TAGS: Epoxy Adhesives Polyurethane Adhesives Acrylic Adhesives
Grand View Research anticipates that the global composite adhesive market will reach USD 4.41 billion by 2027, expanding at a CAGR of 3.9 percent from 2020 to 2027, during the forecast period. Growing demand for composites across several end-use industries to produce lightweight products is expected to augment product consumption.
Demand for Adhesives in Assembling Structures
The demand for adhesives in assembling structures is now quite prominent when compared to mechanical fasteners. Their usage in composites enables the manufacturers to remove hole drilling and leverage the cascading advantages of weight reduction and low cost in overall assembled structures. In addition, they help reduce the production cycle, which is of vital importance in various industries, especially automotive.
The market is expected to witness steady growth over the forecast period owing to the availability of a wide variety of products, such as epoxy, acrylic, and polyurethane, which are used depending upon the application requirements. For example, epoxy is preferred in applications that require high strength and durability.
Increased Use of Composite Adhesives in the Automotive Industry
Automotive and aerospace are the key end-use segments as the adoption of composite is increasing in these industries owing to benefits including better aesthetics and structural integrity.
The increasing utilization of composites in several industries is boosting its production and thereby propelling the demand for adhesives. In July 2019, BFG Africa opened a new facility in South Africa for producing fiber-reinforced plastic for catering to various industries including wind, mining, automotive and transportation, and infrastructure. Such investments are anticipated to prove fruitful for market growth over the forecast period.
The U.S. is a prominent market and is anticipated to witness steady growth in the upcoming years on account of growing investments. For instance, the U.S. Federal Government will invest USD 139 million in advanced vehicle technologies, of which, various projects shall be dedicated to composites. For example, as per the announcement in July 2020 by the U.S. Department of Energy, the Scale-Up Research Facility (SURF) will work for Ford and General Motors where the two projects are valued at USD 15 million.
Ford’s project is multi-functional smart composite structures with electronics integration for smart vehicles, while General Motors’ project includes the development of tailored fiber-reinforced composite materials systems for high-volume manufacturing of structural battery enclosure. Such investments in the country are anticipated to boost market growth over the forecast period.
Source: Grand View Research