Industry Outlook and Trend Analysis
The Structural Adhesives Market was worth USD 9.16 billion in 2014 and is expected to reach approximately USD 17.02 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 7.13% during the forecast period. A structural adhesive is one that can be utilized to create a load-bearing joint. Nonetheless, the term is regularly associated with those adhesives that are used for engineering applications where joints will commonly have lap shear strengths of more prominent than 1MPa and ordinarily, more than 10MPa. Adhesives that don't commonly provide such structural function are called sealants. Frequently however, the difference between a sealant and a structural adhesive is obscured as it relies upon the loading of the joint and the end use.
Drivers and Restraints
Being the hardest and most flexible structural adhesives, polyurethane-based cements are foreseen to display generous request over the projection time frame, thereby boosting the development of the market. The market will encounter development inferable from its unique capacity to offer extraordinary security quality and quick curing speed for dissimilar and comparative substrates in the automobile business. The product is formulated to reduce the vehicle weight and enhance the security and execution. Product manufacturers make extraordinary performance products for automobile applications, utilized for exterior and interior applications of vehicles, for example, hoods, deck lid flanges, doors, interior dashboards, and roof panels. Expanding per capita income and enhanced standards of living among youth in rising economies has impelled the automobile market since the monetary downturn. Expanding awareness about mileage and light weight vehicles will reinforce the general structural adhesives market.
The Structural Adhesives Market is segmented on the basis of Product Type and Application. Based on product type the market is segmented into Acrylic-based, Cyanoacrylate, Epoxy-based, Polyurethane-based and others. Based on application the market is segmented into Automotive, Marine, Building & Construction, Transportation, Aerospace, Electronic Components and Energy. The automotive industry has multiple applications owing to the presence of several dissimilar components.
Regional Outlook and Trend Analysis
Asia Pacific will be a promising locale in structural adhesives market over the forecast period. India and China enlisted increasing construction spending through government activities and private ventures. Numerous automobile giants are building up their manufacturing base in developing economies of Asia Pacific because of abundance of cost effective labours. Exceedingly develop shipbuilding businesses in South Korea, China and Japan will likewise drive the regional market. Asia Pacific enlisted more than USD 2 billion for the general structural adhesives market in 2015 and will thrive at a sound rate in the coming years.
The leading players in the market are Huntsman Corporation, 3M, Lord Corporation, Dow Chemical Company, Sika AG, Arkema and Henkel. 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 Structural Adhesives Market is segmented as follows-
By Product Type:
Building & Construction
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?