Structural Adhesives are used for high strength, high stress, and permanent bonding applications which include epoxies, cyanoacrylates, urethanes and acrylic adhesives. The Global Structural Adhesives Market is expected to grow at a CAGR of 7.9 % during the forecast period of 2016 to 2022.
Growing demand owing to application expanse in industries such as automotive, transportation, building & construction and furniture are the prime drivers of the market. The growing use of composites and complexity of manufacturing in modern industrial applications for bonding unrelated materials such as steel and plastics is another driver of the market.
The attractive advantages of structural adhesives owing to technological advances such as shorter drying or curing step, high thermal and chemical resistance, high cohesive strength, minimal shrinkage, are feeding the expanse in applications. The growing prosperity of complimentary industries such as food packaging, building & construction, furniture, and others are providing newer avenues for the growth of the market.
Changing consumer trends in designs for building, furniture and construction application and growing demand for window panels, roofing, and wall coverings is fueling the market demand. The demand from aircraft and defense industries for high tech products for bonding components, and airframes is a crucial determinant of the market direction. The advantages afforded by Structural Adhesives in airliners such as reduced vibrations, core filling materials volume, and weight reduction coupled with growing use of honeycomb sandwich panels and composites has led to a strong demand for advanced products.
Fluctuation in raw material price and growing stringency of environmental regulation is hampering the market growth. The enactment of volatile organic compound (VOC) regulations has complimented the market scenario.
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Asia Pacific accounted for the largest share of the market owing to rapid industrialization, growing demand from construction and furniture industries and growing economic prosperity. China, India, Thailand and Indonesia are expected to be the fastest growing regions of Global Structural Adhesive owing to availability of raw material and labor economics, government tax incentives, and application expanse. North America led by the U.S. accounts for the second largest market owing to the demand for advanced products, and large economy. The European region is dominated by Germany, France and the U.K. The Middle East and Africa region is dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar. The African region market is curtailed by poor industrialization, and low volume of demand. Cost is the major value driver of the African market.
Some of the dominant players in the Global Structural Adhesives Market are 3M Company, The Dow Chemical Company, Ashland Inc., SIKA AG, Henkel AG & Co., Lord Corporation, Scott Bader Company, Arkema S.A., Hubei Huitian Adhesive Enterprise Co., Ried B.V. Co. and others.
To generate an accurate assessment of the Global Structural Adhesives Market, the report has been segmented by Product Types, Technology, Applications and Regions.
Based on Product Types, the market has been segmented by epoxy, acrylic, urethanes, cyanoacrylate and others.
Based on Technology, the market has been segmented by water based, and solvents based.
Based on Applications, the market has been segmented by automotive, transportation, building & construction, furniture and others.
Based on Regions, the market has been segmented by North America, Europe, Asia Pacific, Middle East and Africa.
February 2015 – Arkema acquired world’s no. 3 adhesive player Bostik, with an aim to become the market leader by exploiting complementarities in technology and product lines. The combined companies is expected to drive sales of around 7.6 billion Euros with an employee base of 19,000 people around the globe.
December 9, 2015 – Solvay acquired Cytec’s lightweight materials and specialty chemical businesses, which is expected to generate a minimum of 100 million euros in annual synergies within the next three years.
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