The size of the worldwide composite adhesive market was estimated at USD 3.4 billion in 2020, and from 2021 to 2028, it is anticipated to expand at a CAGR of 4.2%. During the projection period, it is anticipated that the use of lightweight composites in a variety of industries—including aerospace & military, electric vehicles (EVs), sports, and others—will increase demand for the good.
In 2021, the U.S. was the largest market in North America for composite adhesives, and it is projected that this pattern will hold during the projection period. Due to their lightweight nature, composites are widely used in the fabrication of automotive and aeronautical components. The nation is taking steps to increase local manufacturing, which is expected to increase composite output and adhesive demand in the upcoming years.
In the product category, epoxy had the greatest revenue share—more than 36.0%—in the global market in 2021. Due to features like low cost, high strength, durability, mechanical shock resistance, high-temperature resistance, low shrinkage, and cryogenic resistance, it is a frequently utilised product.
On the other side, the acrylic market is anticipated to experience the quickest revenue growth rate of 5.5% during the projected period. In a variety of rigid and semi-rigid bonding applications in the automotive and medical sectors, the substance is used for adhesion. It offers strong peel strength and high-strength bonding to composites. Due to qualities including a quick curing time and acid and solvent resistance, it is highly favoured in a variety of end-use industries.
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In terms of the application, aerospace and defence held a revenue share of more than 17.0% of the global market in 2021. Due to the use of composite materials in the majority of an aircraft’s primary components, the use of composite adhesives improves assembly productivity, decreases weight, and aids in cost control. For example, Saab AB constructed an aerospace factory in West Lafayette, United States, in October 2021 to manufacture the aft airframe part for T-7A Red Hawk trainer aircraft. The factory will produce a range of composite parts.
In terms of revenue, Asia Pacific accounted for more than 47.0% of the global market in 2021. Over the projection period, it is predicted that demand for the product would increase due to the growing need for composite-based products in the construction, renewable energy, aerospace & military, and electric vehicle (EV) industries.
Major firms have been compelled to invest in the area by the rising demand for adhesives from sectors including the automobile and electronics industries. For instance, Henkel AG & Co. KGaA funded CNY 500 million (about USD 77.58 million) to build an Asia Pacific innovation centre for special adhesives in Shanghai, China, in May 2021. For consumers in the Asia Pacific region, the facility will create premium adhesives.
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Key Organizations & Market Share Information
There are many players present in the market, which is very competitive. Companies are investing in expanding their manufacturing facilities as a result of the rising demand for adhesives. For instance, Tesa SE stated in April 2021 that it will invest EUR 32 million (about USD 36.38 million) to increase the production capacity of its factory in Suzhou, China. The enormous demand emanating from electronic manufacturers will be met by this expansion.
Key players influencing growth of composite adhesives market and profiled in report are Lord Corp., Henkel AG & Co. KGaA, Bostik, Illinois Tool Works Inc., Dow Inc., Ashland Inc., The 3M Company, Permanbond LLC, and Huntsman Corp.
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa