"High demand from building & construction, high growth in wind energy are major drivers for the structural adhesives market”
The global structural adhesives market size is estimated to reach USD 12.74 billion by 2021, registering a CAGR of 6.9% between 2016 and 2021. Increasing demand for composites and lightweight metals in applications such as automotive, bus & truck, aerospace, wind energy, and building & construction among others is fueling the overall demand of structural adhesives in the next five years.
Globally, wind energy is the fastest-growing application of structural adhesives, in terms of volume. Use of adhesives in the wind energy industry is increasing with the increasing use of composites, as it is the preferred material for fabricating and bonding rotor blades of wind turbine, nacelle assemblies, gearbox, and towers. While fabricating wind turbines, approximately 85%-90% of steel, 5%–6% of composites, 1%–2% of adhesives, and 3%-5% of other materials are used generally. Structural adhesives offer the benefit of lightweight components, outstanding shear and peel strength, faster curing speed, excellent impact resistance, and durability.
“Rising demand in Asia-Pacific is the major driver of the structural adhesives market“
Asia-Pacific is the largest and fastest-growing market of structural adhesives, in terms of both value and volume. High economic growth rate, growing manufacturing industries, cheap labor, increasing foreign investments, increasing demand from end-use industries, and a global shift in production capacity from the developed markets to the emerging markets are major factors leading to the growth of the structural adhesives market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted. The breakdown of primary interviews is given below.
- By Company Type - Tier 1 – 46%, Tier 2 – 27%, and Others – 27%
- By Designation - C level – 36%, D level – 18%, and Others – 46%
- By Region - North America – 37%, Europe – 36%, Asia-Pacific – 18%, and RoW – 9%
The report will help market leaders/new entrants in the following ways:
- This report segments the structural adhesives market comprehensively and provides the closest approximations of the market sizes for the overall market and the sub segments in different verticals and regions.
- This report will help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand the major competitors and gain additional insights to improve their position in the business. The competitive landscape section includes new product developments, investments, and mergers & acquisitions.