3M (US), Henkel AG & Co. KGaA (Germany), Huntsman Corporation (US), PPG Industries Inc. (US), and Cytec Solvay Group (Belgium) are the major players of the Aerospace Adhesives & Sealants Market.
Northrook, IL -- (SBWIRE) -- 07/08/2020 -- The global Aerospace Adhesives & Sealants Market size is projected to reach USD 1 billion by 2023, at a CAGR of 5.4%. The aerospace adhesives & sealants market size is estimated to be USD 775 million in 2018. The high demand for lightweight and fuel-efficient next-generation aircraft is fueling the consumption of these adhesives and sealants. These products are used in the interior, exterior, and engine compartments of an aircraft.
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The commercial aerospace segment is estimated to be the largest consumer of adhesives and sealants.
The commercial segment accounts for the dominant share of the overall aerospace adhesives & sealants market. The high demand for commercial aircraft is driving the consumption of such adhesives and sealants in this end-use industry. Boeing and Airbus presently have orders for delivery of over 9,000 commercial aircraft. These factors are anticipated driving the growth of the market during the forecast period.
The demand for epoxy-based aerospace adhesives & sealants is the highest in the market.
Epoxy resins are projected to witness the highest demand resulting in the fastest growth of this segment in the global aerospace adhesives & sealants market. It also accounts for the largest share of the market. Epoxy resin is used widely in aerospace applications due to its properties such as high tensile and shear strength and chemical resistance. It also offers protection against corrosion and can sustain high temperature and pressure environment.
North America is expected to continue its leading position in the aerospace adhesives & sealants market.
North America is likely to account for the largest share within the global aerospace adhesives & sealants market by 2023. The presence of a firmly established aerospace industry and the increasing demand for commercial aircraft. The demand for commercial aircraft is growing significantly with the growth of the airline sector in Asia Pacific and other emerging regions. The key aircraft manufacturers, such as Boeing and Bombardier, are headquartered in North America, catering to a large share of the demand for aircraft.
The major players in the aerospace adhesives & sealants market are 3M (US), H.B. Fuller (US), Henkel AG & Co. KGaA (Germany), Huntsman International LLC. (US), Hexcel Corporation (US), DowDuPont (US), PPG Industries Inc. (US), Illinois Tool Works Inc. (US), Arkema (France), and Cytec Solvay Group (Belgium).
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Recent Developments :
- In September 2018, Cytec-Solvay inaugurated its state-of-the-art manufacturing center for aerospace structural adhesives and surfacing films in Wrexham, UK. This investment broadens the footprint and strengthens its leadership in the growing global aviation industry.
In February 2018, Henkel adhesive technologies business unit started the construction of a new production facility for the aerospace application at the Henkel site in Montornès del Vallès (Montornès), Spain. The new line will serve the growing demand for high-impact solutions supporting key trends in the global aerospace industry such as weight reduction and automation.
- In May 2017, 3M Company invested USD 40 million in the expansion of its operations in Missouri, US. Through this expansion, the company produces industrial adhesives and tapes for the aerospace industry and other heavy industrial customers, globally.
- In October 2017, PPG Industries launched a webstore for customers in the US to purchase products that are used for aerospace sealants and adhesive applications. These products can be ordered online and delivered within two business days through its support center.
Critical questions the report answers:
- What are the mid- to long-term impact of these developments on the industry?
- What are the upcoming advancements in the aerospace adhesives and sealants formulations?
- What are the upcoming applications of aerospace adhesives and sealants?
- What are the key trends in various applications of aerospace adhesives and sealants?
- Who are the major players in the aerospace adhesives and sealants market?
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