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Increasing demand for structural adhesives in end-use industries including automotive, aerospace, building and construction, and transportation is driving market growth
New York, November 1, 2021/PRNewswire/--Reports and Data released its latest report, titled "Structural Adhesives Market Size and Share by Resin Type (Polyurethane, Epoxy, Cyanoacrylate) And demand, based on technology (water-based, solvent-based), by application (automotive, building and construction, wind energy, aerospace), and by region forecast to 2028."
According to the latest report, the global structural adhesives market will be worth 14.42 billion U.S. dollars in 2020 and is expected to reach 22.47 billion U.S. dollars in 2028, with a compound annual growth rate of 5.8% during the forecast period from 2021 to 2028.
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In some developed countries and some developing countries, more and more infrastructure development projects are a key factor driving market growth. Investment in infrastructure projects, the expansion of existing airports and the construction of new airports, as well as the increase in the number of educational institutions, hospitals, industrial facilities, and water conservancy infrastructure are other key factors that are expected to continue to drive market revenue growth.
Structural adhesives are used for floor installation, lamination and roofing requirements. Advances in polyester and epoxy-based products have expanded the application areas of these adhesives in the construction industry and other industries. The rapidly growing population and growing housing demand are other factors driving market growth. Adhesives are used in construction applications, such as connecting and bonding various materials such as glass, metal, dense concrete, plastic, and hardwood. In addition to increasing building and infrastructure development plans and projects, stringent regulatory standards for improving fuel efficiency and reducing carbon emissions have led to an ever-increasing demand for lighter car body panels and components and floor space. In addition, the increased use of structural adhesives in aerospace applications to reduce weight and enhance adhesion is also expected to continue to support the market's revenue growth.
The steady shift to renewable energy has led to the increasing deployment of wind turbines in the energy generation industry, which is expected to continue to drive the demand for structural adhesives, especially for bonding composite materials.
The growth of markets in the United States, Germany, the United Kingdom, Japan and other developed countries in Western Europe already has a sound public, commercial and transportation infrastructure. In terms of revenue share and growth rate, the Asia-Pacific region is expected to continue to dominate other regional markets in the global structural adhesive market.
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Emerging economies in the Middle East and Africa (MEA) and Latin America are also high-potential markets, which are expected to bring significant revenue opportunities to structural adhesive manufacturers during the forecast period. Due to major projects in countries where civil wars and related activities have led to large-scale destruction of industrial, commercial and residential infrastructure, MEA is expected to remain a major market during the forecast period. In addition, advances in various technologies and materials, as well as increasing emphasis on the development of more high-tech infrastructure and construction projects in countries in the region, are key factors that are expected to support the growth of MEA market revenue. For example, as of October 2021, Saudi Arabia has begun to excavate earth and tunnels in Tabuk Province in the northwest of the country, and build a futuristic cross-border linear city in Tabuk Province in the northwest of the country. Neom or "New Future" and "New Enterprise Operation Model" is a project aimed at building a new smart city along the coast of the Red Sea. It is expected to receive the first batch of residents in 2024.
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Epoxy structural adhesive accounts for the largest revenue share:
Due to the increase in the production of lighter vehicles and the increasing demand for adhesives in the automotive industry, the epoxy resin segment in the resin type segment is expected to account for the largest revenue share of the global structural adhesives market. In addition, the growing demand for various industrial and aerospace applications is supporting the revenue growth of this segment. Epoxy resin also exhibits good heat resistance and chemical resistance, and has low shrinkage and cohesive strength, so it is very suitable for various end-uses.
Increasing use of water-based structural adhesives to drive departmental revenue growth:
Among the technology segment, the water-based segment is expected to record faster revenue growth. Increasing attention to reducing the impact on the environment is a key factor leading to a preference for more environmentally friendly, harmless and volatile organic compound (VOC)-free adhesives in various industries and applications, which has promoted the development of water-based adhesives. Income growth. part.
Stable income growth in Europe:
Due to high automobile production in countries such as Germany, France, Italy and Spain, it is expected that European market revenue will achieve a stable compound annual growth rate during the forecast period. The growth of the market in this region is also mainly due to the increasing demand for the bonding of glass, plastic, metal, fiber and composite materials used in the manufacture of vehicles and parts.
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Asia-Pacific market revenue accounted for the largest revenue share:
The structural adhesives market in the Asia-Pacific region is expected to account for the largest revenue share. During the forecast period, rapid urbanization and industrialization in countries such as China, India, Vietnam, and Indonesia, as well as the increase in construction activities, are key factors that are expected to continue to drive revenue growth in the Asia-Pacific structural adhesives market.
The major companies in the market report include:
For the purpose of this report, the report and data segment the global structural adhesives market based on resin type, technology, application, and region:
Resin type outlook (revenue, billion US dollars; 2018-2028)
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Technology outlook (revenue, billion US dollars; 2018-2028)
Application outlook (revenue, billion US dollars; 2018-2028)
Regional outlook (quantity, thousand tons; revenue, billions of dollars; 2018-2028)
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