The global structural adhesives market was worth $14.3 billion in 2020 and is expected to reach $27.9 billion by 2028, with a compound annual growth rate of 6.9% from 2022 to 2028.
Because of its reliance on the automotive, aerospace, energy, and other sectors, the structural adhesives market has been badly impacted by the COVID-19 epidemic. According to a Wipro research, the automotive industry saw a 30 percent drop in sales in March 2020 compared to March 2019, owing to auto plant lock-downs and shutdowns.
Structural adhesives, also known as load bearing adhesives, are compounds that may solidify on a substrate and hold two similar or dissimilar surfaces together by making surface contact. These adhesives can tolerate high stresses for long periods of time and are susceptible to shock, vibrations, and temperature fluctuations while still effectively adhering to the bonded surfaces. Metal, wood, composites, plastics, and ceramics are all employed as substrate materials for these adhesives. Different types of products are used to make structural adhesives, including epoxy, UV curable, methacrylates, polyurethane, and cyanoacrylate.
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Automotive parts bonded with epoxy-based structural adhesives absorb considerable impact energy over a wide range of temperatures. Furthermore, crash tests are commonly used in the car industry to assure passenger safety after a collision. Cars and other passenger vehicles have been shown to be safer when using structural adhesives. Structural adhesives also have advantages in terms of strength, flexibility, and curing. These are the main growth drivers for the structural adhesives industry. New construction materials, such as synthetic raw materials for decorative purposes, glass, and insulating foams, have been introduced as a result of the rising building and construction business.
However, throughout the production process, structural adhesives generate volatile organic compounds (VOCs), which can cause a variety of health concerns, including conjunctivitis, shortness of breath, weariness, dizziness, skin problems, and more. Furthermore, high-concentration VOC exposure can irritate the lungs, harm the liver, kidneys, and central nervous system, and contribute to other chronic disorders. The market's growth is hampered by this aspect.
On the contrary, rising legislation and public awareness have prompted major structural adhesive makers to develop non-hazardous, environmentally friendly, and long-lasting adhesives. Henkel AG & Co. KGAA, for example, produces environmentally friendly polyurethane adhesives with no added formaldehyde for use in building products. Sika AG, a renowned maker of structural adhesives, is also looking into sustainable possibilities for its structural adhesive products in order to keep up with worldwide sustainability trends. It's a critical component that's expected to open up new opportunities in the worldwide structural adhesives market.
Key market segments :
By Product Type
● Solvent-based
● Water-based
● Others
By Application
● Automotive
● Building & Construction
● Aerospace
● Electrical & Electronics
● Energy
● Others
Covid-19's Influence On The Global Structural Adhesives Market
● The new coronavirus is an unprecedented worldwide pandemic that has spread to over 180 nations and resulted in massive human and economic losses all over the world.
● Because of its reliance on the automotive, aerospace, energy, and other sectors, the structural adhesives market has been badly impacted by the COVID-19 epidemic. According to a Wipro research, the automotive industry saw a 30 percent drop in sales in March 2020 compared to March 2019, owing to auto plant lockdowns and shutdowns.
● Several automobile businesses have shut down or reduced their workforces because structural adhesives are utilised as a primary bonding medium for hoods, grills, interior panels, and other car elements, posing a danger of infection. During the COVID-19 period, this has temporarily impacted demand for structural adhesives.
The following companies are major players in the worldwide structural adhesives market:
● Ashland Global Holdings Inc
● DuPont
● H.B. Fuller
● Henkel Ag & Co KGAA
● Huntsman Corporation (HUN)
● Lord Corporation
● Scott Bader Co
● Sika AG
● The 3M Company
● Uniseal Inc
Stakeholders' key benefits
● Porter's five forces analysis aids strategy development by analysing the potential of buyers and suppliers, as well as the competitive landscape of the sector.
● It examines current structural adhesives market trends and forecasts for the years 2020 to 2030 in order to identify current opportunities and possible investment areas.
● The region's key countries have been plotted based on their individual revenue contributions to the regional market.
● The paper explains the primary drivers, restrictions, and opportunities, as well as their full effect analysis.
● The study includes profiles of important players as well as their key strategic advancements.
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