The Global Composite Adhesive Market powered by innovation
The Global Composite Adhesive Market is a growing market that offers advantages in bonding composite materials. Composite adhesives are important for bonding composite materials used in various industries like aerospace, wind energy, marine, automotive and building & construction. They provide excellent adhesion to composite materials like carbon fiber and fiberglass along with being lightweight and corrosion resistant. The growing demand for composite materials in industries is fueling growth in the composite adhesive market.
The Global Composite Adhesive Market Size is estimated to be valued at US$ 3.58 BN in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Composite Adhesive Market are Henkel AG & Co. KGaA, Master Bond Inc, The Dow Chemical Company, Huntsman Corporation, LORD Corporation, Illinois Tool Works Incorporation-Plexus., Hernon Manufacturing, Inc., and Scott Bader Company Ltd. The growing demand for light-weight and corrosion resistant bonding solutions from end use industries is driving market growth. With the rapid expansion of industries using composite materials globally, the demand for composite adhesives is increasing steadily.
Key players are focusing on developing newer and innovative adhesive solutions to cater to the growing requirements of composite bonding. The Dow Chemical Company offers BETAMATE composite adhesive for aerospace applications that provides high strength bonding for composites. Henkel offers LOCTITE Hysol one-part toughened adhesives used in automotive and transportation industries.
The global composite adhesives market is expanding rapidly driven by growing composite material usage worldwide. The demand is increasing in North America and Asia Pacific regions supported by aerospace, automotive and wind energy industry growth. Manufacturers are investing in emerging markets like Middle East and Latin America to tap new revenue opportunities.
Market drivers
Innovation is a major market driver in the composite adhesive industry. Continuous R&D by key players towards developing newer generations of lightweight, corrosion resistant and high performance adhesive technologies is expanding application areas. Usage of advanced materials like modified epoxies and polyurethanes in adhesive formulations improve sustainability and mechanical properties. The increasing usage of composites in electric vehicles, aircraft components manufacturing and wind turbine blades also drives the need for advanced adhesive solutions. With burgeoning end use industries, innovation will continue propelling the global composite adhesive market forward in the forecast period.
Impact of geopolitical situation on the growth of the Global Composite Adhesive Market:
The current geopolitical situation has brought significant challenges and uncertainties for the global composite adhesive market. The ongoing Russia-Ukraine war has severely disrupted global supply chains and trading activities. It has led to a sharp rise in prices of key raw materials like epoxy and polyurethane resins which are crucial for manufacturing composite adhesives. Both Russia and Ukraine are major exporters of these resins. This has negatively impacted the production volumes and margins of leading adhesive producers globally.
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