Two Component Adhesives Market
Two Component Adhesives Market By Composition (Epoxies, Silicone, Urethanes), By End-use Industry (Building & Construction, Automotive & Transportation, Aerospace, Electrical & Electronics)- Global Market Insights 2020 to 2030
Two Component Adhesives Market: About the Report
Since two component adhesives are well-known for their high adhesive strength and heat resistance, they find application in numerous end-use industries, especially automotive and construction. Market players are leveraging the trend of lightweight along with strength in the automobile industry to push sales of innovative two component adhesives.
The report prepared by Fact.MR also discusses how increasing sales of electric vehicles, will, in fact, benefit the progress of the two component adhesives market in the long run.
Two Component Adhesives Market Overview
Two component adhesives are binding substances known for adhesions that are led by chemical reactions. These adhesives are sometimes recognized as reactive adhesives or structural adhesives.
Two component adhesives are known for their fast curing, easy process due to their creamy consistency, flawless shine after mechanical polishing, high chemical and wear resistance, and high bonding power even at high temperatures.
Owing to this, demand for these adhesives is consistently rising in end-use industries. This is projected to aid the expansion of the two component adhesives market over the forecast period of 2020 to 2030.
Rising Demand in Automotive & Construction Sectors Supporting Growth
In the automotive industry, increasing focus on using lightweight materials such as plastics, composites, and aluminum has risen demand for two component adhesives. These adhesives are employed for meeting the bonding requirements owing to their high chemical resistance, excellent wear resistance, and high bonding power even at high temperatures.
Besides the automotive sector, rise in demand from the construction sector is driving the growth of the two component adhesives market. Growth witnessed is attributable to the replacement of conventional binding and adhering methods such as mechanical pins, fastening, and welding with two component adhesives.
Fluctuating Raw Material Prices Hampering Growth
Manufacturers in the two component adhesives market have stated instability in the prices of raw material. In addition to this, government regulations and the consequent effects on end-use industries are hampering the full-fledged growth potential of the global two component adhesives market.
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Two Component Adhesives Market by End-use Industry
Based on end-use industry, the two component adhesives market is gaining significantly from the automotive and construction segments. In the automotive segment, growth witnessed is attributable to rising investments in R&D practices by automotive manufacturers and increasing government initiatives.
All these factors are leading to the expansion of the automotive sector, thus augmenting demand in the two component adhesives market. Furthermore, with electric vehicles set to roll out, demand is projected to rise significantly.
Besides the automotive segment, the construction segment is holding a sizeable two component adhesives market share. Superior properties of two component adhesives such as ability to bind different materials together, more efficient distribution of stress across a joint, cost-effectiveness, easily mechanized process, and greater flexibility in design are aiding market growth.
Two Component Adhesives Market Insights by Composition
Based on composition, the polyurethane segment is anticipated to surge notably through the forecast period. These adhesives are high in demand as they reduce overall manufacturing costs, enhance product performance, and improve product life and and reliability. Besides polyurethane, the MMA segment is forecast to create lucrative opportunities and showcase notable growth in the two component adhesives market over the assessment period.
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Regional Outlook of Two Component Adhesives Market
Asia Pacific is an attractive market for two component adhesives. The region is witnessing rapid growth in the automotive, construction, and electronics segments of the market.
Furthermore, consistent launch of initiatives by governments in the region to enhance ease of operating businesses are supporting the growth of the two component adhesives market.
For instance, in India, RE-INVEST 2020 is an initiative intending to stimulate the global effort to scale up the development and deployment of renewable energy. It unites the global investment community with Indian energy stakeholders. Such initiatives towards expansion of end-use industries are propelling demand in the two components adhesives market.
Europe accounts for a sizeable share of the market in terms of value. Growth witnessed in the region is primarily attributable to the roots of some automotive suppliers such as Bosch in Europe. Furthermore, stringent administration supported by rising investments by leading manufacturers in R&D collaborations is driving the market.
Besides, Asia Pacific and Europe, North America is witnessing rising demand for two component adhesives. Polyurethane adhesives are witnessing a surge in industries such as building & construction and automotive & transportation.
Furthermore, growing concentration of governments to decrease ever-rising accident cases is reshaping the automotive industry in North America. This is projected to create lucrative opportunities for key players operating in the two component adhesives market.
Two Component Adhesives Market: Competitive Landscape
The global two component adhesives market is highly competitive in nature, which is attributable to increasing R&D activities by manufacturers. Players are working more on megatrends such as e-mobility, sustainability, and digitalization to create a fast-changing environment. Additionally, mergers and acquisitions adopted by leading companies to enhance their product portfolios are also propelling the growth of the two component adhesives market.
With a surge in demand from construction, automotive, and aerospace industries, several newcomers marked their entry into the market.
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The Analyst’s Viewpoint
Light-weighting trends in the automotive, transport and aerospace sectors are fueling demand for two-component adhesives. In APAC, players will experience lucrative opportunities owing to increasing initiatives and investments in industrial expansion by governments.
COVID-19 Impact on Two Component Adhesives Market
The global COVID-19 pandemic led to a sudden halt in manufacturing activities across the world. The pandemic had a similar effect on the two component adhesives market as well. Manufacturers reported a fall in demand accompanied by shutdown of production and processing activities. From shortage of raw material and migrant labor to disruptions in the supply chain, the market underwent unexpected challenges.
A major factor behind this fall is shutdown of manufacturing activities by major end-use industries such as automotive, construction, aerospace, and electronics. Furthermore, the situation was triggered by fluctuating currency rates and transport restrictions during the initial phases of the pandemic.
Fact.MR estimates a speedy recovery of the two component adhesives market, owing to rising investments in the construction and automotive sectors by governments.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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