Structural Adhesives Market is projected to be worth USD 30 Billion by 2030, registering a CAGR of 9% during the forecast period (2022 - 2030), The market was valued at USD 18.3 billion in 2016.
Better adhesion is largely used in the automotive sector between distinct substrates like plastics and steel, structural adhesives are used. These adhesives are commonly used in clutch plates, brakes, window glass attachments, doors, and various other parts. The presence of properties like strong bonding and structural integrity enables them to be used in several end-user industries. Moreover, these structural adhesives are available in different types to fulfill the requirement of almost all specifications like for rigid joining such as household appliances, joint cement, automotive assembly, and furniture panels water-based structural adhesives are used.
COVID 19 Analysis
The global pandemic of COVID 19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Everyone is worried about their immunity and follows social distancing. During the lockdown situation, operational activities of various end-user industries were halted which resulted in a demand shrink for the structural adhesives market which further leads to decreased sales revenue. The supply chain networks were also disrupted which lead to a decline in profit margin.
However, the Structural Adhesives Market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.
Research Methodology for Global Structural Adhesives Market
Numerous factors drive the market demand in the Structural Adhesives Market. Increasing demand for composites and lightweight metals in various end-user industries like the furniture sector, building and construction industries, transportation industry, and automotive industry drives the market demand in the global market during the review period. Moreover, expansion in government spending for various commercial buildings and public infrastructure is yet another factor that creates more market demand all across the globe during the forecasted period.
The rise in demand for Structural Adhesives Market all across the globe. With the growing advancement in technology, consumer preferences and lifestyle is changing very rapidly, and changing trends for interior and furniture design for various commercial and non-commercial buildings create various growth opportunities all across the globe during the forecasted period. Moreover, increasing initiatives are taken by governments of various nations regarding smart city projects also provides various growth opportunities during the review period.
Though the Structural Adhesives Market is increasing tremendously in the global market, some factors restrict the market growth. Increasing fluctuations in the cost of raw material used results in fluctuations in the final products of adhesives which is sometimes not afforded by all and hence hampers the market demand all across the globe. Moreover, increasingly stringent regulations levied by governments of various nations are yet another factor that restricts the market demand to a great extent.
Value Chain Analysis
The Structural Adhesives Market is growing at an incredible rate globally due to various benefits associated with it. It is largely used in various household appliances, joint cement, automotive assembly, and furniture panels. The presence of (VOC) volatile organic compounds in their solvent-based adhesives provides various growth opportunities in the global market. There are various less-priced adhesives are available as well like Urethane adhesive that provides elastic bonding and is commonly used in the construction and automotive industry. As it has various properties like high flexibility, high durability, and high elasticity. Another type of adhesive known as epoxy is largely used in those areas where there is a requirement of high-temperature resistance and high strength to reduce noise and increase the rigidity of components like blades and turbines.
The Structural Adhesives Market has been divided all across the globe based on the Product Type, Technology, Application, and Region.
Based on the Product Type
The Structural Adhesives Market has been divided all across the globe based on the Product Type into cyanoacrylate, urethanes, acrylic, epoxy, and many others.
Based on the Technology
The Structural Adhesives Market has been divided all across the globe based on the Technology into solvent-based technology, water-based technology, and others.
Based on the Application
The Structural Adhesives Market has been divided all across the globe based on the Application into the furniture sector, building and construction industry, transportation industry, automotive industry, and many others.
Based on the Region
The Structural Adhesives Market has been divided in the global market based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The Structural Adhesives Market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-growing region, the largest market share in the structural adhesives market all across the globe is held by the Asia-Pacific region owing to increasing demand coupled with rapid industrialization especially in the furniture and construction industry drives the market demand to this region. Moreover increasing demand for adhesives in countries like Thailand, India, and China is another driving factor. Easy availability, subsidies, government tax incentives are some other contributing factors.
The second-largest market share all across the globe is held by the North American region owing to the presence of various countries like the US, Canada, and Mexico that creates growth opportunities in this region. Moreover, increasing government and consumer spending in adhesives in the US drives the market demand to this region.
The third-largest market share in the global market is held by the European region owing to the presence of well-established technologically advanced infrastructure that drives the market demand to this region. Moreover, the increasing presence of countries like Germany, Italy, and France creates more growth opportunities.
The Latin American region and the Middle East and African region hold the least market share due to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.
The Most Prominent Major Key Players in the Structural Adhesives Market all across the globe are mentioned below:
These Major Key Players use various strategies to sustain their market position in the structural adhesives market in the global market by going for mergers, and acquisitions, by collaborating, setting up a joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the structural adhesives all across the globe.
This Structural Adhesives Market Research Report consists of the following elements mentioned below:
This Structural Adhesives Market Research Report contains factors that drive the growth of the Structural Adhesives Market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth in the Structural Adhesives Market during the forecasted period are mentioned. The impact of COVID 19 on the Market all across the globe is mentioned. The future growth rate in the market during the forecasted period is estimated and mentioned.
Government bodies, research organizations, potential investors, traders and distributors of structural adhesives, raw material suppliers, end-product manufacturers, and many others.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, By Application and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||3M Company, The Dow Chemical Company, Ashland Inc., SIKA AG, Henkel AG & Co., Lord Corporation, Scott Bader Company, Arkema S.A., Hubei Huitian Adhesive Enterprise Co., Ried B.V. Co. and others|
|Key Market Opportunities||High demand of lightweight metals and composites in applications|
|Key Market Drivers||Increasing government spending in public infrastructure and commercial buildings|
Frequently Asked Questions (FAQ) :
The structural adhesive market is predicted to grow at a 9% CAGR between 2022-2027.
Asia Pacific is predicted to spearhead the structural adhesive market during the forecast period for burgeoning demand from furniture and construction industries and rapid industrialization.
Notable players profiled in the structural adhesive market include Ried B.V. Co., Hubei Huitian Adhesive Enterprise Co., Arkema S.A., Scott Bader Company, Lord Corporation, Henkel AG & Co., SIKA AG, Ashland Inc., The Dow Chemical Company, and 3M Company.
Demand for lightweight metals & composites, increasing government expenditure in commercial buildings and public infrastructure, and changing trends in the designs of furniture are the key factors that are driving the growth of the structural adhesive market.
Strict environmental regulation coupled with fluctuation in raw material cost may restrict the structural adhesive market growth during the forecast period.