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Composite Adhesives Market to Reach Over USD 2 Bn by 2024: Global Market Insights

Published on 2018-04-10. Author : SpecialChem

TAGS:  Acrylic Adhesives    

Acrylic Composite Adhesives to Witness Significant GainsAccording to a new research report by Global Market Insights, composite adhesives market size should surpass USD 2 billion by 2024.

Increasing application for replacing conventional binding and adhering techniques like mechanical bolt, fasteners and welds in automotive, marine, construction and aerospace industry should impel composite adhesives market size.

Its growing popularity for various industrial applications can be attributed to:

  • Significant reduction in structural weight, fuel consumption and cost savings
  • Shorten production cycle time, and
  • Eliminate drilling hole on assemblies enhancing its structural strength

Factors Driving Composite Adhesives Market

Rapid industrial & infrastructural growth along with increasing renovation project incurring huge spending in Brazil, India, Vietnam and China should bolster demand for composite materials thus driving structural adhesives market size.

Shifting trends towards adopting composites replacing traditional building materials like brick, wood, mortar and stones should further strengthen industry growth. Composite adhesives are used to bond materials which need to withstand high stresses and loads without compromising structural integrity.

Acrylic Composite Adhesives to Witness Significant Gains

Acrylic composite adhesives demand will witness significant gains at over 5% during forecast period. This growth in demand for acrylic based products can be ascribed to its increasing application scope in binding truck hoods, raised-roof assemblies and in automobiles to bond composites for roofs, doors, liftgates and hoods.

  • Acrylics offer high bond strength on plastics, composites & metals
  • They perform well even on oily surfaces at lower surface temperature than epoxies

Instant Adhering Properties Driving Growth

Cyanoacrylate based composite adhesives will signify robust growth during the projected timeframe due to its instant adhering properties. These grades of adhesives are highly viscous, surface insensitive, low odor and non-blooming in nature. They are self-curing and sets in between 10 to 15 seconds and commonly used to adhere substrates including polypropylene, polyethylene, PTFE and other polyolefins which are difficult to bond.

MMA composite adhesives market size should surpass USD 360 million by 2024 owing to its ardent demand in aerospace industry for the following:

  • Fairly high tolerance to poor surface condition (such as oil contamination)
  • High strength performance, greater freedom of material choice like metals, magnets, glass, wood and composite
  • Bondability with dissimilar materials as well as improved finish should drive product demand

Rising Demand of Composite Adhesives in Various Industries

Rising Demand of Composite Adhesives in Automotive Sector

Growing Regulations in Automotive Industry

Stringent regulatory framework in U.S. and Europe pertaining to VOC levels, emission control and improved fuel efficiency should substantiate composite adhesives industry growth.

European Commission developed CARS 2020 action plan to reinforce automotive industry competitiveness along with addressing climatic, environmental and societal challenges. The plan is built around four major areas of financial innovations, improving market condition, facilitating internationalization and response to technological changes.

Enhancing Passenger Safety in Aircrafts

Growing demand of composites in manufacturing aircrafts for commercial and defense sectors propels adhesives demand.

These products are commonly used to attach joints to cured parts like stingers and uncured parts like wing skins due to its inherent characteristics of offering toughness, strength, stiffness and high temperature performance to fixtures and joints. Focus for existing participant to renovate or buy new models to enhance passenger safety and comfort should also drive product demand.

Demand in Clean Energy Sectors

One component composite adhesive market size should witness significant gains due to high demand in clean energy sectors.

Rise in demand for one-part adhesives can be ascribed to its freedom of application offering high efficiency and lesser time for cure compared to two-part composite adhesives. One-part adhesives are convenient to use as it does not require mixing and can be applied directly to the substrate.

Demand in Dental Application

Composite adhesives industry size from dental application should grow at a rate of over 4% during forecast period.

The combination of adhesive composite resin and acid-etched enamel affords the benefits of reducing or eliminating microleakage of the enamel margins along with reducing sensitivity, lowered discoloration of margins, lower rates of recurrent margins and improved retention of restoration.

Global Composite Adhesives Industry Landscape

North America, led by U.S. composite adhesives industry size, is anticipated to grow at a rate of about 4% during projected timeframe. Rising utilization of composite adhesives in medical devices, cascade for engine, leaf spring, machinery and welded tube application should drive industry growth. Growing demand for high-quality composite adhesive which offer superior properties should fuel regional product demand.

Global composite adhesives industry share is fairly consolidated with participants including 3M, Henkel, Permabond, Sika AG, LORD Group, Bostik, SciGRIP and Covestro. Other key industry players include Hybond, Gurit, Huntsman, Argosy, Allnex, Solvay and ASI.

Companies manufacturing these adhesives focus to enlarge their production capacity by investing on facility upgradation. They also adopt strategies like merger, acquisition and partnership with other players to enhance their product application portfolio through increasing R&D spending.

Source: Global Market Insights
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