Structural Adhesives Market Worth $19.4 Billion by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Aug. 16, 2019 /PRNewswire/ -- According to the new market research report "Structural Adhesives Market by Technology (Solvent-Based, Water-Based), Resin (Epoxy, Polyurethane, Acrylic, MMA, Cyanoacrylate), Application (Building & Construction, Automotive, Wind Energy, Aerospace), and Region - Global Forecast to 2024", published by MarketsandMarketstm, the Structural Adhesives Market is projected to reach USD 19.4 billion by 2024 at a CAGR of 6.8% during the forecast period.
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Structural adhesives are capable of producing load-bearing joints that can handle high stress, and provide excellent mechanical performance, enabling weight reduction at the same time. These also offer exceptional strength, durability, and resistance from impact, heat, fatigue, and solvents.
Epoxy resins are expected to lead the structural adhesives market during the forecast period
Epoxy adhesives have a high demand in the structural adhesives market due to their excellent chemical resistance, low shrinkage value, and lower quantities of volatile compound emissions during curing. Epoxy adhesives are used in a wide range of end-use industries, especially in niche applications, where excellent bonding strength is required. These types of adhesives can be used to bond a variety of substrates, such as metals, ceramics, and composites.
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Wind energy is the fastest-growing application in the structural adhesives market.
Among applications, the wind energy application is projected to grow at the highest rate from 2019 to 2024. The growing demand for renewable energy over fossil fuel due to the rise in population and to reduce greenhouse gas emissions is leading to the increasing demand for wind energy.
Use of structural adhesives in the wind industry is increasing due to the growing use of composites as the material of choice to fabricate and bond wind turbine rotor blades, nacelle assemblies, gearboxes, and towers. Structural adhesives offer the benefit of enabling the production of lightweight components, provide outstanding shear and peel strength, faster curing, excellent impact resistance, and durability. These superior qualities are expected to drive the demand for structural adhesives in this application segment during the forecast period.
APAC is expected to account for the largest market share during the forecast period.
The Asia Pacific Structural Adhesives Market is expected to drive the global industry growth during the forecast period, 2019 to 2024, which can be attributed to the rising demand for the product from economies such as India, China, South Korea, Vietnam, Taiwan, and Singapore, among others. Moreover, factors such as the improving standards of living and rising per capita incomes in these countries are also fueling the growth of the Asia Pacific structural adhesives market.
Key Market Players
The key companies profiled in this report are the Henkel (Germany), Huntsman (US), 3M (US), H.B. Fuller (US), Sika (Switzerland), Illinois Tool Works (US).
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