structural adhesive is segmented into epoxy, acrylic,
urethane, cyanoacrylate and others. Urethane structural adhesive dominates the
market demand owing to its low cost and properties such as high elasticity and
durability which are extensively used in applications such as automobile and
construction. These factors are expected to contribute to its demand over the
forecasted year. Cyanoacrylic adhesive possess properties such as low toxicity
and fast setting which will make it ideal for application in industrial machine
tools, medical devices, household appliances and consumer goods. Moreover,
these properties will fuel the growth of cyanoacrylic adhesive market in the
coming years.
Based
on technology, structural adhesive is segmented into water based and solvent
based. Factors such as rapid drying rate, water resistant and semi-flexibility
are favoring its usage in various bonding applications such as joint cements,
wall covering, household appliances and automotive assembly. Strict
environmental regulation regarding presence of VOC in solvent based adhesives
has positively impacted the growth of water-based adhesives. Government concern
regarding exposure to harmful chemicals and volatility in raw material prices
can hamper the market in future.
Major
structural adhesives
applications include construction, transportation, automobile and furniture.
Increasing plastic consumption in transportation industry such as automobile
and aircraft is expected to boost the market demand of structural adhesive.
Rapid industrialization and increase in government spending for improving
public transport and infrastructure for the betterment of the society has
anticipated to be the major driving factor of structural adhesives market.
Changing lifestyle of consumer along with innovations in furniture designs are
boosting the demand of the market in emerging economies like India, China and
Mexico. Organic solvent based adhesives are used in medical devices and usage
of this is growing drastically. Packaging and industrial machinery are
anticipated to contribute to structural adhesive market’s demand till 2022 and
it has started since 2016.
Regional Analysis:
APAC
is the largest regional market followed by North America and Europe. Asia
Pacific exhibits highest market share due to increase in investment in
building, construction and electronic appliances. Increasing automobile,
furniture and construction industry in China, India, Indonesia and Thailand
owing government tax incentives and low cost of raw material and labor is
expected to favor the structural adhesive market growth. North America
witnessed a moderate growth due to slow economic growth post-recession. Europe
also witnessed a stable growth owing to economic problems such Brexit.
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