PUNE, India, June 5, 2017 /PRNewswire/ --
The report "Composite Adhesives Market by Resin (Epoxy, Polyurethane), Component (One-Component, Two-Component), Application (Automotive & Transportation, Marine, Aerospace, Wind Energy), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market was valued at USD 1.13 Billion in 2016 and is projected to reach USD 1.78 Billion by 2022, at a CAGR of 7.9% from 2017 to 2022.
Browse 104 market data tables and 55 figures spread through 202 pages and in-depth TOC on "Composite Adhesives Market - Global Forecast to 2022"
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The market is driven by the growing trend of lightweight vehicles and renewable & eco-friendly wind energy generation, along with continuous improvements in the aerospace industry.
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Epoxy: Largest Resin Type of the Composite Adhesives Market
In 2016, the epoxy resin type segment accounted for the largest market share in terms of volume, followed by the polyurethane segment. Epoxy resins, which are best suited for rigid bonding, are widely used for bonding components, such as rotor blades of wind turbines, car hoods and doors, cockpits in aircraft, floorings, and aircraft fairings.
One-Component: The Fastest-growing Component Segment of the Composite Adhesives Market
The demand for one-component adhesives is high among all the clean energy sectors. The use of one-component adhesives has increased because they do not require mixing of two components. They just require either high temperature or media (light, humidity) from the surroundings to initiate the curing mechanism. They are more efficient and take lesser time to cure than two-component adhesives.
North America: The Largest Market for Composite adhesives
Currently, the North America region is the largest for Composite Adhesives Market, in terms of both value and volume. The U.S. is the largest market for composite adhesives and Mexico is the fastest-growing market for composite adhesives in the North America region.
The following factors are the main driving forces for the composite adhesives market in the North America region:
- Growing aerospace and automotive segment in North America
- Increasing use of green and renewable wind energy in the region
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Henkel AG & Co. KGaA (Germany), SIKA AG (Switzerland), 3M Company (U.S.), The Dow Chemical Company (U.S.), Huntsman Corporation (U.S.), LORD Corporation (U.S.), and Illinois Tool Works Incorporation-Plexus (U.S.) are some of the key players in the composite adhesives market.
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