New Jersey, NJ, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Major factors fuelling the growth of Global Composite Adhesives Market are increasing demand from automobile and aerospace sectors owing to its ability to bond with dissimilar surfaces and provide better impact resistance and mechanical strength. The global composite adhesives market is expected to grow from USD 1.67 Billion in 2017 to 2.77 Billion in 2025 at a CAGR of 7.44% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Composite Adhesives are utilized mainly for their better adhesion and bonding ability with dissimilar materials. They also look better aesthetically as compared to fasteners and welds. Composites also provide better impact resistance and mechanical strength. Owing to aforementioned properties, composite adhesives will have immense utilization value in the next generation of electric vehicle where weight is going to be an immense factor.
Due to the growing preference for efficient production cycle, composite adhesives are used because they reduce the time utilised for attaching the components together. As the demand for vehicles and aircrafts continues to be unabated, global composite adhesives market for composite adhesives will attain new highs in every passing year during the forecasted period. Strict enforcement of environmental regulations on manufacturing process as well as scarcity of raw materials required is dragging the growth back. However, the huge expansion of High Speed rail network in India and China, global emphasis on wind energy, and increased investment on research and development activities is anticipated to open new opportunities for the global composite adhesives market.
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Key major players in global composite adhesives market include Henkel AG & Co. KGaA, SIKA AG, 3M Company, The Dow Chemical Company, Huntsman Corporation, LORD Corporation, and Illinois Tool Works Incorporation-Plexus, ITW Engineered Polymers GmbH (Germany), Master Bond Inc (U.S.), Arkema SA, Permabond.com, and H.B. Fuller Company. Henkel AG is expecting a huge demand for its composite adhesives segment in aerospace applications on account of huge demand from Airbus and Boeing. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- Emphasis on reducing production cycle time across the automobile and aircraft industries are fuelling the demand for the Composite Adhesives Market. Building on its theme ‘Chemistry for Lightweighting', Huntsman Advanced Materials showcased its Pioneering Lightweight Solutions for Automotive and Aerospace Industries at JEC World 2018.
- To fulfill the increasing demand from automotive and aerospace industry in cutting down production cycle time, the use of the composite adhesive has increased and this increasing consumption is driving firms to develop and introduce improved composite adhesives. For instance, Henkel AG has developed Loctite UK 2032 and Loctite UK 2015 that are specifically designed to meet automotive performance requirements as well as high volume production demands.
Epoxy based composite adhesives are anticipated to grow at the highest CAGR of 8.92% over the forecast period.
The Resin segment includes Polyurethanes, Epoxy and Others. The Epoxy resins segment held the largest market share and is projected to grow with the highest CAGR of 8.29% during the forecast period 2018-2025. Pent up demand from the automotive, aircraft and wind energy industry is a major driving force for this demand. Polyurethane resins segment is also bound to witness a robust growth on account of its suitability for marine applications due to its ability to bond in high moisture conditions and UV resistance.
One-Part component segment led with 62.15% market share in 2017.
Component type segment is divided into one-part and two-part component composite adhesives. One part composite adhesives held the largest share in 2017 and is forecasted to grow at a CAGR of 8.14 during 2018-2025 on account of its ease of use property. Two-part component segment is growing at a rapid growth rate owing to their property of self-curing and forming high strength adhesion with coated, painted, bare or pre-treated metals and composite materials like glass reinforced plastics.
Automotive application segment is expected to attain a share of USD 969.50 Million by 2025.
Application segment is further subcategorized into Automotive, Marine and Wind Energy, Aerospace and others. Automotive application segment is expected to achieve a value of USD 969.50 million due to ever rising demand for lightweight fuel efficient cars. Aerospace segment is also projected to register a healthy growth during 2018 to 2025 due to suitability of composites adhesives for joining different aircraft parts together.
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Regional Segment Analysis of the Composite Adhesives Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America leads the global composite adhesives market with a total share of 32.28% by revenue followed closely by Asia Pacific and Europe. North America region leads the market share for composite adhesives market, in terms of both value and volume, owing to its well-developed automotive and aircraft manufacturing industries. The rising requirement for high-quality composite adhesives with superior properties has led to an increase in the demand. Increasing composite applications are also contributing to the growing demand for composite adhesives in the North America region. Europe is also expected to generate huge demand for composite adhesives as Germany houses large automobile and ancillary industry. Airbus, manufacturer of largest passenger aircraft in the world is also based in Europe thus, ensuring the future demand for composite adhesives. Asia Pacific region is expected to show the highest growth rate among all the regions at a CAGR of 8.92% over the forecast period on back of huge industrial manufacturing capacities that are expected to come online in the fields of automotive, aircraft and aerospace industry. Also rail network expansion that is being undertaken in China and India is expected to drive the demand for composite adhesives.
About the report:
The global composite adhesives market is analysed on the basis of value (USD Billion) volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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