Structural Adhesive Market - Forecast(2024 - 2030)

Report Code: CMR 0711 Report Format: PDF + Excel

Structural Adhesive Market Overview

Structural Adhesive Market size is forecast to reach $20.1 billion by 2025, after growing at a CAGR of 6.5% during 2020-2025. Adhesives that are capable of bearing considerable loads are referred as structural adhesives. Structural adhesive is an alternative for welding and joining components by thread and bolts. Better adhesion and ability of structural adhesives to adhere to different substrates such as metal and glasses are raising its use in various industries. Surging uses of Plastic and Composites in Fabricating Boats and growing air traffic is leading to the higher demand for structural adhesives in aerospace industry are also driving the growth of Structural Adhesive Market size during the forecast period. Furthermore, surging demand from electronic industries for joining electrical components and potting is also driving the growth of structural adhesive market share over the forecast period. 

Structural Adhesive Market Report Coverage

The report: “Structural Adhesive Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Structural Adhesive Industry.

By Technology: Water-Based, Solvent-Based, and Others
By Resin: Epoxy, Acrylic, Cyanoacrylates, Silicon, Polyurethane, Anaerobic Acrylics, and Others
By Form: Liquid, Paste, Film, and Others
By Application: Composites, Metals, Glass, Plastic, Wood, and Others
By End-Use Industry: Automotive (Automotive Hose Bonding, Gasket Sealing, Heat Exchanger, Drive Shaft & Chassis, and Others), Electronic (Sensors, Switches & Relays, Motors, Potting, and Others), Construction (Window Panels and Doors, Water Proofing, and Others), Aerospace (Engine Compartment, Wing Spars, and Others), Wind Energy (Blade Assembly, Nacelle Assembly, Hub, bearing, and Gearbox assembly), Marine, and Others
By Geography: North America, South America, Europe, APAC, and RoW

Key Takeaways

  • Chinese government ambitious “Made in China 2025” plan to achieve independence from foreign supply for electronics, automotive, and aircrafts is likely to boost the growth of structural adhesive market.
  • Surging uses of waterproofing and sealing of joints in construction industries further drive demand for structural adhesives market.
  • Growing demand for non-hazardous, green, and sustainable structural adhesives are providing growth opportunities to the structural adhesives industry.
  • Stringent environment regulations and Government restrictions on the use adhesives that contain volatile organic compounds (VOC) restrain the growth of the market.
  • Outbreak of coronavirus has disrupted the global supply which in turn hampers the growth of structural adhesive market.

Structural Adhesive Market Segment Analysis - By Type

Solvent based segment holds the largest share of more than 55% in the structural adhesive market in 2019. Solvent based structural adhesive use solvents as a carrier for resin. Solvent based adhesives are mainly used for difficult to bond substrates and are more durable and chemical resistant than water based structural adhesive. Solvent based adhesives dry faster and are ideal for industries where speed of application and production is needed. However, solvent based adhesive contains VOCs that is hazardous and raises the demand for waterborne structural adhesives.

Structural Adhesive Market Segment Analysis - By Resin

Based on the resin, epoxy segment holds the largest share of more than 25% in the structural adhesive market in 2019. Epoxy based structural adhesive provide good environmental and thermal resistance, maintaining high cohesive bond strength, and toughness. Excellent adhesion to glass, and metal increases the demand of epoxy based structural adhesives for glass attachments, enclosures, friction pads, bonding side panels and flooring materials in trucks and cars. Epoxy structural adhesives eliminates the need to drill holes and provide benefits over traditional mechanical attachment techniques such as welds, rivets, screws, spot welds, and bolts. According to International Energy Agency, electric car deployment has been growing rapidly and the global stock of electric passenger cars increased by 63% in 2018, thus surging demand for electric vehicles and expansion of automotive industry also boosts the use of epoxy based structural adhesives.

Structural Adhesive Market Segment Analysis - By Form

Based on the form film segment holds the largest share of more than 30% in the structural adhesive market in 2019. Structural adhesive films consist of a thin layer of pre-catalyzed resin supported on a scrim or paper backing. They are commonly used in aerospace for bonding face skins to a honeycomb core. Structural film adhesives are easy to apply and provide high strength with uniform attachment. However, structural film adhesives are not suitable for attachment requiring gap filling owing to the need for liquid or paste structural adhesives.

Structural Adhesive Market Segment Analysis - By Application

Based on the application, composite is the fastest growing segment with a CAGR of 8% in the structural adhesive market during the forecast period. This growth is attributed to the strong bonding and high chemical & heat resistance property of composite adhesives make suitable to use across various industry verticals. In addition to strength and durability, composite material also reduces the weight of component. Surging demand for the light-weight materials in aerospace industries for boosting the performance of engine and reducing fuel consumptions has increased the use of composite materials which in turn augments the usage of structural adhesive for bonding and sealing purposes. Specialty adhesive offers good surface finish in aerospace applications such as bonding of honeycomb sandwich panels to provide rigidity to interior panels and weight reduction. Airbus anticipated that air traffic will grow at 4.3% annually and demand for new passenger and dedicated freighter aircraft will reach 39,200 over the next 20 years, subsequently fueling the growth of structural adhesive market.

Structural Adhesive Market Segment Analysis - By End-Use Industry

Based on the end-use industry, construction segment holds the largest share of more than 30% in the structural adhesive market in 2019. In construction, structural adhesives provide durability and strength to materials such as architectural membrane, caulks, roofs etc., and are used for assembling wooden frame and surfaces together in furniture. Due to their high load carrying capacity, structural adhesives are used for long-term or permanent attachments. Structural adhesives are chemical and moisture resistive, hence they are widely used for sealing pores or cracks in building to resist the leakage of water. According to IEA, global floor area in buildings are expected to double to more than 415 billion square meter by 2050, thus increase in construction activities may escalate the growth of structural adhesive market.

Structural Adhesive Market Segment Analysis - By Geography

Asia Pacific has dominated the structural adhesives market with a share of more than 40% in 2019 followed by North America and Europe. Rapid industrialization and urbanization is driving the growth of structural adhesive market in developing nations. Structural adhesives provide stronger joints as compared to soldering and brazing, thus owing its need in electronic industry for joining electrical components. Increase in disposable income and high standard of living has raised the demand for electrical equipment’s. According to National Investment Promotion and Facilitation Agency, India’s share in global electronics manufacturing has grown from 1.3% in 2012 to 3.0% in 2018 and anticipated to reach $400 Bn by 2025. Thus increase in demand for electronics boosts the growth of structural adhesive market. Moreover, Boeing Co. forecasted that Chinese carriers will need 8,090 new planes by 2038. Rise in production of aircrafts also escalates the use of structural adhesive in the region.

Structural Adhesive Market Drivers

Growing demand from wind energy sector

Rapid population growth coupled with huge power demand has boosted the production of electricity using wind. Structural adhesive improves wind turbine strength, durability, and appearance, while offering design flexibility, total cost savings, corrosion resistance, and the ability to join dissimilar materials. Structural adhesives are used in variety of application including blade assembly, nacelle, Hub, bearing, and gearbox assembly. According to the International Energy Agency (IEA), onshore wind electricity generation increased by an estimated 12% in 2019. American Wind Energy Association estimated that the U.S wind industry added 9,132 MW of new wind capacity in 2019. Thus, increase in installation of wind turbines augments the growth of structural adhesive market.

Potential benefit of structural adhesive over mechanical attachments

Structural adhesives provide uniform load distribution over entire bond and minimizes stress concentrations. They also reduce the need for drilling which may damage the materials. Structural adhesives providing a seal against moisture intrusion, thus reduces the potential for galvanic corrosion. Thus, owing to these benefits, structural adhesives can replace welding, bolts, screws, spot welding, and other traditional attachments in a wide variety of industrial applications due to their high strength and exceptional durability during the forecast period. Strong bonding between dissimilar material and improved appearance due to hidden bond lines augments the growth of structural adhesive market.

Structural Adhesive Market Challenges

Harmful effects on human health and stringent government regulations

Although structural adhesive finds wide range of application, but presence of volatile organic compounds (VOC) hampers the growth of structural adhesives market. Exposure to VOC may cause headache, nausea, eye & throat irritation and damages kidney. The Ozone Transport Commission (OTC), developed to reduce VOC limits in an effort to meet the clean air requirements set by the Environmental Protection Agency (EPA), may affect the growth of market. 

COVID-19 impact on the market growth

COVID-19 has badly impacted the structural adhesives market. Government’s lockdown and disruption of supply chain has shuttered the manufacturing units and postponed the deliveries of structural adhesives. Decrease in purchasing capital directly impacted the automotive, electronics and construction industries which in turn hampered the growth of structural adhesive market. According to the Indian Cellular & Electronic Association of India, the shutdown would lead to a lack of $1,309.2 Mn to $1,963.8 Mn in 2020, thus lowering the demand for structural adhesives. Sales of passenger vehicles also declined by 51% to 143,014 units in March 2020, according to Society of India Automobile Manufacturers (SIAM).

Structural Adhesive Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the structural adhesives market report. In 2019, the market of structural adhesives has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the structural adhesive industry outlook are Henkel AG & Company, Huntsman Corporation, DuPont de Nemours, Inc., Bostik Inc., Master Bond Inc., 3M, Parson Adhesives, Inc., Sika AG, Hubei Huitian New Materials Co., Ltd., H.B. Fuller Company, Mapei S.p.A., among others.

Acquisitions/Technology Launches

  • In March 2020, Scott Bader launched a new 1:1 MMA structural adhesive, Crestabond M7-04. It is a toughened, two component 1:1 acrylic structural adhesive designed for bonding composites, thermoplastics and metals.
  • In April 2018, Bostik launched its SAF structural adhesives product line for industrial applications. SAF product line is formulated using patented methyl methacrylate technology and offers smart viscosity, permanent toughness and top-tier elongation, ranging from 30% to 250%.
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1. Structural Adhesive Market- Market Overview
    1.1 Definitions and Scope
2. Structural Adhesive Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Technology
    2.3 Key Trends by Resin
    2.4 Key Trends by Form
    2.5 Key Trends by Application
    2.6 Key Trends by End Use Industry
    2.7 Key Trends by Geography
3. Structural Adhesive Market- Landscape
    3.1 Comparative analysis 
        3.1.1 Market Share Analysis- Top Companies
        3.1.2 Product Benchmarking- Top Companies
        3.1.3 Top 5 Financials Analysis
        3.1.4 Patent Analysis- Top Companies
        3.1.5 Pricing Analysis
4. Structural Adhesive Market - Startup companies Scenario Premium Premium 
    4.1 Top startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Structural Adhesive Market– Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top companies
6. Structural Adhesive Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Market Opportunities
    6.4 Porters five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes 
7. Structural Adhesive Market -Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Market life cycle
    7.4 Suppliers and distributors Analysis
8. Structural Adhesive Market– By Technology (Market Size - $Million)
    8.1 Water-Based
    8.2 Solvent-Based
    8.3 Others
9. Structural Adhesive Market– By Resin (Market Size - $Million)
    9.1 Epoxy
    9.2 Acrylic
    9.3 Cyanoacrylates
    9.4 Silicon
    9.5 Polyurethane
    9.6 Anaerobic Acrylics
    9.7 Others
10. Structural Adhesive Market– By Form (Market Size - $Million)
    10.1 Liquid
    10.2 Paste
    10.3 Film
    10.4 Others
11. Structural Adhesive Market– By Application (Market Size - $Million)
    11.1 Composites
    11.2 Metals
    11.3 Glass
    11.4 Plastic
    11.5 Wood
    11.6 Others
12. Structural Adhesive Market– By End Use Industry (Market Size - $Million)
    12.1 Automotive
        12.1.1 Automotive Hose Bonding
        12.1.2 Gasket Sealing
        12.1.3 Heat Exchanger
        12.1.4 Drive Shaft & Chassis
        12.1.5 Others
    12.2 Electronic
        12.2.1 Sensors
        12.2.2 Switches & Relays
        12.2.3 Motors
        12.2.4 Potting
        12.2.5 Others
    12.3 Construction 
        12.3.1 Window Panels and Doors
        12.3.2 Water Proofing
        12.3.3 Others
    12.4 Aerospace 
        12.4.1 Engine Compartment
        12.4.2 Wing Spars
        12.4.3 Others
    12.5 Wind Energy
        12.5.1 Blade Assembly
        12.5.2 Nacelle Assembly
        12.5.3 Hub, bearing, and Gearbox assembly
    12.6 Marine
    12.7 Others
13. Structural Adhesive Market - By Geography (Market Size - $Million)
    13.1 North America
        13.1.1 U.S.
        13.1.2 Canada
        13.1.3 Mexico
    13.2 South America
        13.2.1 Brazil
        13.2.2 Argentina
        13.2.3 Colombia
        13.2.4 Chile
        13.2.5 Rest of South America
    13.3 Europe
        13.3.1 U.K
        13.3.2 Germany
        13.3.3 Italy
        13.3.4 France
        13.3.5 Russia
        13.3.6 Spain
        13.3.7 Netherland
        13.3.8 Belgium
        13.3.9 Rest of Europe
    13.4 Asia Pacific
        13.4.1 China
        13.4.2 India
        13.4.3 Japan
        13.4.4 South Korea
        13.4.5 Australia & New Zealand
        13.4.6 Rest of Asia Pacific
    13.5 RoW
        13.5.1 Middle East
   Saudi Arabia
   Rest of Middle East
        13.5.2 Africa
   South Africa
   Rest of Africa
14. Structural Adhesive Market- Entropy
    14.1 New Product Launches
    14.2 M&A’s, Collaborations, JVs and Partnerships
15. Structural Adhesive Market Share Analysis Premium
    15.1 Market Share by Country- Top companies
    15.2 Market Share by Region- Top companies
    15.3 Market Share by type of Product / Product category- Top companies
    15.4 Market Share at global level- Top companies
    15.5 Best Practices for companies
16. Structural Adhesive Market- List of Key Companies by Country Premium
17. Structural Adhesive Market Company Analysis
    17.1 Market Share, Company Revenue, Products, M&A, Developments
    17.2 Company 1
    17.3 Company 2
    17.4 Company 3
    17.5 Company 4
    17.6 Company 5
    17.7 Company 6
    17.8 Company 7
    17.9 Company 8
    17.10 Company 9
    17.11 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"