Product ID: SQMIG15E2301
Global Structural Adhesive Market Size, Share, Growth Analysis, By Product(Urethane, Epoxy), By Technology(Water-based, Solvent-based), By Application(Transportation, Construction) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2301 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
94 |
Figures:
76
Global Structural Adhesive Market Insights
Global Structural Adhesive Market size was valued at USD 20.19 Billion in 2022 and is poised to grow from USD 21.38 Billion in 2023 to 33.82 Billion by 2031, at a CAGR 5.9 % during the forecast period (2024-2031).
The increase can be attributed to the increased demand for structural adhesives in the construction industry as a result of expanding construction activity around the world. Rapid modernization and expansion of the building and automobile sectors in developing nations such as China and India are expected to fuel structural adhesive demand in the coming years. Increasing R&D initiatives, as well as a growing preference for novel solutions with high bond strength, shorter curing time, and lower hazardous emissions, are projected to boost the global market for water-based adhesives.
Adhesive producers provide over 250,000 unique products for a wide range of uses. Global demand for low-carbon emitting & lightweight automobiles is expected to drive demand for adhesives in use in transportation. Furthermore, the increased demand for environmentally friendly supplies is predicted to boost product demand in the coming years, as is a greater emphasis on energy conservation, water retention, & sustainable energy production in building and construction.
Structural adhesives have a crucial part in determining overall vehicle weight in automobile manufacturing, resulting in lower carbon emissions through increased fuel efficiency. Because of their endurance and ability to attach incompatible substrates like metal, wood, and polymers, structural adhesives are rapidly replacing mechanical fasteners and welds. Such adhesives are frequently used in the aerospace and automotive sectors, where cost and manufacturing time are critical factors in raw material selection. The total cost & durability of materials and manufacturing procedures dictate the majority of design decisions in the automotive industry. Rising demand for lightweight materials and automotive parts is likely to drive market expansion in the coming years.
The rise of light commercial vehicles, novel passenger vehicles, and new aircraft with high composite material penetration is expected to stimulate the structural adhesives sector. Over the projection period, automotive and aerospace are likely to be the biggest application markets for adhesive in composites. Other uses that require lightweight components with powerful benefits are also predicted to drive the market. Despite fierce competition from alternative materials, demand for structural adhesives & composites is increasing, particularly in applications needing fuel economy, outstanding performance, weight reductions, and other advantages.
The creatorCOVID-19 has a short-term negative influence on the worldwide structural adhesives business due to its widespread use in the automobiles industrial, & construction industries. According to a report provided by the National Centre of Information in April 2020, the manufacturing sector fell by about 30% in March 2020 compared to March 2019. The drop was caused by the closure of automobile companies and factories.
Global Structural Adhesive Market Report Snapshots
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