Rockville, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, mentions in its research report that the global composite adhesives market is estimated to progress at a CAGR of 5.5% from 2023 to 2033. As such, worldwide revenue from the sales of composite adhesives are anticipated to reach US$ 6.3 billion by the end of 2033.
Composites consist of two components – a reinforcement and a matrix with unique physical and chemical properties. Various high-performance adhesives are commonly used for the assembly of different composite materials across several industries. Automotive and aerospace are the two key consumers of composite adhesives. Demand for these materials across the aerospace industry is propelling due to the growing need for lightweight aircraft. Furthermore, the increasing count of aircraft has been predicted to fuel growth opportunities in the global market over the coming years.
For instance,
- According to Airbus Global Market Forecast (from 2021 to 2040), around 15,250 new aircraft are projected to be delivered in the next 20 years that will replace less fuel-efficient older models.
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Why Will the U.S. Witness High Sales of Composite Adhesives?
The American public spends a lot of money on various lifestyle goods. The manufacturing of electronics and electric vehicles has so increased significantly, which may result in an increase in the need for composite adhesives in the aforementioned industries. Additionally, American aircraft makers use composite adhesives to help boost sales.
In 2022, the market for composite adhesives in the United States was expected to generate more than US$ 840 million. Additionally, a CAGR of 4.6% is predicted for these adhesives' Canadian sales between 2023 and 2033.
Growing demand for composite solutions across the automotive sector is attributed to the increased implementation of these products for the weight reduction of vehicles. Further, these solutions are also used to attain better fuel efficiency in newly designed automobiles. Thus, the booming automotive sector is estimated to drive lucrative opportunities for industry players.
For instance,
- The European Automobile Manufacturers Association provided data in October 2021. The report mentions that the battery electric section held around 10% of the market share in 2022.
Epoxy material-based composite adhesives are projected to experience increased demand over the coming years. These materials provide robust properties including low cost and mechanical shock resistance that make these solutions a superior choice across the industry. Polyurethane and cyanoacrylate are also predicted to witness a noticeable increase in demand shortly.
The market in North America will witness a noticeable increase in the demand for these adhesives. This is owing to the rising developments that are taking place in the portfolio of the companies operating in the regional market.
For instance,
- Panacol USA, in September 2021, introduced novel epoxy resin adhesives that are designed to bond magnets into electric motors.
Key Takeaways from Market Study
- The global composite adhesives market is valued at US$ 3.7 billion in 2023.
- The market is forecasted to register a CAGR of 5.5% from 2023 to 2033.
- The Canadian market is expected to increase at a CAGR of 4.6%.
- The market for composite adhesives is projected to reach a value of US$ 6.3 billion by the end of 2033.
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Winning Strategy
Key manufacturers of composite adhesives are investing at an increased rate to improve the quality of their respective products and pass on the benefits to end-use industries.
For instance,
- Jaguar Land Rover, in January 2021, announced to improve the efficiency of fuel of its newly launched electric vehicles over the coming years through the application of lightweight composite materials.
Competitive Landscape
Based on the rising demand for composite adhesives, market players are investing at an increased rate to expand their manufacturing units. They are also entering into mergers & acquisitions for their business expansion.
For instance:
- Meridian Adhesives Group, in December 2021, acquired American Sealants Inc. The latter is a manufacturer of assembly sealants and adhesives. The acquisition aims to value addition to the portfolio of Meridian Adhesives Group while extending its reach as a provider of high-performance sealants and adhesives.
- Tesa SE, in April 2021 announced the investment of EUR 32 million (USD 36.39 million) for the expansion of the manufacturing capacity of their plant that is in Suzhou, China. This will cater to the increasing demands that are coming from electronic manufacturers.
Key Segments Profiled in the Composite Adhesives Industry Survey
By Type :
- Epoxy
- Polyurethane
- Acrylic
- Cyanoacrylate
- Others
By End Use :
- Automotive & Transportation
- Aerospace & Defense
- Electrical & Electronics
- Construction
- Others
By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global composite adhesives market for the period of 2023-2033.
The study divulges essential insights into the market on the basis of type (epoxy, polyurethane, acrylic, cyanoacrylate, others) and industry (building & construction, electronics & appliances, automotive, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
Check out more related studies published by Fact.MR Research:
UV Cured Adhesives Industry Analysis: The global UV cured adhesives market has witnessed moderate growth at a CAGR of 6.7% over the past half-decade. However, in 2nd and 3rd quarter of FY2020, the market has stepped on the brakes of demand for fast curing adhesives such as UV cured adhesives, owing to contraction in demand for such adhesives across industries amidst the COVID-19 pandemic.
About Fact.MR
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