Two Component Adhesives Market Driven by Rising Use in Automotive Industry for Weight Reduction: Fact.MR
Published : 03 Dec 2020 Industry: Chemical & Materials
Growing demand for two component adhesives in the automotive, construction, and aerospace industries acts as a key driver for the market, finds Fact.MR. Two component adhesives are used to join metals and bond plastics due to their high glueing properties. They are generally used in construction and manufacturing processes due to their ability to withstand high pressure and strain.
Two component adhesives are mostly used in light construction, vehicle development, mechanical engineering, medical technology, electrical production, assembly bonding, household equipment, and construction of doors and gates. They are typically used to combine high strength materials in metals, ceramics, or other such materials. They are also easy to use due to the lack of mixing required and showcase good resistance towards chemicals. All these factors bode well for the growth of the two component adhesives market over the forecast period of 2020 to 2030.
Key Takeaways from Two Component Adhesives Market Report
- The two component adhesives market is expected to showcase growth at a positive CAGR due to increasing demand from the automotive sector.
- Their ability of providing high adhesive strength along with heat resistance has increased their applicability across industries.
- The automotive sector will hold a majority of share in the market, due to increasing use of two component adhesives to lighten vehicle weight during production.
- Asia Pacific is expected to dominate the global two component adhesives market due to increasing production of vehicles and automobiles in the region.
“The COVID-19 pandemic has disrupted several industries, including the two component adhesives market. Slowdown in the automotive and aerospace sectors has declined market growth. Lack of raw materials and sales has caused the shutdown of several plants. Though there has been an increase in the use of two component adhesives in medicinal technology, the market is expected to go into a downward trend through 2020, and bounce back at a rapid pace in growth from 2021 onwards,”says a Fact.MR analyst.
Research & Development Efforts to Boost Growth
As new players are entering the two component adhesives market, there has been increased focus on identifying new applications of two component adhesives in the industry. Players are now shifting their focus towards creating cost-efficient manufacturing and product enhancement. Data analysis and research is being carried out to identify emerging markets and create new innovations. Experiments are being conducted to enhance strength and stability in adhesives. Efforts are being made to boost productivity and optimize industrial production processes. Players are now upgrading two component adhesives to ensure longer lifecycles. Increasing vehicle production in China is expected to make the country a major shareholder in the global two component adhesives market. In Europe, Germany is expected to be the leading region due to a strong automotive sector.
H.B. Fuller, 3M Company, and Henkel AG & Company are leading players in the two component adhesives market, and are projected to amass significant shares in this space. Other key players in the two component adhesives market are BASF SE, Huntsman Corporation, Master Bond Inc., Sika AG, Dow Chemical Company, and Bostik AB.
Valuable Insights on Two Component Adhesives Market
Fact.MR has put forward a report that presents detailed analysis of the two component adhesives market, along with an unbiased assessment for the years 2020-2030. In order to provide better understanding, the market has been divided into several segments. It has been based on end-use industry (automotive & transportation, building & construction, electrical & electronics, aerospace, and other applications). Increasing use of adhesives in vehicle construction has helped the automotive sector dominate the market. Based on composition, the two component adhesives market is segmented into urethanes, epoxies, MMA, and silicone. Growth of the epoxy segment is expected to be stunted due to the impact of the COVID-19 pandemic.
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