The APAC structural adhesives market, generating revenue of over $4,267.1 million in 2024
NEW YORK, April 6, 2020 /PRNewswire/ -- Structural Adhesives Market Research Report: By Type (Epoxy, Polyurethane, Acrylic, Cyanoacrylate), Technology (Solvent-Based, Water-Based, Solid Reactive), Application (Building & Construction, Aerospace, Automotive, Footwear, DIY, Woodworking, Wind Energy) â€" Global Industry Growth Forecast to 2024
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The global structural adhesives market was valued at $11,677.9 million in 2018 and is projected to reach $15,683.0 million by 2024, progressing at a CAGR of 5.2% during the forecast period (2019–2024). Among all types of structural adhesives, acrylic adhesives held the largest share in the market during the historical period.
As per analysis, the epoxy category is expected to witness the fastest growth in the market. This growth can be mainly driven by the increasing demand for construction materials, owing to the rise in infrastructural projects and their characteristics of fast curing when exposed to ultraviolet light, air, and pressure. Epoxy adhesives are required in construction to bond various similar and dissimilar substrates, including metals, ceramics, wood, rubber, marble, and glass, owing to high strength and excellent ageing properties. This has resulted their wide usage in other application areas such as in the manufacturing of optics and optoelectronics.
The shift in the demand of structural adhesives over traditional fasteners is majorly witnessed by the transportation industry, owing to the increasing preference for high structural strength vehicles, such as airplanes, automobiles, and ships. This shift is driven by the low cost, light weight, fuel economy, aesthetics, and eco-friendliness of structural adhesives over fasteners. Furthermore, structural adhesives possess protective inert barrier between potentially corrosive metals, a natural watertight barrier, and the ability to lower differential expansion rates. With growing constraints for weight and maximizing fuel economy, the adoption of adhesives in the industry is expected to improve and carve niche areas of interest.
Increase in the demand for structural adhesives in infrastructure is a major growth driver for the structural adhesives market. These adhesives are considered as one of the key composite materials used to bond various surfaces and repair a variety of infrastructural applications from bridges to roads and railways. These products have high strength and resistance toward weather, temperature, and chemical. The growth of the market is aligned with the increase in infrastructural development projects. Rising population and urbanization has led development of various residential and commercial projects, which increase the demand for structural adhesives, owing to their high usage in various bonding applications.
Epoxy structural adhesives are witnessing the fastest growth globally, due to their increasing adoption for building & construction, aerospace, automotive, footwear, woodworking, and wind energy, owing to excellent adhesion to metals and nonmetals and alternative usage in riveting and welding.
The solid reactive category held the largest share in terms of technology in the structural adhesives market. These adhesives are widely used in automotive production for the adhesion of various materials, such as steel, aluminum, and other component of vehicles. Other applications of these adhesives in the automotive industry include roof linings, bonding of seat units, glazing, and sheet molding.
The building & construction application category held the largest share in the structural adhesives market. This is mainly attributed to the high usage of these adhesives in attaching drywall, tile, molding, and fixtures to walls, ceilings, and floors, owing to their high resistance to water and heat, high structural strength, and less curing time.
Together, North America and APAC are expected to account for over 69.4% share in the global structural adhesives market by 2024. This can be mainly attributed to the presence of established players, increasing adoption of structural adhesives over fasteners, and rise in infrastructural development in these regions.
Other geographies, which include Europe and Row, also hold considerable shares in the market, on account of increasing demand for light-weight vehicles and enhanced fuel economy, owing to the ability of adhesives to offer high bond strength and fast curing speed for dissimilar substrates.
China is expected to lead the APAC structural adhesives market, generating revenue of over $4,267.1 million in 2024. This can be mainly attributed to an increase in the demand for heavy-lifting equipment, owing to growth in the construction industry. Furthermore, rapid industrial and infrastructural growth along with renovation projects are pushing the demand for composite materials, and thereby, driving the growth of the market.
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