Sellbyville, DE -- (SBWire) -- 05/20/2019 --Global Market Insights recently introduced new report on global Structural Adhesives market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2024. It also provides complete overview of Structural Adhesives industry considering all the major industry trends, market dynamics and competitive scenario.
High growth in the construction industry will augment the global structural adhesives market growth during the forecast years. The product is extensively used for construction activities such as bonding wood materials, ceramics, composite fiber materials, glass, stone, etc. Rapid urbanization and industrialization in developing countries has led to a boost in the worldwide construction industry which is expected to be valued at more than USD 16 billion in 2024. In 2015, construction industry market value was about USD 8 trillion and is anticipated to grow with around 8% CAGR.
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Asia pacific is expected be the most lucrative market due to increased construction activities, rising automobile production, and high growth in the aviation sectors. In 2015, the region registered revenue exceeding USD 2 billion. Presence of large automobile manufacturers developed aviation sector and increasing construction spending will be the major factors behind the growth of North America structural adhesives market. The region is anticipated to occupy more than 20% of the total industry during the forecast period.
There are several health hazards related with the products usage. Epoxy product types may cause burns during application, polyurethane based products are deemed to be carcinogenic and may cause eye and skin irritation while MMA based products may cause nausea, headache, and respiratory diseases due to its pungent odor. Health hazards such as these may inhibit the global structural adhesives market during the forecast years.
Structural adhesives market based on component is categorized as double and single component. Double component segment is anticipated to account for more than 60% of overall share during the forecast period and the segments growth will be propelled by its usage in linking joints bearing high loads. In 2015, single component segment generated revenue above USD 2 billion and is estimated to grow with a CAGR of 4.5% during the forecast period.
Global structural adhesives market includes six major product types which are polyurethane, epoxy, acrylic, cyanoacrylate, methyl methacrylate, and silicone. Polyurethanes segment occupied more than half of overall market and this segment will witness steady growth owing to its usage in aviation and automotive sectors. Epoxy is also a significant product segment with above 25% share of the overall market in terms of volume.
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Composites, metals, plastics, concrete & tiles, wood and leather are the six application segments of the global structural adhesives market. In 2015, composites segment occupied more than 30% of the overall market and this trend is expected to continue during the forecast period owing to products increasing usage in aviation and automotive sector. Plastics application segment will likely grow by a CAGR of around 4.5% and in 2015 the segment registered revenue above USD 1 billion.
End-user segments in the global structural adhesives market include automobiles, aviation & aerospace, marine, construction, furniture, water & sewer, and others. In 2015, automobiles generated above USD 1 billion and will be a major application segment. Rising purchasing power of consumers coupled with availability of affordable vehicles will be the major contributing factor for this segment. Aviation & aerospace end-user segment is anticipated to grow above 4% CAGR during the forecast period. Increasing number of air travelers along with rising number of commercial airlines will boost the segments growth.
The Structural Adhesives market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Structural Adhesives market based on product, technology, end user and region.
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Key participants in the global structural adhesives market are Illinois Tool Works, 3M Company, Lord Corporation, Scott Bader, Arkema, L&L Products, SIKA AG, Dow Chemical Company, Henkel AG, Ashland, Master Bond, Elantas, Hubei Huitian Adhesive Enterprise, Parson Adhesives, Permabond, and Panacol-Elosol.
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Structural Adhesives Market Insights & in-Depth Analysis by 2024 Leading Players: 3M Company, SIKA AG, Dow Chemical Company, Henkel AG
Rapid urbanization and industrialization in developing countries has led to a boost in the worldwide construction industry which is expected to be valued at more than USD 16 billion in 2024.