New Delhi, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The global structural adhesives market is projected to reach a valuation of US$ 33.7 billion by the year 2032 from US$ 20.5 billion in 2023 at a CAGR of 5.7% during the forecast period from 2024 to 2032.
The structural adhesives market is set for robust growth across various industries. In the automotive sector, structural adhesive usage is expected to increase from 900,000 tons in 2021 to 1.3 million tons by 2026. This growth is driven by the automotive industry's shift towards lightweight materials, with structural adhesives playing a crucial role in bonding dissimilar materials. In the aerospace industry, structural adhesive consumption is projected to grow from 55,000 tons in 2023 to 69,000 tons by 2032, fueled by the demand for fuel-efficient aircraft designs. The construction industry is another significant driver of structural adhesives demand. This growth is supported by increasing urbanization, with the number of people living in urban areas projected to rise from 4.4 billion in 2020 to 6.7 billion by 2050. The wind energy sector is also contributing substantially, with structural adhesives usage in wind turbine manufacturing expected to increase from 35,000 tons in 2021 to 70,000 tons by 2028. Furthermore, the electronics industry is seeing a surge in structural adhesive applications.
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Technological advancements are further propelling the structural adhesives market forward. The market for bio-based structural adhesives is expected to reach US$ 1.6 billion by 2026, aligning with the increasing demand for sustainable products. Additionally, the market for smart adhesives with self-healing properties is projected to expand from $560 million in 2023 to $950 million by 2030. These innovations, coupled with increasing R&D investments (expected to grow from $3.5 billion in 2020 to $5.2 billion by 2025), are set to enhance the performance and versatility of structural adhesives, further expanding their applications across industries.
Key Findings in Structural Adhesives Market
| Market Forecast (2032) | US$ 33.7 billion |
| CAGR | 5.7% |
| Largest Region (2023) | Asia Pacific (52.0%) |
| By Type | Polyurethane (58.8%) |
| By Application | Transportation (27.7%) |
| By Technology | Solvent Based (44.6%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Polyurethane Emerged as Leader in Global Structural Adhesives Market, With Revenue Contribution of over 58.8%
Polyurethane adhesives dominate the structural adhesive market due to their exceptional versatility and performance characteristics. They provide strong bonding to a variety of substrates, including metals, plastics, and wood, making them indispensable in automotive, construction, and aerospace industries. As of 2024, the global market for polyurethane adhesives is valued at US$ 2,799.35 million, reflecting a steady CAGR of 4.9%. Key factors driving this growth include their superior mechanical properties, such as high tensile and shear strength, and excellent resistance to environmental factors like heat, moisture, and chemicals. For example, polyurethane adhesives can maintain structural integrity at temperatures ranging from -40°C to 120°C, withstanding harsh conditions that other adhesives cannot.
Additionally, polyurethane adhesives are favored for their rapid curing times and flexibility, contributing to increased production efficiency and reduced downtime in manufacturing processes. Finding from 2024 indicates that over 70% of manufacturers in the automotive sector prefer polyurethane adhesives for their ability to absorb vibrations and distribute stress evenly across bonded joints, enhancing vehicle durability and safety. Furthermore, the push towards sustainable and eco-friendly materials has seen significant advancements in bio-based polyurethane, which now constitute 15% of the structural adhesives market. This shift is supported by regulatory trends and consumer demand for greener solutions, propelling the sector's expansion. With innovations continually emerging, polyurethane adhesives are poised to sustain their leadership in the structural adhesive market.
Rise of Structural Adhesives in the Transportation Sector to Keep Dominating, Controls Over 27.7%
Structural adhesives have become indispensable in the transportation sector due to their ability to provide high-strength bonds while reducing the weight of vehicles. This surge is driven by the automotive industry's quest for fuel efficiency and emission reduction, necessitating lighter materials like composites and aluminum that require advanced bonding solutions. The use of structural adhesives can reduce vehicle weight by up to 15%, translating to a 5-7% improvement in fuel economy. Additionally, they offer enhanced durability and resistance to environmental factors, which is crucial for the longevity of modern vehicles. The aerospace sector, growing at a CAGR of 5.8%, also significantly contributes to the demand, as structural adhesives are vital for bonding lightweight materials used in aircraft to enhance fuel efficiency and performance.
Automotive manufacturers are the key end users of structural adhesives market. In the automotive industry, structural adhesives' ability to join dissimilar materials without compromising structural integrity is highly valued. They help reduce noise, vibration, and harshness (NVH), improving overall vehicle comfort and safety. In 2024, it's estimated that 80% of all new vehicles incorporate some form of structural adhesive. The electric vehicle (EV) market, expanding at a CAGR of 29%, particularly benefits from these adhesives in battery assembly and lightweighting strategies. Furthermore, the average adhesive content per vehicle has increased by 25% over the past five years, reflecting the industry's shift toward more adhesive-intensive assembly processes. This trend is bolstered by advancements in adhesive technologies, such as heat-resistant and fast-curing formulas, which enhance manufacturing efficiency and reduce cycle times.
The Rise of Solvent-Based Structural Adhesives: Driving Innovation and Performance Across Industries
Solvent-based technology for structural adhesives is experiencing significant growth among manufacturers in the structural adhesives market. This surge is driven by the technology's versatility, performance advantages, and cost-effectiveness. Solvent-based adhesives, which currently hold a 44.6% market share in the structural adhesives sector, offer excellent bonding strength, durability, and resistance to environmental factors. These properties make them ideal for various industries, particularly automotive, aerospace, and construction. The automotive sector, accounting for 35% of the market share, is a primary driver of demand. With the rise of electric vehicles (EVs) and lightweight materials in automotive manufacturing, the need for high-performance adhesives has surged. In 2024, EV sales are expected to reach 14 million units globally, a 35% increase from 2023. Notably, 78% of automotive manufacturers are now using solvent-based adhesives, achieving up to 15% reduction in vehicle weight and consequently improving fuel efficiency by 5-7%.
The aerospace industry, growing at a CAGR of 7.2%, is another key adopter in the structural adhesives market. An impressive 90% of new aircraft models are utilizing advanced structural adhesives, contributing to a 40% reduction in assembly time. The construction sector, projected to grow by 3.5% in 2024, is also driving demand, with solvent-based adhesives being used in 65% of prefabricated building components. Leading manufacturers are investing heavily in R&D, with the top five companies allocating an average of 4.2% of their revenue to innovation in 2024. This focus on technological advancements has resulted in new formulations that offer 30% faster curing times and 25% higher shear strength compared to previous generations. The Asia-Pacific region is emerging as a significant market, with a projected CAGR of 6.5% for solvent-based structural adhesives from 2024 to 2032. These improvements, combined with the adhesives' ability to bond dissimilar materials and withstand extreme conditions, have solidified the position of solvent-based adhesives as a preferred choice among manufacturers across multiple industries.
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Bonding Boom: Asia Pacific's Structural Adhesives Market Cements Its Global Dominance
The Asia Pacific region's dominance in the structural adhesives market is underpinned by robust economic growth, rapid industrialization, and increasing demand across various end-use sectors. With a revenue of $ 10.6 billion in 2023 and a projected CAGR of 5.6% from 2024 to 2032, the region's market is poised for significant expansion. China, the largest consumer of structural adhesives in Asia Pacific, accounted for 45% of the regional market share in 2023. The automotive industry, a key driver of demand, is expected to grow at a CAGR of 6.2% in the region through 2032. Japan's aerospace sector, another major consumer, is forecasted to expand by 8.4% annually until 2025. India's construction industry, which heavily utilizes structural adhesives, is projected to grow at a CAGR of 7.1% from 2023 to 2028. The electronics industry in South Korea, a significant end-user, is expected to increase its demand for structural adhesives by 9.3% year-over-year. Additionally, the Asia Pacific region's packaging industry, which extensively uses structural adhesives, is anticipated to grow at a CAGR of 5.8% through 2030.
The Asia Pacific structural adhesives market is also benefiting from the region's rapid urbanization and infrastructure development. In 2023, urban areas in Asia Pacific accounted for 51% of the total population, up from 48% in 2018. This urbanization trend is driving demand for structural adhesives in construction and infrastructure projects. The region's shipbuilding industry, another significant consumer of structural adhesives, produced 90% of global ship orders in 2023. In the electronics sector, Asia Pacific manufactured 72% of the world's smartphones in 2023, with each device using an average of 2.5 grams of structural adhesives. The region's automotive production reached 52 million units in 2023, representing 55% of global production and driving substantial demand for structural adhesives. Furthermore, the Asia Pacific aerospace industry is expected to require 17,000 new aircraft by 2040, creating long-term demand for high-performance structural adhesives.
Global Structural Adhesives Market Key Players
- Henkel AG & Co. KGaA
- 3M Company
- Sika AG
- Huntsman Corporation
- Dow Chemical Company
- Lord Corporation
- Illinois Tool Works Inc.
- Ashland Inc.
- Permabond LLC
- Bostik SA
- H.B. Fuller Company
- Avery Dennison Corporation
- Other Prominent Players
Market Segmentation Overview:
By Product Type
- Epoxy
- Polyurethane
- Acrylic
- Methyl Methacrylate
- Cyanoacrylate
- Others
By Substrate
- Plastic
- Metal
- Composite
- Wood
- Others
By Technology
- Solvent-based
- Water-based
- Others
By Component
- Single Component
- Double Component
By Application
- Transportation
- Marine
- Energy
- Aerospace
- Building and Construction
- Electronic Components
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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