SAN FRANCISCO , Oct. 3, 2022 /PRNewswire/ --The global structural adhesive market size is expected to reach USD 31.9 billion by 2030, as per the new report by Grand View Research, Inc., registering a CAGR of 5.8% from 2022 to 2030. The demand for the product is attributed to the rise in the consumption of the product in the construction, transportation, and consumer appliances industries.
Key Industry Insights & Findings from the report:
The water-based technology segment is expected to expand at a lucrative CAGR of 6.0% during the forecast period based on revenue owing to an increase in its bonding applications in leather, wood, and textiles.
The epoxy product segment is expected to expand at a significant CAGR of 6.2% from 2022 to 2030 based on revenue as it ensures high strength towards permanent bonding applications.
The construction application segment is anticipated to register a revenue-based CAGR of 5.8% during the forecast period due to the rise in the consumption of the product in residential and commercial construction activities.
Asia Pacific region is anticipated to register the fastest CAGR of 6.3% during the forecast period based on revenue owing to a rise in the industrial output in China , India , and Southeast Asia .
The growth of the North American construction industry is largely supported by the rapid expansion of the residential housing sector. The construction sector in the U.S. has outperformed Mexico and Canada in the past few years.
Companies have been boosting their production capacities in order to keep up with the rising demand from the end-use industries such as construction and transportation.
Read 129-page full market research report, "Structural Adhesive Market Size, Share & Trends Analysis Report By Product (Urethanes, Epoxy), By Technology (Water-based, Solvent-based), By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Structural Adhesive Market Growth & Trends
Adhesives are extensively used in the majority of day-to-day products. The furniture industry uses several types of adhesives such as polyvinyl acetate, synthetic rubber-based adhesive, cyanoacrylates, chloroprene rubber, and epoxy. Factors such as growing demand for hybrid and durable rubber and rising inclination toward modular and compact furniture are anticipated to drive the furniture industry, leading to the growth of the market during the forecast period.
Several advantages of adhesives such as high flexibility, lightness, chemical, corrosion & dust resistance, and compatibility with varied substances are anticipated to drive the demand for the product from the construction industry in HVAC, roofing, cables, floorings, windows, carpet, and others.
The market growth was negatively impacted for a short period due to COVID-19 owing to the shutting down of manufacturing plants in the automotive, industrial, and construction sectors. The demand fluctuations from these end-use industries had a direct impact on structural adhesives. Additionally, the lockdown impacted the industrial construction sector owing to the slowdown in construction activities.
Companies are continuously involved in the expansion of manufacturing plants in order to ensure a quick supply of their products to customers and enhance the production capacity of the product. For instance, Henkel AG & Co., AGaA opened its new manufacturing plant in Mexico to ensure the timely availability of the products to the customers.
Grand View Research has segmented the global structural adhesive market based on product, technology, application, and region:
Structural Adhesive Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Structural Adhesive Market - Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Structural Adhesive Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Structural Adhesive Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
List of Key Players of the Structural Adhesive Market
Henkel AG & Co. KGaA
Lord Corporation (Parker Hannifin Corp.)
Hubei Huitian Adhesive Enterprise Co., Ltd.
Check out more related studies published by Grand View Research:
Automotive Adhesives Market - The global automotive adhesives market size is anticipated to reach USD 6.5 billion by 2025, exhibiting a CAGR of 4.4%, according to a new report by Grand View Research, Inc. Increasing demand for lightweight vehicles and shifting preference of consumers toward sustainable adhesives are projected to favor the market growth.
Wood Adhesives Market - The global wood adhesives market size is anticipated to reach USD 6.34 billion by 2025, according to a new report by Grand View Research, Inc. expanding at a CAGR of 4.7% over the forecast period. The increasing demand from engineered wood-based panel manufacturers is a significant driver of the market.
Engineering Adhesives Market - The global engineering adhesives market size is expected to reach USD 31.67 billion by 2025, according to a new report by Grand View Research, Inc. registering a CAGR of 7.2% over the forecast period. Increased focus on renewable energy mainly from the wind sector is anticipated to create new avenues for industry participants.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc
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