Structural Adhesive Market Size, Share & Trends Analysis Report; By Product (Urethanes, Acrylic, Epoxy); By Technology; By Application; By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global structural adhesive market size was valued at USD 17.58 billion in 2018 and is expected to witness a CAGR of 6.4% from 2019 to 2025. Growing demand from end-use industries including construction, transportation, and furniture is anticipated to catalyze the growth of the market over the next seven years.

The growing trend towards lightweight materials is contributing to the demand for automotive plastics products. Lightweight materials such as plastic and aluminum reduce the weight of vehicles and help in enhancing fuel efficiency. Adhesion needs for materials such as steel & magnesium, steel & plastic, and others are projected to benefit the demand for structural adhesive products.

Various vehicles require component fabrication such as glass attachments, enclosures, doors, body panels, and friction pad among others. Growing demand has also been observed in non-traditional applications such as the engine, dashboard, frames, and weather stripping. Increasing automotive production in Brazil, India, China, and Mexico is likely to trigger the demand for adhesive products over the coming years.

Methacrylate products are projected to create significant opportunities for market vendors owing to the growing penetration and wide application. These products have capabilities to join composite, metal, and plastic materials. They can withstand high temperatures and have a high impact absorbing properties.

Increasing aircraft production and expansion of the aerospace sector in developed economies is anticipated to boost the industry demand. Moreover, composites demand in the aerospace industry is witnessing a positive trend from the last decade. This, in turn, is anticipated to positively affect the adhesive products owing to the need for strong bonding and better structural integrity.

Growing infrastructure needs in developing and developed economies is a major contributor to the growth of the industry. Construction applications such as flooring, lamination, and roofing require a massive amount of bonding products. Infrastructure investment in airports, educational institutes, hospitals, industrial buildings, and water infrastructure is projected to fuel industry growth.

Technology Insights

Water-based technology held the highest structural adhesives market share in 2018 and is anticipated to maintain its position during the forecast period. Water-based products are environment-friendly and economically viable and have wide bonding applications in leather, wood, paper, and textiles.

In terms of volume, solvent-based products are forecast to grow at a CAGR of 5.7% over the next seven years. Increasing need to lower the volatile organic compound (VOC) emissions during manufacturing is anticipated to hinder the market growth for these products. VOC emissions also have a harmful effect on human health, therefore, are strictly regulated by EPA and European Union legislation.

Increasing penetration of reactive and other technologies is creating a positive impact on the market. Reactive product forms a permanent bond and offers resistance to heat, chemicals, and moisture. Enhanced durability and higher bond strength in extreme environments of products are likely to benefit the industry growth during the forecast period.

Product Insights

Based on the product, the structural adhesive market has been categorized into acrylic, epoxy, urethanes, cyanoacrylic and others. Urethanes held the highest market share in 2018 and anticipated to witness a prominent growth over the next seven years.

Urethane products have wide applications in plastic bonding in construction and automotive. The demand for plastics is observing incessant growth in different end-use industries. As per PlasticsEurope, the production of plastics rose to 64.4 million tons in 2017 from 60 million tons in 2016.

Properties such as low toxicity and fast setting rate of cyanoacrylic products are projected to assist the increasing demand. These properties enable their use in applications such as medical devices, industrial machinery, household appliances, and consumer goods. High production output from the aforementioned applications is projected to create a positive impact on the market.

Application Insights

Transportation application is projected to witness lucrative growth on account of the expansion of the automotive, aerospace, and shipbuilding sectors. Replacement of fasteners with adhesives can simplify the assembly process for automakers. Moreover, the reduction of fasteners can help manufacturers to reduce vehicle weight, in turn, improving fuel efficiency.

The development of polyester-based and epoxy products have widened their scope in the construction industry. Rising housing needs for the population is one of the key drivers for the market. In construction, adhesive finds application in joining substrates such as glass, dense concrete, metals, plastic, and hardwood among others.

The products used in consumer appliances must be capable to withstand high temperatures. Many appliances also witness moisture exposure, vibrations, and heat. Elastomeric products can help to overcome the aforementioned challenges in appliances such as microwaves and cooktops.

Regional Insights

Asia Pacific was the leading region and accounted for 48.4% of the overall volume in 2018. High population and economic growth and increased industrial output in India, China, and Southeast Asia are key growth factors for the region. China is projected to remain a key consumer and producer in the region.

In terms of revenue, Europe is projected to attain a lucrative CAGR of 4.0% during the forecast period on account of the production of vehicles in Germany, France, Italy, and Spain. Increasing bonding requirements for substrates such as glass, plastics, metals, and composites during automobile manufacturing is projected to assist the growth in the region.

Central & South America accounted for 5.0% share of overall volume in 2018. The growth is mainly attributed to the expansion of the construction and manufacturing sectors in Brazil and Argentina. Moreover, as per the UNCTAD 2018 report, FDI inflows in Brazil and Argentina increased by 10% owing to the end of a recession.

Structural adhesive market share insights

Market vendors are concentrated on advancement in adhesives through the development of materials with desired molecular properties. Improvement in bonding strength is anticipated to remain a key focus area for the market vendors. Some of the companies in the market are vertically integrated and this helps them to gain a competitive edge over other players.

Partnership agreements and technological advancement are expected to drive competition in the industry. Some of the players in this sector include The Dow Chemical Company, 3M Company, Sika AG, Henkel AG & Co., Lord Corporation, Ashland Inc., Scott Bade Company and Ried BV.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global and regional levels and provides an analysis of the industry trends in each of the submarkets from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the structural adhesive market report based on the product, technology, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Urethanes

  • Epoxy

  • Acrylic

  • Cyanoacrylic

  • Others (Methacrylates, Silicone, Anaerobic)

• Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Water-based

  • Solvent-based

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Transportation

  • Construction

  • Consumer Appliances

  • Furniture

  • Others (Industrial Machinery, Medical Devices, Packaging)

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Korea

  • Central and South America

    • Brazil

  • Middle East & Africa