USD 19.70 billion
Global Engineering Adhesives Market Size, Share, Growth Analysis, By Product(Epoxies, Polyurethanes), By Application(Transportation, Construction), By End-user(Aerospace, Road Transport) - Industry Forecast 2024-2031
Report ID:
SQMIG15A2284 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
97 |
Figures:
76
Global Engineering Adhesives Market Insights
Global Engineering Adhesives Market size was valued at USD 19.70 billion in 2022 and is poised to grow from USD 21.12 billion in 2023 to USD 36.84 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).
In recent years, there has been a steady trend of growth and expansion in the global engineering adhesives market. As a result of the increasing demand for high-performance adhesives in the aerospace, construction, and automotive industries, the market has experienced substantial growth. The overall longevity and efficiency of products and structures in these industries is improved with the use of engineering adhesives due to their ability to provide durable and strong bonds.
The innovation in the market has been fueled by a growing emphasis on eco-friendly and sustainable adhesive solutions. In order to manufacture products which align with these environmentally conscious goals while maintaining performance standards, producers are heavily investing in R&D to produce more advanced adhesives. The market is expected to grow further in the near future as industries keep evolving and fueling demand for advanced adhesive solutions
Currently, Epoxies lead the products segment of the global engineering adhesives market, although the Methacrylates segment is quickly climbing up the ladder owing its exponential growth to ability to deliver fast cures and resistance to several environmental conditions. The transportation industry has supplied the largest share of market demand, however the electronic and electric sector is seeing a quick rise in gaining market share due to its growing demand for engineering adhesives.
Though the global engineering adhesives market has witnessed a significant growth in recent years, specifically in regions like Asia-Pacific and North America, there are certain challenges that threaten thai upward trajectory. The high costs of raw materials and delays in production and distribution due to supply chain disruptions pose a huge problem.
Despite the constraints, the global engineering adhesives market is poised for continued growth in the coming years thanks to the spreading awareness of the importance of these products.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Epoxies
Fastest Growth
Polyurethanes
Growth Rate
7.2% CAGR
Global Engineering Adhesives Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Engineering Adhesives Market By Product ($ Bn)
Global Engineering Adhesives Market By Product (%)
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Global Engineering Adhesives Market Segmental Analysis
The global engineering adhesives market is segmented on the basis of product, application, end-user, and region. Based on product the market is segmented as Epoxies, Polyurethanes, Cyanoacrylates, Methacrylates, Others. On the basis of application the market is segmented as Transportation, Construction, Electrical & Electronics, Energy, Others. Based on end-user, it is segregated into Aerospace, Road Transport, Marine, Rail, Electronics and Communication, Sports. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
As of now, Epoxies lead the global engineering adhesives market. They are widely preferred across several industries as a result of their wide range of applications, strong adhesive properties, and versatility. Epoxies are highly appealing for its usage in demanding engineering applications in sectors such as aerospace, automotive, and electronics as a result of their excellent high bond strength and durability.
Conversely, the fastest-growing segment in the engineering adhesives market is Methacrylates. Their faster curing times, esistance to harsh environmental conditions, and unique structural bonding capabilities have driven this segment’s growth. Methacrylates possess the ability to bond different substrates effectively, and are thus being increasingly used in marine, composite materials, and transportation applications. They are the preferable choice in applications where dynamic vibrations and loads can cause disruption, owing this to their impact resistance and flexibility.
Analysis by Application
Transportation stands as the dominating application segment in the engineering adhesives market. This dominance can be attributed to the extensive use of adhesives in the automotive and aerospace industries for bonding critical components. The demand for lightweight materials and increased fuel efficiency has driven the adoption of high-performance adhesives in vehicle and aircraft manufacturing, making transportation the largest consumer of engineering adhesives.
However, Electrical & Electronics emerges as the fastest growing application segment in the engineering adhesives market. The need for bonding in automation and semiconductor sectors, miniaturization trends, and increase in production of electronic devices has accelerated growth in this segment. The demand for specialized adhesives with exceptional thermal resistance, conductivity, and bonding properties is increasing as devices become more compact due to technology advancements, thus making this segment a large contributor to market growth.
Global Engineering Adhesives Market By Product, 2023 (%)
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Global Engineering Adhesives Market Regional Insights
The engineering adhesives market is currently being led by Asia Pacific. This region’s prominence in the market can be credited to its manufacturing and industrial sectors, who are particularly thriving in countries like South Korea, China, and Japan. The influential electronics, automotive, and construction industries of these countries are the top consumers of engineering adhesives.
On the other hand, North America is the fastest growing segment in the engineering adhesives market. Increasing applications in aerospace and automotive sectors, technological advancements, and a strong focus on product innovation have driven this surge in growth. Moreover, the nOrth American market’s expansion is heavily influenced by its focus on eco-friendly adhesive solutions in alignment with global sustainability goals.
Global Engineering Adhesives Market By Region, 2024-2031
- Largest
- Fastest
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Global Engineering Adhesives Market Dynamics
Drivers
Increasing Demand for Lightweight and Fuel-Efficient Vehicles
- The growing demand for compact and fuel-efficient vehicles are one of the most significant market drivers of the engineering adhesives market. The joining of lightweight materials like aluminum and composites in the automotive industry is significantly improved with the use of engineering adhesives. Manufacturers depend on engineering adhesives to enhance structural integrity, reduce vehicle weight, and finally produce vehicles which are cost-effective and eco-friendly as they strive to improve fuel efficiency and adhere to stricter emissions regulations. This environmentally conscious demand is increasing the adoption rate of engineering adhesives all over the automotive sector, thus driving market growth.
Restraints
Supply Chain Disruptions and Raw Material Costs
- The volatility of raw material prices and supply chain interruptions are one of the most restraining factors affecting the engineering adhesives market. There has been a notable instability in supply due to shortages of key ingredients and transportation disruptions resulting from supply chain challenges. The production and pricing of engineering adhesives is heavily impacted by the increased raw material costs due to these disruptions. Producers are striving to secure reliable supplies while managing cost burden, affecting product availability and the overall market dynamics.
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Global Engineering Adhesives Market Competitive Landscape
A number of powerful companies are striving for market share in the engineering adhesives market, thus fueling intense market rivalry which makes up the market’s competitive landscape. These key players focus on market expansion efforts, product innovation, and strategic collaborations to gain a competitive edge against others. The heavy competition is further heated up due to a steady flow of new entrants that want to take advantage of the growing demand for high-performance adhesive solutions.
Moreover, producers are now targeting the creation of eco-conscious adhesive formulations as customer preferences shift to environmentally friendly and sustainable products. This intense competition results in continuous research and development on the part of these companies, sealing a win for customers who desire a wider range of advanced adhesive options.
Top Player’s Company Profiles
- 3M Company (US)
- Arkema (France)
- Ashland (US)
- Dow Inc (US)
- Dymax Corporation (US)
- H.B. Fuller Company (US)
- Henkel AG & Co. KGaA (Germany)
- Huntsman Corporation (US)
- LORD Corporation (Parker Hannifin Corp) (US)
- Permabond LLC (US)
- Toyochem Co., Ltd. (Japan)
- Bostik (France)
- Pidilite Industries Ltd. (India)
- SCIGRIP (UK)
- Illinois Tool Works Inc. (US)
- Uniseal Inc. (US)
- Mapei S.p.A. (Italy)
- Sika AG (Switzerland)
- Wacker Chemie AG (Germany)
- Royal Adhesives & Sealants (US)
Recent Developments
-
In August 2023, 3M and their American multinational conglomerate released the Scotchbond™ Hi-Strength Structural Adhesive which has been designed to glue several materials such as plastics, metals, and composites.
-
In June 2023, Avery Dennison, a materials science company with global capabilities, introduced a brand-new line of structural adhesives designed to outperform in autos and aerospace manufacturing.
-
In March 2023, Sika, which is a multinational company headquartered in Switzerland, unveiled a new high-performance structural adhesive with the SikaForce®-7700 designation for bonding steel and aluminum together.
Global Engineering Adhesives Key Market Trends
- Growing Emphasis on Sustainability and Eco-Friendly Adhesives: The engineering adhesives market is heavily influenced by a key trend. That is the growing focus on environmentally friendly and green bonding solutions. This trend is a direct result of the rising concerns about the environment. Producers are making substantial R&D investments to create high-performance adhesives that comply with the demand of eco-friendly consumers. This drives further market innovation. This targets the reduction of volatile organic compounds (VOCs) and improves environmental impact. These products must also be recyclable, which will also drive market demand. Market players that meet these changing preferences and comply with environmental regulations are gaining an edge over their competitors. The introduction of sustainable adhesive solutions further overall market growth notwithstanding the competition.
Global Engineering Adhesives Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global engineering adhesives market has witnessed a period of consistent growth. This recent trend is fueled by several factors. One of these reasons is the rise in demand for bonding solutions that ensure high-performance in key industries. The other reasons are the increasing adoption of adhesives in industries like electronics and construction and the expansion of the aerospace and automotive industries. Another driver is the advancements in manufacturing processes in the market.
The aerospace and automotive industries now need materials that are light in weight. Engineering adhesives offer better strength in bonding without adding extra weight. Thus the two industries have surged the demand for this market.
The market is also experiencing a rise in demand for sustainable and green adhesive formulations. This is directly related to the increasing concerns about the environment. This in turn has boosted the requirement for innovation in the manufacturing process.
The engineering adhesives market will continue its expansion in the near future. This will result from continuous advancements in technology, especially in adhesive formulations. These new products will improve durability, adaptability, and performance. Engineering adhesives will only become more popular. This is because industries continue making energy-efficient, lightweight, and sustainable solutions their number one priority.
The market participants can explore new locations and regions for growth opportunities. This is possible due to the globalization of the market which has made international trade an option. Still, market growth can be stunted due to a few challenges. These constraints include high raw material costs and supply chain interruptions. In order to fight them, manufacturers must have countering measures in place. To conclude, the global market for engineering adhesives market will continue transforming to adapt to the evolving requirements of different industries.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 19.70 billion |
| Market size value in 2031 | USD 36.84 billion |
| Growth Rate | 7.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Engineering Adhesives Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Engineering Adhesives Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Engineering Adhesives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Engineering Adhesives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Engineering Adhesives Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Engineering Adhesives Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Engineering Adhesives Market Report Snapshots
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