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Composite Adhesives Market: Segmented: By Component (One Component, Two Component), By Product Type (Epoxy, Acrylic, Polyurethane, and Others), By Application (Automotive & Transportation, Aerospace, Building & Construction, Electrical & Electronics, Energy, Healthcare, and Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Composite Adhesives Market to surpass USD 6.87 billion by 2032 from USD 3.36 billion in 2021 at a CAGR of 6.7% in the coming years, i.e., 2022-32.
Composite Adhesives are the adhesives which are used for bonding or assembling composite products and other substrates. Composite Adhesives are available in the form of pastes, films, and liquids for usage in different composite bonding. Composite adhesives provide outstanding performance and high strength in different extreme conditions. The most common composites used are carbon fiber, glass fiber, graphite and Kevlar composites. They are available in a variety of product types such as polyurethane, epoxy, MMA, acrylics, cyanoacrylates, polyimides, phenolics, and silicones. Composite Adhesives have a wide range of applications in automotive and transport, building and construction, aerospace, electrical and electronics, healthcare energy, and other sectors.
Growing application in different end-use industries such as automotive, construction, aerospace, and energy along with the rising investments in infrastructure, healthcare and construction projects will drive the growth of the market.
Composite Adhesives market is classified on the basis of product type Epoxy, Acrylic, Polyurethane, and Others. Epoxy segment is dominating the market with the largest market share. Epoxy provides strong bonding to a wide range of composite materials and substrates along with strength with low shrinkage, chemical, heat, and weather resistance, excellent durability and electrical insulation which is contributing to the growth of the segment.
Composite Adhesives market is classified on the basis of application in Automotive & Transportation, Aerospace, Building & Construction, Electrical & Electronics, Energy, Healthcare, and Others. Aerospace dominates the market with the largest share. Increasing deployment of composite adhesives as they are lightweight and offer high strength for bonding composite materials in aircraft and fighter jets is driving the growth of the segment. Furthermore, automotive and transportation segment is expected to grow at a significant rate owing to the use of composite adhesives in the manufacturing of automobile components.
Growing Application in Different End-Use Industries
Composite adhesives are widely used in different end-use industries in order to manufacture lightweight components which are driving market growth. Rapid manufacturing and demand for new aircraft have induced the use of composite adhesive as it reduces weight and offers high mechanical strength. Automotive industry is also implementing the use of composite adhesives in the manufacturing process to improve the fuel efficiency of vehicles. Moreover, composite adhesive is being used in the rotor blades in wind electricity generation to improve the durability of rotor blades which is contributing to the market growth.
High Investments and Flourishing Economies
Rising investments in infrastructure, healthcare and construction projects will boost the demand for Composite Adhesives. Developed and developing economies are constantly focusing on innovative and sustainable projects to promote eco-friendly sources of energy. Rising applications in low-carbon emitting vehicles and a growing number of new market players will drive the growth of the market during the forecast period.
Fluctuating Prices of Raw Materials and Strict Government Regulations
Fiber composites and matrix resins are the key components in the manufacturing of composite adhesives which may face price fluctuation and difficulty in procurement, leading to the hindrance in the market growth. Furthermore, strict government regulations to monitor the use of harmful chemicals in composite adhesives is restraining the market growth.
Composite Adhesives market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific holds the largest market share and is expected to dominate the market during the forecast period. The growth is attributed to the rising investments, growing construction, automotive, and aerospace industries along with the emergence of new manufacturing units. North America is projected to grow at highest rate during the forecast period owing to the growing innovation in automotive, renewable energy, and aerospace industries.
Covid-19 pandemic had adversely affected the global economies with the disruption in production activities. There has been a huge fluctuation in the demand and supply of good and services around the globe. The strict imposition of lockdown, travel bans and social distancing norms have highly disrupted the global supply chains and hampered the procurement of raw materials. Industries around the world had difficulty in operating activities and some businesses were forced to shut down amid the pandemic. The pandemic had a negative impact on the Composite Adhesives market.
| Report Attribute | Details |
| Market size value in 2021 | USD 3.36 billion |
| Revenue forecast in 2032 | USD 6.87 billion |
| Growth Rate | CAGR of 6.7% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, Product Type, Application, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | 3M, Henkel AG & Co. KGaA, Huntsman International LLC, Sika AG, DOW, LORD Corporation, Bostik, Integra Adhesives, Arkema Group, SCIGRIP, Dymax Corporation, H.B. Fuller Company, Scott Bader Company Ltd, HERNON Manufacturing, Inc., Gurit, and Other Prominent Players |
Composite Adhesives market size was estimated at USD 3.36 billion in 2021 and is expected to reach USD 6.87 billion in 2032.
Composite Adhesives are the adhesives which are used for bonding or assembling composite products and other substrates. Composite Adhesives are available in the form of pastes, films, and liquids for usage in different composite bonding.
Epoxy, and Aerospace segment accounted for the largest Mobile Analytics market share.
Key players: 3M, Henkel AG & Co. KGaA, Huntsman International LLC, Sika AG, DOW, LORD Corporation, Bostik, Integra Adhesives, Arkema Group, SCIGRIP, Dymax Corporation, H.B. Fuller Company, Scott Bader Company Ltd, HERNON Manufacturing, Inc., Gurit, and Other Prominent Players are the key players in the Composite Adhesives market.
Growing Application in Different End-Use Industries and High Investments and Flourishing Economies are the factors driving the Composite Adhesives market.
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