Renewable energy & automotive sectors to drive composite adhesives market
The growing trend of lightweight vehicles, renewable & eco-friendly wind energy generation, and continuous improvements in the aerospace industry are driving the demand for composite adhesives worldwide. According to the latest MarketsandMarkets report, the global composite adhesives market, valued at $ 1.13 billion in 2016, is projected to reach $ 1.78 billion by 2022, at a CAGR of 7.9 percent from 2017 to 2022. “Increasing demand for lightweight vehicles, renewable energy, and advanced aircraft solutions for aerospace industry are expected to lead to the growth of the composite adhesives market in the coming years. On the contrary, environmental regulations and unstable economic cycles are the major restraints for the composite adhesives market,” said MarketsandMarkets in a press release. Some of the key players in the composite adhesives market are Henkel AG & Co KGaA, Sika AG, 3M Company, The Dow Chemical Company, Huntsman Corporation, etc.
Automotive & transportation is the largest application segment of composite adhesives worldwide. The increasing use of adhesives in the aftermarket of automobile & transportation industry has been increasing, as the use of adhesives provides better performance and appearance as compared to the use of mechanical fasteners and welds. Weight reduction, improved crash & impact resistance, emission reduction control, and enhanced efficiency are the major upgrades which the automotive & transportation industry is endeavouring to achieve. Composites play a significant role in meeting almost all of these requirements and thus, are pushing the demand for composite adhesives.
In 2016, the epoxy resin type segment accounted for the largest market share in terms of volume, followed by the polyurethane segment. Epoxy resins, which are best suited for rigid bonding, are widely used for bonding components, such as rotor blades of wind turbines, car hoods and doors, cockpits in aircraft, floorings, and aircraft fairings. The demand for one-component adhesives is high among all the clean energy sectors. The use of one-component adhesives has increased because they do not require mixing of two components. They just require either high temperature or media (light, humidity) from the surroundings to initiate the curing mechanism. They are more efficient and take lesser time to cure than two-component adhesives.
Currently, the North America region is the largest market for composite adhesives, in terms of both value and volume. The US is the largest market for composite adhesives and Mexico is the fastest-growing market for composite adhesives in the North America region. Growing aerospace & automotive segment and increasing use of green & renewable wind energy in the region are the main driving forces for the composite adhesives market in the North America region.