Growth of Global Composite Adhesive Market Driven by Rising Demand of Lightweight and Durable Materials
Composite adhesives are utilized for binding composite materials such as fiber reinforced plastics (FRPs) and carbon fiber reinforced plastics (CFRPs) due to their excellent binding strength and resistance against heat, moisture and chemicals. They offer advantages like light weight and durability making them ideal for applications across various industries including automotive, aerospace, marine and wind energy.
The global composite adhesive market is estimated to be valued at US$ 3.58 Billion 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 from end use industries has led to significant opportunities for market expansion. Additionally, supportive government policies and regulations regarding use of lightweight materials are encouraging composite adhesive producers to venture into new geographical regions.
The major opportunities in the Global Composite Adhesive Market Growth include rising usage of composites in automotive & transportation industry and growing adoption of lightweight composites in aerospace applications. The global expansion of key players has led to increased availability of composite adhesives across Americas, Europe, APAC and other emerging markets.
Market drivers:
The major driver for global composite adhesive market is the stringent regulations regarding usage of lightweight materials. Significant weight reduction translates to better fuel efficiency and lesser emissions. This has propelled demand of composite adhesives from automotive OEMs globally. Also, the growing production of aircraft boosted by rising air passenger traffic will continue driving the demand.
PEST Analysis
Political: Composite adhesive is extensively used in the manufacturing and construction industries. Any fluctuations in the regulations pertaining to these end-use industries directly impacts the demand for composite adhesives.
Economic: A stable economic conditions favor the growth of industries like automotive, aerospace, marine where composite adhesives are majorly consumed. Recessions negatively affect these industries hampering the composite adhesive market.
Social: Increasing population, urbanization and infrastructure development activities augment the usage of composite materials in various end-use industries thereby driving the demand for composite adhesives.
Technological: Advancements in adhesive formulations help in developing adhesive products with improved bond strength, temperature and chemical resistance. New technologies facilitate adhesive application in complex composite assemblies.
The Asia Pacific region accounts for a significant share of the global composite adhesive market in terms of value. Countries like China, Japan, India are major consumers and have presence of versatile manufacturing industries.
Get More Insights On This Topic: Global Composite Adhesive Market
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian