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Composite Adhesives Market

Composite Adhesives Market Analysis By Type (Epoxy, Polyurethane, Acrylic, Cyanoacrylate, Others), By End Use (Automotive & Transportation, Aerospace & Defense, Electrical & Electronics, Construction, Others), and Region – Global Market Insights 2023 to 2033

Analysis of Composite Adhesives Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Composite Adhesives Market Outlook (2023-2033)

The value of the global composite adhesives market is US$ 3.7 billion in 2023, which is estimated to increase at a CAGR of 5.5% to end up at US$ 6.3 billion by 2033.

Composite adhesives are substances that are used to adhere composites to each other and various other substrates. These products are available in different forms, including film, paste, and liquid. Adhesives are segmented into categories based on the count of components.

These components consist of a hardener and a resin that are capable to cure at high temperatures or room temperatures. Further, one-mix adhesives are limited to cure at high temperatures (generally 250-300°F). Composite adhesives ensure the delivery of unrivaled performance and mechanical strength even exposed to harsh environments.

Polyurethane adhesives are gaining popularity in marine applications as they can bond in high-moisture environments. Furthermore, these types of adhesives have low VOC content, strong UV resistance, and excellent bonding with various non-porous materials, such as wood.

Epoxy adhesives can bond with various types of substrates. In addition, these adhesives also ensure excellent strength and durability with low shrinkage. They are resistant to weather, heat, electrical insulation, and chemicals. Strong thermoplastic with impactful resistance to peel and shear coupled with high adhesion, and faster cure are some noticeable merits of methyl methacrylate adhesives.

Composite adhesives are gaining popularity across different end-use sectors. This traction is owing to adhesives’ ease of manufacturing, low cost, and high strength-to-weight ratio.

Industry players are investing at an increased rate in various research and development activities for product innovation and development.

For instance :

  • Pidilite Lanka Pvt. Limited introduced Araldite in the market in Sri Lanka, in November 2021. This newly launched product is an epoxy glue line and is generally preferred across industries for application. Pidilite Lanka Pvt. Limited is a subsidiary of Pidilite Industries Ltd. The company is a recognized manufacturer of sealants, construction chemicals, and adhesives.
  • Scott Bader, a well-established chemical company, in October 2021, purchased a manufacturing facility in Mocksville, Texas. This step has been taken by the company to match the rising local and global requirements for composite adhesives and gel coats.

Report Attributes

Details

Composite Adhesives Market Size (2023)

US$ 3.7 Billion

Forecasted Market Value (2033)

US$ 6.3 Billion

Estimated Market Growth Rate (2023-2033)

5.5% CAGR

Canada Market Growth Rate (2023-2033)

4.6% CAGR

Germany Market Growth Rate (2023-2033)

4.3% CAGR

Key Companies Profiled

  • Ashland Inc.
  • Dymax Corporation
  • The DOW Chemical Company
  • Engineered Bonding Solutions
  • Huntsman Corporation
  • Master Bond Inc.
  • Royal Adhesives & Sealants, LLC
  • Scott Bader Company Ltd.

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How is the Composite Adhesives Market Projected to Evolve?

“Expansion of Aerospace Industry Driving Market Opportunities”

Composite adhesives are gaining popularity in the aerospace sector due to their growing use in the manufacturing of multiple lightweight aircraft components. These composites generally consist of a reinforcement and a matrix and come with exceptional lightweight properties.

The growing production of aircraft in recent years is contributing to increased demand for composite adhesives.

For instance :

  • As per the data provided by Boeing’s Commercial Market Outlook, (from 2021 to 2040), the global commercial fleet is estimated to touch 49000 airplanes by the end of 2040.
  • Airbus, in July 2021, delivered its A350 aircraft with carbon-fiber composite wings and fuselage to China Eastern Airlines.

Thus, the increasing count of aircraft around the world is projected to boost the application of composites and thus drive growth opportunities in the global market.

“Booming Automotive Industry Stimulating Composite Demand”

The automotive sector is contributing to the composite adhesives market growth because of the rising implementation of solutions to manufacturing lightweight vehicle parts. In addition, these adhesives are also used to attain higher fuel efficiency. Significant growth in the automotive industry due to growing production as well as sales of vehicles is projected to generate lucrative opportunities for industry players.

For instance :

  • The report by India Brand Equity Foundation (IBFF) in the year 2020, mentioned that India held the fifth-largest position in the automobile industry on the global platform. The country sold 3.49 million units of automobiles across the passenger and commercial vehicles section in the same year.
  • As per the data provided by the European Automobile Manufacturers Association, hybrid electric vehicles (HEVs) held 12% of the total car share that are sold in 2020 in the region. In the previous year, this share was around 5.8%.

Thus, this massive boost across the automobile industry is predicted to stimulate the use of various composites and thus contribute to their increased demand.

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What Industry Challenges are Hampering Composite Adhesive Adoption?

“Stringent Environmental Regulations Expected to Limit Product Adoption”

Composite adhesives are a crucial part of the assembly and joining procedure across different industries. However, government regulations are implemented for the monitoring of these materials in case any harmful chemicals are used in the manufacturing process.

For instance :

  • Multidisciplinary Digital Publishing Institute published a journal in December 2020 that talks about regulations imposed for surface and adhesive treatments for structural applications. It mentioned the Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) from the European Union which has been constantly evaluating rules and regulations regarding the requalification of novel composite adhesive versions. If appropriate measures are not implemented by adhesive manufacturers, REACH can tag the process of manufacturing as obsolescence and stop the line of production.

Continuous monitoring along with the implementation of stringent regulations are predicted to hamper the expansion opportunities in the global composite adhesives market.

Composite adhesives market forecast by Fact.MR

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Which Region is a Prominent Consumer of Composite Adhesives?

“Increasing Requirements for Composite-based Products in Asia Pacific”

Asia Pacific is forecasted to hold more than 48% of the share of the market revenue during the forecast period. The rising requirements for composite-based products in construction, aerospace & defense, renewables, and EVs industries are estimated to bolster demand for composite adhesives in the coming years.

The rising demand for adhesives across end-use industries, including electronics and automotive pushed prominent players to invest in the regional industry.

For instance :

  • Henkel AG & Co. KGaA invested CNY 500 million (more than 77.58 million) to establish an innovation center in Asia Pacific in Shanghai, China. This center will produce high-quality adhesives to match industry demands.

Country-wise Insights

Why is Japan Forecasted to Account for the Largest Demand for Composite Adhesives in Asia pacific?

“Growing Demand for Composite Adhesives from Various Industries”

Sales of composite adhesives in Japan are expected to progress at a CAGR of 3.6% through 2033. The growth opportunities are attributed to the growing demand for these adhesives across different industries, including renewables, EVs, construction, and others.

Why is Germany Ruling the European Market?

“Rising Emphasis on Using Lightweight Composite Materials in Aircraft”

The anticipated CAGR of the market in Germany is 4.3% from 2023 to 2033. The manufacturers of aircraft are increasing their emphasis to use lightweight composite materials that can fuel demand for these adhesives. For this, various companies from Germany are entering into collaborations to fulfill the requirements of the respective industry.

Why Will the U.S. Witness High Sales of Composite Adhesives?

“Increasing Demand for Composite Adhesives for Production of EVs & Electronics”

People from the U.S. are spending a handsome amount on different lifestyle products. So, there is a significant increase in the production of electronics and EVs that can lead to rising demand for composite adhesives in respective industries. Further, aircraft manufacturers from the U.S. are also using composite adhesives that can stimulate their sales.

The demand for composite adhesives in the U.S. market was valued at more than US$ 840 million in 2022. Further, the sales of these adhesives in Canada are estimated to advance at a CAGR of 4.6 % from 2023 to 2033.

Category-wise Insights

Why is Demand for Epoxy Composite Adhesives So High?

“Multiple Beneficial Characteristics of Epoxy Adhesives Stimulating Their Sales”

Epoxy, polyurethane, acrylic, cyanoacrylate, and others are segments of the global industry, based on type. Epoxy held more than 35% of the share of the market revenue in the year 2022. These adhesives are used widely due to their benefits, for instance, cryogenic resistance, low shrinkage, and high-temperature resistance. Moreover, these products are used at an increased rate owing to their mechanical shock resistance, durability, high strength, and low cost.

The acrylic adhesives are also predicted to grow at a noteworthy rate in the coming years. This product is applied for adhesion in different semi-rigid and rigid bonding applications across the medical and automotive industries. It ensures high peel strength and high-strength bonds to various composites.

There are a lot of industries around the world that prefer to use acrylic adhesives due to their characteristics, including acid & solvent resistance and fast curing time.

Which End User Accounts for High Demand for Composite Adhesives?

“Leading Position of Aerospace & Defense with Increased Deployment of Adhesives”

The global market is classified into automotive & transportation, aerospace & defense, electrical & electronics, construction, and others, based on end use.

Among these, aerospace & defense accounted for a noticeable share of market revenue that is more than 18% in 2022 based on application. Deployment of these adhesives in aerospace & defense is helpful in cost management, reduces weight, and increases assembly productivity, as the majority of aircraft parts use these materials.

For instance :

  • Saab AB established a facility on aerospace in West Lafayette, U.S., in October 2021. This facility will manufacture the aft airframe part for its trainer aircraft, T-7A Red Hawk. The plant is also predicted to manufacture multiple composite parts.

The automotive sector is expected to hold the second-largest market share based on revenue in the year 2022. Adhesives are penetrating the industry because of the growing trend toward lightweight vehicles. Automotive companies have been inclined toward the incorporation of multiple composites in recent years.

Competitive Landscape

Based on the rising demand for composite adhesives, market players are investing at an increased rate to expand their manufacturing units. They are also entering into mergers & acquisitions for their business expansion.

For instance :

  • Meridian Adhesives Group, in December 2021, acquired American Sealants Inc. The latter is a manufacturer of assembly sealants and adhesives. The acquisition aims to value addition to the portfolio of Meridian Adhesives Group while extending its reach as a provider of high-performance sealants and adhesives.
  • Tesa SE, in April 2021 announced the investment of EUR 32 million (USD 36.39 million) for the expansion of the manufacturing capacity of their plant that is in Suzhou, China. This will cater to the increasing demands that are coming from electronic manufacturers.

Prominent players in the global composite adhesives market are Ashland Inc., Dymax Corporation, The DOW Chemical Company, Engineered Bonding Solutions, Huntsman Corporation, Master Bond Inc., Royal Adhesives & Sealants, LLC, and Scott Bader Company Ltd.

Segmentation of Composite Adhesives Industry Research

  • By Type :

    • Epoxy
    • Polyurethane
    • Acrylic
    • Cyanoacrylate
    • Others
  • By End Use :

    • Automotive & Transportation
    • Aerospace & Defense
    • Electrical & Electronics
    • Construction
    • Others
  • By Region :

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

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The value of the composite adhesives market is US$ 3.7 billion in 2023.

The market for composite adhesives is expected to reach a value of US$ 6.3 billion by 2033-end.

The global composite adhesives market is predicted to register 5.5% CAGR through 2033.

Asia Pacific is predicted to hold more than 46% revenue share of the global market.

Ashland Inc., Dymax Corporation, The DOW Chemical Company, Engineered Bonding Solutions, Huntsman Corporation, and Royal Adhesives & Sealants, LLC are leading producers of composite adhesives.

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