Burlingame, March 13, 2024 (GLOBE NEWSWIRE) -- The global Composite Adhesive Market size is projected to grow from USD 3.58 billion in 2024 to USD 5.61 billion by 2031 at a CAGR of 6.6% during the forecast period, according to a new report by Coherent Market Insights. Composite adhesives are adhesives used to join composite materials such as carbon fiber and fiberglass with substrates like aluminum and steel in industries including aerospace, automotive, wind energy, marine, and construction. They provide strength and resistance against environmental factors.
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Market Dynamics
The growth of the composite adhesive market can be attributed to the increasing demand for lightweight materials in the automotive industry. Composite adhesives offer enhanced strength and durability, making them ideal for use in automotive applications. Additionally, the growing emphasis on fuel efficiency and emission reduction is driving the adoption of composite adhesives in the automotive sector.
Composite Adhesive Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $3.58 billion |
| Estimated Value by 2031 | $5.61 billion |
| Growth Rate | Poised to grow at a CAGR of 6.6% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Application, By Products |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • The growing demand from various end-use • Escalating demand from aerospace and defense industry |
| Restraints & Challenges | • Volatility in raw material • stringent environmental regulations these |
Market Trends
One of the key trends in the composite adhesive market is the rising demand for sustainable and eco-friendly products. Manufacturers are increasingly focusing on developing bio-based adhesives to reduce their environmental impact. Another trend shaping the market is the growing adoption of composite adhesives in the construction industry, particularly in the infrastructure and building sectors. The superior bonding capabilities of composite adhesives make them well-suited for a wide range of construction applications.
Market Opportunities:
The market for composite adhesives is experiencing significant growth due to the increasing demand for lightweight materials in the automotive and aerospace industry. Composite adhesives are being widely used in these industries to bond different materials together, reducing overall weight and increasing fuel efficiency. The two-component segment under the component category is expected to dominate the market, as it offers better performance and durability compared to one-component adhesives. In terms of applications, the automotive and transportation segment is expected to hold a dominant position, owing to the growing trend of lightweight vehicles to reduce emissions and improve efficiency.
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Another market opportunity for composite adhesives lies in the wind energy sector. With the increasing focus on renewable energy sources, the demand for wind turbines is on the rise. Composite adhesives play a crucial role in the manufacturing and maintenance of wind turbines, as they provide high strength and durability in harsh environments. The epoxy segment under the products category is expected to be the most dominant, as it offers excellent adhesion and chemical resistance required for wind turbine applications.
Recent Developments:
Pidilite Lanka Pvt limited, a subsidiary of Pidilite industry limited and a recognized manufacturer of adhesives, construction chemicals, and sealant, has introduced Araldite and epoxy glue line to the Shri Lankan Market in November 2021. Araldite epoxy adhesives are the prepared choice for a wide range of industries and applications.
In October 2021, Scott Bader, a well-known chemical company, purchased a manufacturing facility in Mocksville, Texas in order to meet the growing local and global demand for composite adhesives.
Key Market Takeaways:
Composite Adhesive market is anticipated to witness a CAGR of 6.6% during the forecast period 2023-2030, owing to the increasing demand for lightweight materials in the automotive and aerospace industry.
On the basis of the component, the two-component segment is expected to hold a dominant position, offering better performance and durability.
In terms of applications, the automotive and transportation segment is expected to lead, driven by the need for lightweight vehicles.
In terms of regions, North America is expected to dominate the market, due to the presence of major players and technological advancements.
Key players operating in the Composite Adhesive market include Henkel AG & Co. KGaA, Master Bond Inc, The Dow Chemical Company, and Huntsman Corporation, offering a wide range of products catering to various industries.
In conclusion, the market for composite adhesives is poised for significant growth, driven by market opportunities in the automotive, aerospace, wind energy, and other industries. As key players continue to innovate and develop new products to meet the increasing demand for lightweight materials, the market is expected to witness steady growth in the coming years. With North America leading the market in terms of region, it is crucial for companies to focus on strategic partnerships and product development to stay ahead in the competitive landscape.
Read complete market research report, "Composite Adhesive Market, By Component, By Application, By Products, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Detailed Segmentation:
By Component:
- One component
- Two component
By Application:
- Automotive and Transportation
- Aerospace
- Wind energy
- Marine
- Others
By Products:
- Epoxy
- Polyurethane
- Acrylic
- Polyimide
- Phenolic
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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