Acrylic are expensive and accounts a decent chunk in revenue generation of structural adhesives market. In 2015, this segment was worth over USD 1.5 billion. Acrylic products are available in low viscosity to paste viscosity range, and give a product line with wide selection of mechanical properties, color, and cure speeds.
Sellbyville, DE -- (SBWIRE) -- 11/12/2018 -- GMI presents a most up-to-date research on "Structural Adhesives Market – Global Industry Analysis, Size, Share, Product (Polyurethane, Epoxy, Acrylic, Cyanoacrylate, Methyl Methacrylate, Silicone), Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, and GCC) and Forecast 2017 – 2024".
Structural Adhesives Market size will cross USD 7 billion by 2024 according to a new research report by Global Market Insights, Inc. Applications in construction industry includes fiber composite materials, cellulose and wood materials, stone, ceramics, and glass. Rapid urbanization in the BRICS nations, coupled with escalating population will increase the housing demand, hence supporting the construction industry in the coming years. The global construction industry, led by China, India, and the U.S., was valued at over USD 8 trillion in 2015 and is expected to reach a value close to USD 17 trillion by 2024, growing at a CAGR of about 8%.
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Strict regulations pertaining to aerospace adhesives and sealants mandated by regulatory bodies such as SAE international, ASTM, ANSI, AITC, DIN, EN, and ISO characterize the global structural adhesives market. High load bearing parts and critical applications lead to stringent product norms to meet required specifications. For instance, ASTM regulation D3762 lays down the standard test method for adhesive-bonded surface durability of aluminum (Wedge Test) also known as "Boeing wedge test", wherein the adhesion; cohesion; or adherend failure are noted down after opening the specimen after the test period. Such regulations may hamper the structural adhesives market growth in the coming years.
Another important factor impacting the structural adhesives market is the occupational hazards associated with some product types. Epoxy based products pose considerable risks of burns during manual application as they liberate certain amounts of auxiliary materials and contaminants during heat curing. Polyurethane products contain isocyanates, which can cause skin and eye irritation and are carcinogenic in nature. Methyl methacrylate or MMA products have strong and pungent odor, causing headache, nausea, dizziness, and pulmonary problems. Such health hazards defined by OSHA may restrict the global structural adhesives market growth.
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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 structural adhesives 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.
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Asia pacific is expected be the most lucrative structural adhesives 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.
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.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.