Structural Adhesives Market

Industry Overview

Structural adhesives are relatively strong adhesives which are normally used below their glass transition temperature. They can be used to produce a load bearing joints. Also, these adhesives can join parts without detracting or interfering from their finish such as machine fasteners or welding. The global structural adhesives market is registering a good growth in recent years, and anticipated to grow at a significant rate in the coming years, owing to wide range of application areas ranging from aerospace to kitchen appliances to sporting goods and automobiles. These adhesives can carry substantial stresses, and lend themselves to structural applications.

Market Segmentation

Insight by Resin Type

Based on resin type, the structural adhesives market is segmented into epoxy, polyurethane, acrylic, methyl methacrylate, cyanoacrylate, and others. Of all types, polyurethane type category dominated the market, due to their versatility as compared to other types. Also, they are most economic among all types available in the market. However, cyanoacrylate type category is anticipated to register the fastest growth during the forecast period. This is attributed to its superior properties such as good bonding strength to different substrates such as plastics and rubber.

Insight by Substrate

On the basis of substrate, the structural adhesives market is classified into metals, plastics, wood, composites, and others. Among all these, the composite substrate category is expected to register the highest growth during the forecast period. Owing to its increasing demand in automotive sector in order to reduce the weight and increase fuel efficiency of the vehicles are the major factors contributing towards the market growth.

Insight by Application

Based on application, the structural adhesives market is segmented into building and construction, automotive, wind, energy, marine, rail, aerospace, and others. Of all application categories, wind energy category is projected to register the highest growth in the coming years, owing to the increasing awareness and growing government initiatives towards the use of renewable source of energy. Along with that, the growing installation of wind mills across the globe is contributing in market growth.

Structural Adhesives Market Report Coverage

Industry Dynamics

Growth Drivers

The major factors responsible for driving the structural adhesives market are the increasing demand of lightweight vehicles along with low carbon emission, increasing demand of these adhesives in building and construction application, and increasing investment from emerging countries. The demand of these adhesives is increasing at a fast rate in the automotive industry, due to the various factors such as, it replaces mechanical fasteners and welds, improves vehicle strength, improves durability, improve manufacturing efficiencies, and reduce weight. Thus, all these are driving the demand of these adhesives in the automotive industry.

Challenges

Limited scope of development and penetration in developed countries of North America and Europe, stringent environment regulations, and constantly changing standards are among the major challenges restricting the structural adhesives market growth. The scope of development and penetration of these adhesives is quite limited in developed market, as these markets are already in mature stage and far advanced in technology as compared to other developing markets, hence this may provide very less opportunities to the market players, hindering the market growth.

Industry Ecosystem

Government regulations related to the critical product application in automotive and aerospace industries provide a challenge for new industry players and participants. Also, fluctuations in raw material prices are also making it difficult for players to operate in the market.

Geographic Overview

Asia-Pacific is expected to be the fastest growing region in the structural adhesives market, which may be attributed to the increasing demand of these adhesives in countries such as China, India, Taiwan, Singapore, and others for variety of applications. The expanding automotive industry, and increasing focus on renewable energy are the major factors driving the demand of these adhesives in the region, resulting in market growth. 

Competitive Insight

The various key players in the structural adhesives market is introducing advanced product in the market for variety of applications to stay competitive in the market.

H.B. Fuller Company is an American adhesives manufacturing company supplying industrial adhesives worldwide. The company has long received praise in ethical investment circles for such things as careful handling of toxic waste and the nature reserve built around its headquarters.

Huntsman Corporation is an American multinational manufacturer and marketer of chemical products for consumers and industrial customers. Huntsman manufactures assorted polyurethanes, performance products, and adhesives for customers like BMW, GE, Chevron, Procter & Gamble, Unilever and Walkaroo. 

3M Company, Sika AG, H.B. Fuller, DowDuPont Inc., Huntsman Corporation, Ashland Inc., Henkel AG & Co. KGaA, Lord Corporation, Mater Bond Inc., Illinois Tool Works Inc., Bostik, Parson Adhesives, Inc., and Permabond LLC. are some of the key players operating in structural adhesives industry.

Recent Developments by Key Players

3M expands facility in Valley, Nebraska. A new 90,000-square-foot expansion at 3M's facility in Valley, Nebraska, will increase the plant's manufacturing capacity

Hutsman Corporation officially opened a new innovation centre in Tienen, Belgium strengthening its research and development (R&D) capabilities and reinforcing its commitment to its customers in the region. The new 11,000-square-metre facility comprises a world-scale analytical laboratory, two machine halls and fully equipped and automated product testing facilities. Together, these assets boost Huntsman’s ability to perform the entire product innovation journey from the formulation of initial ideas at lab scale through to the manufacture of novel systems and samples ready for customers to trial.