The global composite adhesive market size is anticipated to grow around USD 6.14 billion by 2033, growing at a CAGR of 5.26% from 2024 to 2033.
Key Points
- Asia-Pacific dominated the market with the largest market share of 49% in 2023.
- North America is expected to be the fastest-growing region over the projected period.
- By product, the epoxy segment has contributed more than 37% of market share in 2023.
- By product, the polyurethane segment is expected to witness significant growth over the forecast period.
- By application, the aerospace and defense segment has held the largest market share of 19% in 2023.
- The automotive segment is likely to grow significantly in the upcoming years.
The composite adhesive market has witnessed significant growth in recent years, driven by the increasing demand for lightweight and durable materials across various industries such as automotive, aerospace, construction, and marine. Composite adhesives are essential components used in bonding composite materials, which are composed of two or more constituent materials with significantly different physical or chemical properties. These adhesives play a crucial role in enhancing the structural integrity and performance of composite structures by providing strong and reliable bonding solutions.
Get a Sample: https://www.precedenceresearch.com/sample/4037
Growth Factors
Several factors contribute to the growth of the composite adhesive market. One of the primary drivers is the rising adoption of composite materials in various end-use industries due to their superior properties such as high strength-to-weight ratio, corrosion resistance, and design flexibility. Additionally, stringent regulations regarding fuel efficiency and emissions reduction in the automotive and aerospace sectors have spurred the demand for lightweight materials, thereby boosting the consumption of composite adhesives. Moreover, advancements in adhesive technologies, such as the development of high-performance formulations and improved curing methods, have further propelled market growth.
Region Insights
The composite adhesive market exhibits a global presence, with key regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe dominate the market owing to the presence of established automotive and aerospace industries, along with significant investments in research and development activities. However, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period, driven by rapid industrialization, infrastructure development, and increasing investments in sectors such as automotive, construction, and wind energy.
Composite Adhesive Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 5.26% |
| Global Market Size in 2023 | USD 3.68 Billion |
| Global Market Size by 2033 | USD 6.14 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product and By Applications |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Composite Adhesive Market Dynamics
Drivers
Several drivers fuel the growth of the composite adhesive market. The automotive industry’s shift towards electric vehicles (EVs) and lightweight materials to improve fuel efficiency and meet regulatory standards has created a substantial demand for composite adhesives. Additionally, the aerospace sector’s emphasis on reducing aircraft weight to enhance fuel economy and performance has led to increased adoption of composite materials and adhesives in aircraft manufacturing. Furthermore, growing construction activities, particularly in emerging economies, and the rising demand for renewable energy sources such as wind power are driving the consumption of composite adhesives in the construction and wind energy sectors.
Opportunities
The composite adhesive market presents several opportunities for growth and expansion. One notable opportunity lies in the development of bio-based and sustainable adhesive formulations to address environmental concerns and meet regulatory requirements for eco-friendly products. Moreover, the increasing focus on lightweighting and material efficiency in various industries offers opportunities for the introduction of innovative adhesive solutions with enhanced performance characteristics. Additionally, collaborations and partnerships between adhesive manufacturers and end-user industries can facilitate product innovation and market penetration, further fueling growth opportunities.
Challenges
Despite the favorable market conditions, the composite adhesive industry faces certain challenges that could hinder its growth prospects. One significant challenge is the volatility in raw material prices, particularly for petroleum-based resins and chemicals used in adhesive formulations. Fluctuations in oil prices can impact production costs and profit margins for adhesive manufacturers, thereby posing challenges in pricing strategies and profitability. Additionally, stringent regulatory requirements pertaining to product safety, emissions, and environmental sustainability necessitate compliance measures and investments in research and development, which could increase operational costs for manufacturers.
Read Also: Modular Construction Market Size to Attain USD 201.31 Bn by 2033
Recent Developments
- In February 2023, Henkel AG & Co. KGaA announced a collaboration with the International Centre for Industrial Transformation’s participation program. The business’s adhesive technologies business department wants to employ INCIT’s tools and frameworks to accelerate its processes’ digital transformation by joining INCIT’s partner network.
- In March 2022, 3M, a diversified technology business, introduced their new Scotch-Weld Multi-Material Composite Urethane Adhesive DP6310NS. This glue is intended to attach a variety of composite components and has good impact resistance and durability.
- In February 2022, Arkema completed its acquisition of Ashland’s Performance Adhesives division. Structural adhesives are among the products available in this area. The acquisition was worth USD 1.65 billion. The acquisition bolstered Arkema’s Adhesive Solutions sector and was in line with the company’s objective of becoming a pure specialty material provider by 2024.
Composite Adhesive Market Companies
- 3M
- Bostik
- Dow
- Henkel AG & Co. KGaA
- H.B. Fuller
- Huntsman International LLC.
- Illinois Tool Works Inc.
- Permabond LLC
- Parker Hannifin Corp
- Sika AG
Segments Covered in the Report
By Product
- Acrylic
- Epoxy
- Polyurethane
- Cyanoacrylate
- Others
By Applications
- Automotive & Transportation
- Aerospace & Defense
- Electrical & Electronics
- Construction & Infrastructure
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
Blog: https://www.expresswebwire.com/
Blog: https://www.uswebwire.com/
Blog: https://www.dailytechbulletin.com/
Blog: https://www.autoindustrybulletin.com/
