Composite Adhesives Market| Industry Shares, Opportunities, Development Status, Key Findings and Growth Forecast to 2023
Research Reports
Jan 19, 2021
Substances that are applied to bind the composites to itself and to various other substrates is known as composite adhesives. It is found to be available in a number of forms like paste, liquid, and film. Based on the number of components, adhesives are classified into two types. Two-component adhesives can be cured at an elevated temperature or at room temperature and is typically made up of resin and hardener. Whereas, one-component adhesives can only be cured at elevated temperatures and are typically premixed. Composite adhesives boast the ability to provide high mechanical strength along with unmatched performance even during exposure to extreme conditions. There are a variety of resins that are used to make different kinds of adhesives, namely polyimide, methyl methacrylate, acrylic, epoxy, silicone, cyanoacrylate, polyurethane, phenolic, and others.
The global composite adhesives market is expected to witness an upward movement in terms of its CAGR percentage during the forecast period. Market Research Future (MRFR) identifies the increasing popularity of composites across different end-use industries due to the product’s high strength to weight rate, cheap pricing, and easy fabrication to be a huge factor behind the market’s projected growth.
But, strict regulations by the Environmental Protection Agency (EPA) concerning the usage of high VOC content materials across both North America and Europe can act as a major deterrent to the composite market, thereby impacting the growth of the composite adhesives market. Add to this, the fluctuating pricing nature of the raw materials used to make composite adhesives can also be a negative factor to potential the market growth.
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Market Segmentation
The global composite adhesives market segmentation is divided on the basis of component, product type, form, and end-use industries.
By component, the market divides into one-component and two-component. Two-component segment held the largest market share in 2017 and is anticipated to experience more demand in the near future as well. The one-component market is slowly gaining speed in various industries due to its simplified processing as it does not require any form of mixing.
By form, the market includes paste, liquid, film, and others. The paste form of composite adhesives is positioned at the top with the highest market share percentage. The segment is expected to experience continued growth over the forecast period with its increasing demand.
By end-user industries, the market comprises aerospace, healthcare, electrical & electronics, automotive & transportation, construction, military & defense, marine, wind energy, and others. With wide-spread application and consumption, the market for composite adhesives is collectively held top by aerospace, automotive, and the construction industry.
By product type, the market includes cyanoacrylate, methyl methacrylate, epoxy, phenolic, acrylic, polyimide, polyurethane, silicone, and others. The various key properties of Epoxy positioned it as the leading market segment in the product type category and is expected to garner more growth and demand over the forecast period.
Regional Segmentation
The global composite adhesives market is segmented regionally into five different regions, namely North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Owing to a strong demand from various end-user industries, the North American market held the top position in terms of market share percentage in 2017 and is believed to exhibit a period of steady growth during the forecast period.
Europe holds the second largest market for composite adhesives due to the rising demand from various end-user industries. The regional market is expected to showcase steady growth during the review period.
Asia-Pacific region is anticipated to be the fastest regional market due to rising demand from industries such as healthcare, automotive & transportation, construction & infrastructure, military & defense, wind energy, electrical & electronics, marine & oil & gas, and others.
The improving construction and infrastructural industry will drive the Middle East & Africa regional market. While, Latin America can experience little growth due to the high demand primarily from the expanding construction industry over the assessment period.
Competitive Landscape
Few of the notable players in the composite adhesives market are Sika AG (Switzerland), LORD Corporation (U.S.), ITW Engineered Polymers GmbH (Germany), Henkel AG & Co. KGaA (Germany), Ashland. (U.S.), 3M (U.S.), Master Bond Inc (U.S.), Permabond.com (U.S.), Huntsman International LLC. (U.S.), Arkema SA (France), and H.B. Fuller Company. (U.S.).
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