Structural Adhesives Market Size, Share, Industry Growth, Future Demand and Trends and Forecast 2019-2023
Aug 16, 2019
structural adhesive market has registered significant growth on account of increase usage in automobile industry
Pune, India - August 16, 2019 /MarketersMedia/ —
Market Overview:
Structural adhesive are classified as special type of adhesive which is used to reinforce the bond between two dissimilar and similar substrate. It is designed to hold all types of thermoplastics, material, composite, and metal. The global structural adhesive market has registered significant growth on account of increase usage in automobile industry. Automobile manufacturers have shifted their focus to make light weight and fuel efficient vehicles which in turn is using plastic automotive parts. With the aforementioned reason, the market is expected to witness a significant growth in the upcoming years. According to MRFR analysis, global structural adhesive market grew at USD 18.3 Billion in 2016 and is growing with a healthy CAGR of 7.9% during the period 2016 to 2022.
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Some of the prominent factors behind the market growth are continuous growth of building & construction sector, rising automotive sales, increasing demand for furniture. Urethane structural adhesive hold the largest market share on account of its low cost and excellent properties such as superior elasticity and high durability. Water based structural adhesive technology is the fastest growing technology on account of stringent regulations imposed by various agencies on the use of solvent based adhesive. Furthermore, rapid industrialization along with rising government spending for improving public transport and infrastructure for the betterment of public has anticipated to be the key driving factor for market growth.
Competitive Landscape
Structural adhesive production capacities are concentrated in Asia Pacific with increasing demand from end use industries. Players in structural adhesive market adopted numerous strategies to expand their footprint and increase their market share. The key strategies followed by major players in the global Structural Adhesive Market were agreements and collaborations, mergers and acquisitions, joint ventures and expansion. On account of growing demand of structural adhesive in Asia Pacific region, the manufacturers in North American and European region are using acquisition strategy in the Asia Pacific and global market.
The Dow Chemical Company
Ashland Inc.
SIKA AG
Henkel AG & Co.
Lord Corporation
3M
Scott Bader Company
Arkema S.A
Hubei Huitian Adhesive Enterprise Co.
Ried B.V. Co.
Industry/ Innovation/ Related News:
August 2017- SIKA acquired ABC sealants, a Turkish based manufacturer of adhesives and sealants. The acquired manufacturing site enhance SIKA’s ability to serve customers in the Turkish market but will also provide manufacturing and distribution hub for the Middle East & Africa.
April 2017- SIKA Corporation introduced Structural Adhesive named as SikaFast-3500 Structural methyl methacrylate (MMA) for application in industrial and transportation. These product withstand their properties at higher temperature. With this product launch the company strengthen its product portfolio for structural adhesive
March 2017- LORD Corporation, one of the leading developer and manufacturer of high performance adhesive products has launched two component epoxy-modified acrylic adhesive named as LORD Versilok® 271/331. This product is capable of bonding a wide range of automotive sheet metals including bare and oily aluminum and hot-dip galvanized and electro-galvanized. With this product launch company has strengthen its position in the global structural adhesive market.
October 2016- LORD Corporation launched two in-mold bonding adhesive named as LORD IMB 3000 and IMB 3010. These product does not require special surface preparation such as plasma or corona and can offer rigid support to structural bond between various substrates. IMB adhesives application include electronics, automotive components, and medical devices. Company has expanded its product portfolio with this product launch.
October 2016- 3M launched new metal bonding acrylic adhesive named as 3M Scotch Weld DP8407NS. This adhesive provide high peel and durability and can withstand its strength at lowest temperature of -40degF. The extreme temperature performance of this product makes it suitable for usage in wide range of substrates. With this product launch the company has expanded its product portfolio and strengthen its position in structural adhesive market
Regional Analysis:
Asia Pacific emerged as the leading market for structural adhesive followed by North America and Europe in 2016. Asia Pacific exhibits the highest market share on account of speedy industrialization along with high demand from end use industries such as building & construction, furniture, and automobile. The market growth is predicted to surge in various countries such as India, Thailand, China, Japan, South Korea, and Indonesia due to tax benefits and ease in availability of raw material and labor. North American market is predicted to witness moderate growth on account of improving commercial construction sector.
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