Industry Outlook & Trend Analysis.
The Composite Adhesive market was worth USD 0.98 billion in 2014 and is expected to reach approximately USD 1.93 billion by 2023 at a CAGR of 7.78%. Composites are made from combination of two or materials of different physical or chemical properties to form an individual material having characteristics different from individual ones. These matrix do not completely blend but combine together to contribute their most useful traits to improvise the outcome of final product. These composites need and adhesive to adhere them together. Rising demand for lightweight automobiles, various advancements in aerospace industry and need for eco-friendly and renewable wind energy are predicted to boost the market growth.
Resin Outlook & Trend Analysis
Based on Resin, the market is divided into Epoxy and Polyurethane. Due to its advantages such as minimal internal stress, low shrinkage during hardening, Rigid bonding, the Epoxy resin finds a wide range of applications in automobile hoods and doors, aircraft cockpits, wind turbine rotor blades, mold industry etc., which in turn has contributed to largest share of Epoxy in market. The Polyurethane secures second spot in market in terms of volume and share.
Component Outlook & Trend Analysis
The Component based segmentation of Composite Adhesive is divided into One-Component and Two-Component. The number of components required to form the adhesive are the base for this fragmentation. The One-Component market is the fastest growing market because it does not requires any mixing of components. Also the rising demand for these One-Component Adhesive boosts the growth of the market.
Application Outlook & Trend Analysis
On the basis of application the market is fragmented into, Marine, Aerospace, Automotive & Transportation and Wind Energy. The Automation and Transportation segment holds the largest share. Use of Adhesive to adhere composites and plastics and their benefits like low weight and high impact strength are factors that will help grow the automation and transportation market share. Increasing use of composites in aerospace industry in cockpits, wings and flaps will dictate the growth of aerospace market. The use of composites in wind energy applications will continue to grow over the forecast study period.
Regional Outlook & Trend Analysis
The Regional Market is split into North America, Asia-Pacific, Europe and Rest of World. North America dominates the market in terms of volume as well as value. Asia-Pacific Market will continue to grow during the study period due to rising demand of lightweight-high strength composites. Rising automobile market will propel the Composite adhesive market growth in Asia-pacific region as Composites find a wide range of applications in Automobile sector.
The leading players in market are 3M Company, The Dow Chemical Company, Henkel AG & Co. KGaA, SIKA AG, Huntsman Corporation, LORD Corporation, Illinois Tool Works Incorporation-Plexus, Dymax, Engineered Bonding Solutions, Arkema, DELO, Gurit and H.B.Fuller. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Composite Adhesive Market is segmented as follows-
Automotive & Transportation
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?