Impact of COVID-19 on Economy, Industry and Company :
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"The Global Structural Adhesives Market Size was valued at US$ XX Bn in 2019 and is Expected to Witness a CAGR of 6.2% in Reaching US$ 31.9 Bn from 2020-2028."
The rise of structural adhesives is consistently increasing its demand from consumer industries such as furniture, construction, and transportation. The usage of lightweight materials such as plastic and aluminium decreases the overall weight of automobiles and supports in improving fuel efficiency which is driving the structural adhesive market growth. The need for adhesion among metals including steel & magnesium, steel & plastic, etc., are anticipated to augment the demand for structural adhesive goods globally.
Fasteners are being replaced by Structural adhesives hence it is anticipated to open new market opportunities for these manufacturers. There is an anticipated shift towards structural adhesives among fabricators in aerospace, automotive, wind energy, marine, and other industrial sectors during the forecast period because of its unique nature. Moreover, the application of structural adhesives for industrial purposes is benefiting the companies by decreased cost and its fast cycle time. Sustainability of offerings that are utilizing structural adhesives is playing a prominent role in driving the market of structural adhesives. Building energy-efficient infrastructure is propelling the demand for bio-based polymers extracted from renewable resources.
Growing demand in aircraft production and expansion of the aerospace sector in developed countries are estimated to fuel the demand for structural adhesives. Additionally, composites needed in the aerospace industry are witnessing a good market trend. These factors are contributing positively for demand rise in structural adhesive products due to its strong bond between the different substrates and better structural integrity.
Increased infrastructure requirements among developing and developed countries are the major contributors to the rise in structural adhesive manufacturing companies. Advancement of structural adhesives in construction applications such as flooring, lamination, and roofing needs require a good amount of structural adhesives. Increased investments in infrastructure developments of airports, government institutes, health-care buildings, manufacturing architecture, and water infrastructure are anticipated to stimulate the market.
Epoxy-based Structural Adhesives Segment to Dominate the Global Market:
There are predominantly three main types of structural adhesives in which epoxy are anticipated to dominate the global market among others. It has a significant application in marine, automobile, and industrial manufacturing purposes. Especially the epoxy structural adhesives are heavily used in the aerospace industry due to its strong bonding strength and capable in resisting extremities when encountered. These are significantly demanded because of its usage for lamination, bonding with metals and composites that are unprepared due to their distinctive properties. Among these adhesives, urethanes are another source of adhesive having an excellent resiliency with various materials.
Among acrylics, reactive acrylics are popular for their usage with various substrates. They are highly in demand to use among pressure-sensitive applications that could be of significant importance due to their application among various materials involved in manufacturing products. Its unique property including the ability to use even in the presence of air for curing has contributed to its high market demand. Because of its considerable contribution to various goods significant growth is projected during the forecasted period.
Water-based technology in structural adhesives is another source of adhesives having the strongest market share and projected to have its consistent growth during the forecast period. Water-based structural adhesives are eco-friendly in nature and are cost-effective and have applications over various substrates such as in leather, wood, paper, and textiles.
The solvent-based structural adhesives are highly demanded by the wide range of industries for its unique properties. Governments are imposing policies to make these adhesives environment-friendly thus, requires lower volatile organic compound (VOC) emissions in manufacturing is challenging its market potential. This is because VOC emissions also have a detrimental impact on health. Hence adhesives are strictly regulated by authority and legislation bodies across the globe.
Asia Pacific Region is the Fastest Growing Market for Structural Adhesives:
The market demand for structural adhesives is increasing rapidly due to the substantial industrialization process in this region. Moreover, the region accounted for the constant growth of the construction and aerospace industry. The region is getting advanced in terms of its infrastructure development supporting in high consumption of structural adhesives. Asia Pacific region has an open market for entry of new companies because of its liberal cross border trading policies among countries.
These governments have framed policies that could not only boost the new entrant’s foothold but also contribute to their market growth. There are various opportunities present in this market that would increase the demand for structural adhesives and enhance their market share. The region has recently imposed regulations on manufacturing products that are environmental friendly in nature contributing to a pollution-free environment by the usage of these adhesives. There are certain limitations which are hampering the growth of these companies which depend from country to country which could be overcome by various strategies.
The market of structural adhesives is consistently becoming competitive due to the huge market entrants in the adhesive manufacturing industry. The market is depended upon micro and macro-economic factors of a company that could contribute to the growth of structural adhesive demand.
Prominent players in the structural adhesives market are listed as follows: Henkel AG & Co. KGAA, Sika AG, 3M, Dupont (Dowdupont), Huntsman International LLC, Illinois Tool Works Inc., Arkema (Bostik), H.B. Fuller, Ashland, Lord Corporation, Mapei S.P.A, Hubei Huitian New Materials Co., Ltd., Scott Bader Company Ltd. Permabond LLC., Scigrip.
Key Segments of Global Structural Adhesives:
- Methyl Methacrylate
- Building and Construction
- Electronic Components
- North America
- Latin America
- Asia Pacific
- Middle east & Africa