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″, The market is projected to reach USD 19.4 billion by 2024 at a CAGR of 6.8% during the forecast period.
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.
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The structural adhesives market is projected to grow from USD 14.0 billion in 2019 to USD 19.4 billion by 2024, at a CAGR of 6.8%, between 2019 and 2024. The Asia Pacific structural adhesives market is expected to witness significant growth due to the rising population, rising industrialization, increase in installed capacities, improving quality, and technological advancements.
Based on applications, the wind energy segment in the structural adhesives market is projected to grow at the highest CAGR during the forecast period, 2019 to 2024. The wind energy segment is expected to grow at a higher rate due to the increasing demand for renewable and green energy. Structural adhesives offer excellent adhesion, superior durability, chemical & temperature resistance, and lower shrinkage in bonding wind turbines.
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The structural adhesives market is projected to grow from USD 14.0 billion in 2019 to USD 19.4 billion by 2024, at a CAGR of 6.8% between 2019 and 2024. APAC is the largest consumer of structural adhesives. Structural adhesives improve the aesthetic appeal of end products as bolts, rivets, and welds are not required to be used, and thus making these viable for numerous applications, such as building & construction, bus & truck, automotive, marine, wind energy, rail, and aerospace, among others.
The key market players are Henkel (Germany), Huntsman (US), 3M (US), H.B. Fuller (US), Sika (Switzerland), and Illinois Tool Works (US). These players have adopted various strategies, such as new product launch and merger & acquisition between 2015 and 2019, to enhance their market shares and expand their global presence.
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Henkel is one of the leading solution providers for adhesives, sealants, and functional coatings. The company has three business segments, namely, adhesive technologies, laundry & home care, and beauty care. The company manufactures structural adhesives under its adhesive technologies segment. Henkel is a leader in the adhesives industry. It has a strong network for distributing and manufacturing adhesives with 135 production sites to meet the changing demands of the structural adhesives industry, worldwide. The company continuously focuses on its organic & inorganic growth.
Huntsman is a leading manufacturer and marketer of differentiated and specialty chemicals. The company operates through five business segments, namely, polyurethanes, performance products, pigments and additives, advanced materials, and textile effects. The company offers epoxy adhesives under its advanced materials segment, under the brand name Araldite.
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