Structural Adhesives Market size will cross USD 7 billion by 2024 according to a new research report by Global Market Insights Inc.
Applications in construction industry includes fiber composite materials, cellulose and wood materials, stone, ceramics, and glass. Rapid urbanization in the BRICS nations, coupled with escalating population will increase the housing demand, hence supporting the construction industry in the coming years. The global construction industry, led by China, India, and the U.S., was valued at over USD 8 trillion in 2015 and is expected to reach a value close to USD 17 trillion by 2024, growing at a CAGR of about 8%.
Strict regulations pertaining to aerospace adhesives and sealants mandated by regulatory bodies such as SAE international, ASTM, ANSI, AITC, DIN, EN, and ISO characterize the global structural adhesives market. High load bearing parts and critical applications lead to stringent product norms to meet required specifications. For instance, ASTM regulation D3762 lays down the standard test method for adhesive-bonded surface durability of aluminum (Wedge Test) also known as Boeing wedge test?, wherein the adhesion; cohesion; or adherend failure are noted down after opening the specimen after the test period. Such regulations may hamper the structural adhesives market growth in the coming years.
Another important factor impacting the structural adhesives market is the occupational hazards associated with some product types. Epoxy based products pose considerable risks of burns during manual application as they liberate certain amounts of auxiliary materials and contaminants during heat curing. Polyurethane products contain isocyanates, which can cause skin and eye irritation and are carcinogenic in nature. Methyl methacrylate or MMA products have strong and pungent odor, causing headache, nausea, dizziness, and pulmonary problems. Such health hazards defined by OSHA may restrict the global structural adhesives market growth.
Double component structural adhesives market is driven by its exclusive usage for high load bearing joints and crucial applications. It accounted for over two-third of the overall share in 2015. PU registered more than 50% of the global structural adhesives market in terms of volume. Their cost efficient and fast curing nature to provide a strong bonding for larger areas give them a competitive advantage over other product types.
Acrylic are expensive and accounts a decent chunk in revenue generation of structural adhesives market. In 2015, this segment was worth over USD 1.5 billion. Acrylic products are available in low viscosity to paste viscosity range, and give a product line with wide selection of mechanical properties, color, and cure speeds.
Structural adhesives market application sector will likely be signified by the joining of composite materials. This application segment gauged over a third of the total share owing to the popularity of composites in automotive and aerospace industries.
With increasing light-weight personal vehicles demand in the recent years, structural adhesives market for automobile sector in 2015 was worth over USD 1 billion. Aviation and aerospace industry followed it as the product improves overall aircraft efficiency by substituting mechanical joints such as fasteners and welds.
Europe contributes significantly for the industry due to the presence of many automobile and aerospace industries in the area and generated above USD 1 billion in 2015. Headquarters and research & development facilities of several companies including Airbus, Audi, BMW, Daimler, Volvo, Volkswagen, and several others makes it a lucrative region for structural adhesives market.
Key structural adhesives market participants are Henkel AG, 3M Company, Arkema, L&L Products, Lord Corporation, Illinois Tool Works, Dow Chemical Company, Ashland, SIKA AG, Scott Bader, Parson Adhesives, Panacol-Elosol, Elantas, Master Bond, Permabond, and Hubei Huitian Adhesive Enterprise.
Structural adhesives market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2016 to 2024, for the following segments:
Structural Adhesives Market By Components
- ·Single component
- ·Double component
Structural Adhesives Market By Product
- ·Methyl methacrylate
Structural Adhesives Market By Application
- ·Concrete & tiles
Structural Adhesives Market By End-User
- ·Aviation & aerospace
- ·Water & sewer
The above information is provided on a regional and country basis for the following:
- ·South Africa