Structural adhesives market size is growing at a CAGR of 6.5%, likely to exceed 8.2 mn tons by 2023

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Structural Adhesives Market Size, Share, Industry
Outlook Forecast 2016-2023
Structural adhesives market size is likely to
exceed 8.2 million tons by 2023, growing at a
CAGR of over 6.5 from 2016 to 2023.
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Global Market Scenario of Structural Adhesives
Industry

• Global structural adhesives market size was
  estimated over 5.1 million tons in 2014 and is
  likely to exceed 8.2 million tons by 2023 growing
  at a CAGR of over 6.5 from 2016 to 2023.
• Water-based structural adhesives was the dominant
  technology accounted for more than 55 of the
  total volume in 2014 and are likely to witness
  gains of over 6.8 up to 2023.
• Urethane structural adhesives market dominated
  the demand and accounted for more than 60 of the
  total volume in 2014. Cyanoacrylic derived
  products are likely to witness highest gains of
  over 8 up to 2023.
• Asia Pacific, especially China and India
  structural adhesives market, was the dominant
  region and accounted over 40 of the total volume
  in 2014. China and India were the leading
  countries consuming the product and together
  accounted for more than 50 of the total volume
  in Asia Pacific.

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• Increasing high performance plastic usage in
  transportation industry such as automobiles and
  aircraft is likely to drive automotive structural
  adhesive market growth. Automobile industry
  requires better bonding properties between
  different substrates such as steel-magnesium and
  steel-plastic.
• Global automobile demand was above 80 million
  units in 2012 and is likely to register over 100
  million unit sales figure by 2018. Positive
  outlook on aircraft industry growth is likely to
  compliment demand. Composites used in aircraft
  manufacturing require adhesives for maintaining
  structural integrity with better adhesion
  properties.
• Increasing investment in construction for
  building residential commercial buildings in
  emerging regions such as Asia Pacific and MEA is
  likely to favor demand. Structural adhesives are
  used in construction application such as wall
  coverings, roofs and window panels.
• China was the dominant country in Asia Pacific
  exhibiting highest construction spending of close
  to USD 1.78 trillion in 2013 while India and
  Japan witnessed spending of USD 427 billion and
  742 billion in the same year. This is expected to
  provide the MNCs with huge opportunities to
  expand their regional presence and increase their
  market penetration.

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Research Methodology
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Regional and Competitive Insights

• Asia Pacific has witnessed the highest
  consumption over the past few years. Rapid
  industrialization coupled with shift of
  automobile manufacturing bases in countries such
  as Thailand.
• Indonesia, China and India owing to government
  tax incentives and cheap labor cost is likely to
  favor regional demand. North America is likely to
  witness smoderate growth rates over the forecast
  period.
• Recovery of end-use industries post recession
  coupled with increasing consumer spending
  particularly in the U.S. is likely drive demand.
• The global structural adhesives market share is
  consolidated with MNCs serving the major end-use
  industries and SMEs to niche applications.
  Presence of regional distributing agents enables
  SMEs to efficiently market their product and
  increase sales.
• Key companies operating in structural adhesives
  market share include Ashland, Henkel, 3M Company,
  Dow Chemical Company, Ried BV, Scott Bader
  Company, Arkema, SIKA AG and Lord Corporation.

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• The market is segmented into product types such
  as urethanes, acrylic, cyanoacrylic and epoxy.
  Other product consists of silicone and
  methacrylates. Urethane adhesives were largely
  consumed over the forecast period and are widely
  used for plastic bonding in numerous rigid
  semi-rigid adhesion applications such as
  automotive and construction. Factors such as
  durability and high elasticity contribute towards
  better flexibility and energy absorption among
  dissimilar objects.
• Factors such as low toxicity and fast setting
  properties are likely to make cyanoacrylic
  adhesive the fastest growing product over the
  forecast period. They are suitable for
  applications such as medical devices, industrial
  machinery, household appliances and consumer
  goods.
• Water based adhesive formulations were the
  dominant technologies to be used in 2014. Factors
  such as rapid drying rates, water resistance and
  semi-flexibility are expected to drive its
  demand. They are used in rigid joining
  applications such as wall coverings, automotive
  assembly, furniture panels, joint cements,
  counter tops and household appliances.

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