Composite Adhesives Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022-2027

Report Code: CMR 21474 Report Format: PDF + Excel

Composite Adhesives Market Overview

The Composite Adhesives Market size is forecast to reach $3.4 billion by 2027 after growing at a CAGR of 8.1% during 2022-2027. Composites consist of two components- a matrix and a reinforcement with unique chemical and physical properties. Several high-performance adhesives are used for the assembly of composite materials in various industries. Aerospace and automotive are the two largest consumers of composite adhesives owing to the higher uses of composites in these industries. The demand for composite materials is increasing in the aerospace industry owing to the rising demand for lightweight aircraft and the increasing aircraft numbers globally will drive the growth of the composite adhesives market in the forecast period. For instance, as per Airbus Global Market Forecast 2021-2040 report, in the next 20 years, around 15250 new aircraft will be delivered which will be for the replacement of older less fuel-efficient models. Furthermore, the demand for composite adhesives is growing in the automotive sector owing to the higher implementation of composites for weight reduction and attaining better fuel efficiency in automobiles. The automotive sector is booming globally and this will drive the growth of the market in the forecast period. For instance, as per the October 2021 data by the European Automobile Manufacturers Association, the battery electric vehicle segment accounted for 9.8% market share in the third quarter of 2021 which was 4.9% in the same quarter of 2020. Epoxy material is expected to witness the highest demand in the forecast period. Cyanoacrylate and polyurethane will witness significant demand in the forecast period. The government regulations regarding the use of composite adhesives might hinder the market’s growth in the forecast period.

COVID-19 Impact 

The composite adhesives market was adversely impacted due to the COVID-19 pandemic. Supply chain disruption, idling of factories, and raw material procurement are the key issues faced by the market during the pandemic. Accordingly, market players modified their work patterns to maintain a standard operation of their products and services, still incurred huge losses. For instance, US-based TPI Composites which deals with composite adhesives faced a net loss of US$ 9 million in the first quarter of 2020. The composite adhesives market gained decent demand towards the end of 2020. Going forward, the market is projected to witness robust growth owing to rising demand for composite adhesives in the aerospace and automobile sector. 

Report Coverage

The report: Composite Adhesives Market Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Composite Adhesives Industry.

By Material Type: Acrylic, Epoxy, Polyurethane, Bismaleimide, Cyanoacrylate, Methyl Methacrylate, Phenolics, Polyimide, Others.
By Component: One Component, Two Component.
By End Use Industry: Automobiles, Passenger Vehicle, Commercial Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Aerospace, Healthcare, Fishing, Industrial, Railway, Marine, Consumer Goods, Construction, Wind Energy, Sports, Others.
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa). 

Key Takeaways:

  • Epoxy is leading the composite adhesives market. This material offers robust properties such as mechanical shock resistance and low cost which makes it a superior choice in the market.
  •  The automotive industry will drive the growth of the market in the forecast period. For instance, in January 2021, Jaguar Land Rover announced that it will improve the fuel efficiency of its future electric vehicles through the use of lightweight composite materials.
  • The North American region will witness the highest demand for composite adhesives in the forecast period owing to the increasing developments happening in the region’s composite adhesive portfolio. For instance, in September 2021, Panacol USA introduced a new epoxy resin adhesive designed for bonding magnets into electric motors. Such developments by the region’s market players will increase the demand for composite adhesives in the forecast period.

 Figure: North American Composite Adhesives Market Revenue, 2021-2027 (US$ Billion)

Composite Adhesives Market

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Composite Adhesives Market – By Material Type 

Epoxy dominated the material segment in the composite adhesives market in 2021. This type of material is used for bonding a wide range of composite materials owing to its robust properties. Epoxy comes with excellent mechanical shock resistance, high-temperature resistance, low shrinkage, high strength, and low cost, making it a superior material for use in automotive, aerospace, and construction. Lately, steps are being taken to expand the epoxy adhesives portfolio by developing environment-friendly epoxy adhesives. For instance, as per the October 2020 journal by Taylor & Francis Group, environmentally friendly epoxy composite adhesive was developed implementing commercially available materials, exhibiting a 12% rise in green carbon content and a 22% rise in shear strength. The journal also states that a 30% increase in shear strength was observed when the eco-friendly epoxy composite adhesive was applied on each edge of the mixed modulus mode instead of a fossil-based epoxy adhesive. Such developments in the epoxy composite adhesive segment will increase its demand in the forecast period. Polyurethane and cyanoacrylate will witness significant demand in the forecast period. 

Composite Adhesives Market - By Component 

Two-component adhesives dominated the composite adhesives market in 2021. These products are also known as reactive adhesives. Two-component adhesives are suitable for applications in which very high strengths are expected from adhesive joints. Such adhesives are majorly utilized to attach high-strength materials such as painted, coated, bare, and composite materials such as carbon fibre-reinforced plastics (aramid, carbon, CFC) or glass-reinforced plastics (GRP + SMC) to either similar or different types of composite material. Owing to such robust qualities, research organizations and market players are focusing on the expanding two-component adhesive portfolio through new developments. For instance, as per the September 2021 news report by the Adhesive and Sealant Council, US-based composite adhesive manufacturer Master Bond Inc. launched a new two-component adhesive (EP21TDC-210) for bonding application of aerospace components. Such developments in the two-component adhesive will increase its demand in the composite adhesives market during the forecast period. 

Composite Adhesives Market - By End Use Industry 

The automotive sector held the largest market share in the composite adhesives market in 2021 and is growing at a CAGR of 8.4% in the forecast period. The demand for weight reduction in automobiles and enhanced fuel efficiency is increasing globally and to achieve this, manufacturers focus on the higher uses of composite materials made of epoxy, cyanoacrylate, and polyurethane. The higher uses of composite materials in automobiles will increase the implementation of composite adhesives and in turn, this will drive the growth of the market in the forecast period. For instance, in August 2020, Toyota Motors collaborated with BASF to reduce the mass of the third-row seat of the new 2021 Toyota Sienna with the help of glass-reinforced composite material. Similarly, in August 2021, Australia-based Carbon Revolution which deals with composite technology, supplied carbon fiber composite wheels to Ford Motors for the 2022 Ford GT Heritage Edition. Such growing use of composites in automobiles will increase the higher usage of composite adhesives to join composite parts and this will drive the growth of the market in the forecast period. The aerospace sector will drive the growth of the market significantly in the forecast period owing to the increasing demand for lightweight aircraft components. 

Composite Adhesives Market - By Geography 

The North American region held the largest market share in the composite adhesives market in 2021 with a market share of up to 34%. The presence of several market players and the high investment is increasing the demand for composite adhesives in this region. For instance, in August 2021, Panacol USA developed a new biocompatible adhesive named Vitralit UV 7030 for medical device assembly applications. Similarly, in April 2020, California-based carbon fiber composite manufacturer Arris Composites secured $48.5 million Series B funding for expanding its proprietary composite production capabilities and open facilities in the U.S. and Taiwan. Such high investment by market players will expand the composite adhesive portfolio in the North American region during the forecast period. The Asia Pacific region will witness significant demand for composite adhesives owing to the increasing demand for attaining better fuel efficiency in automobiles. 

Composite Adhesives Market Drivers

Expanding aerospace sector will drive the market’s growth 

Composite adhesives are gaining traction in the aerospace sector owing to the increasing use of composites in the manufacturing of lightweight aircraft components. Composites usually consist of a matrix and a reinforcement and come with superior lightweight properties. The aerospace market globally is expanding with the increasing production of aircraft and this will drive the growth of the composite adhesives market in the forecast period. For instance, as per Boeing’s Commercial Market Outlook 2021-2040 data, the global commercial fleet is projected to touch 49,000 airplanes by 2040. Similarly, in July 2021, Airbus delivered its A350 aircraft featuring a carbon-fibre composite fuselage and wings to China Eastern Airlines. These increasing aircraft numbers globally will increase the higher uses of composite, ultimately increasing the demand for composite adhesives and this will drive the market’s growth in the forecast period. 

Booming automotive sector will drive the market’s growth 

The demand for composite adhesives is increasing in the automotive sector due to the increasing implementation of composites in the manufacturing of lightweight vehicle parts and attaining higher fuel efficiency. The automobile industry is booming globally with a rise in the production and sales of vehicles and this will contribute to the growth of the market in the forecast period. For instance, as per the report by India Brand Equity Foundation (IBEF), in 2020, India’s automobile market was the fifth-largest market with 3.49 million units of automobiles sold combinedly in the commercial and passenger vehicles segment. Similarly, according to the data by the European Automobile Manufacturers Association, in 2020, hybrid electric vehicles (HEVs) accounted for 11.9% of total cars sold compared to 5.7% in the previous year. Such a massive boost in the automobile industry will augment the higher uses of composites, thereby increasing the demand for composite adhesives and this will drive the growth of the market in the forecast period. 

Composite Adhesives Market Challenges 

Strict environmental regulations might hamper the market’s growth 

Composite adhesives are an integral part of the joining and assembly process in several industries. However, these materials are always monitored by various government regulations regarding the use of any harmful chemicals during the manufacturing process. For instance, as per the December 2020 journal by Multidisciplinary Digital Publishing Institute about the adhesives and surface treatments for structural applications, the European Union regulation Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) is constantly evolving regarding the appropriate implementation of its rules and regulations regarding requalification of new composite adhesive versions. If adequate measures are not duly implemented by adhesive manufacturers, REACH tags the manufacturing process as obsolescence and stops the production line. For example, the use of bicomponent polyurethane in the adhesive formulation was considered harmful by the European Chemicals Agency (ECHA), an agency associated with REACH regulation. Such continuous monitoring and implementation of strict regulations might hamper the growth of the composite adhesives market in the forecast period. 

Composite Adhesives Industry Outlook 

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the composite adhesives market. Major players in the composite adhesives market are: 

  1. Henkel AG & Co. KGaA
  2. Panacol
  3. 3M Company
  4. DOW
  5. Ashland Inc
  6. Sika AG
  7. Bostik
  8. Arris Composites
  9. BASF
  10. Master Bond Inc.
  11. Scott Bader 

Acquisitions/Product Launches 

  • In November 2021, Scott Bader announced that the company has invested in a new facility in North Carolina for the production of structural composite adhesives. Such investments will help expand the composite adhesive market in the forecast period.

Relevant Reports 

Report Code: CMR 0683 

Report Code: CMR 1199

For more Chemicals and Materials related reports, please click here

1. Composite Adhesives Market- Market Overview
    1.1 Definitions and Scope
2. Composite Adhesives Market- Executive Summary
    2.1 Key Trends by Material Type
    2.2 Key Trends by Component
    2.3 Key Trends by End Use Industry
    2.4 Key Trends by Geography
3. Composite Adhesives Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Composite Adhesives Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Composite Adhesives Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis - Major companies
6. Composite Adhesives Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Composite Adhesives Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product/Market life cycle
    7.4 Distributors Analysis - Major Companies
8. Composite Adhesives Market– By Material Type (Market Size -US$ Million, Billion)
    8.1 Acrylic
    8.2 Epoxy
    8.3 Polyurethane
    8.4 Bismaleimide
    8.5 Cyanoacrylate
    8.6 Methyl Methacrylate
    8.7 Phenolics
    8.8 Polyimide
    8.9 Others
9. Composite Adhesives Market– By Component (Market Size -US$ Million, Billion)
    9.1 One Component
    9.2 Two Component
10. Composite Adhesives Market– By End Use Industry (Market Size -US$ Million, Billion)
    10.1 Automobiles
        10.1.1 Passenger Vehicle
        10.1.2 Commercial Vehicle
            10.1.2.1 Light Commercial Vehicle
            10.1.2.2 Heavy Commercial Vehicle
    10.2 Aerospace
    10.3 Healthcare
    10.4 Fishing
    10.5 Industrial
    10.6 Railway
    10.7 Marine
    10.8 Consumer Goods
    10.9 Construction
    10.10 Wind Energy
    10.11 Sports
    10.12 Others
11. Composite Adhesives Market - By Geography (Market Size -US$ Million / Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 ROW
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Composite Adhesives Market-Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Composite Adhesives Market-Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix- Major Companies
    13.2 Market Share at Global Level- Major companies
    13.3 Market Share by Key Region- Major companies
    13.4 Market Share by Key Country- Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category- Major companies
14. Composite Adhesives Market- Key Company List by Country Premium Premium 
15. Composite Adhesives Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Composite Adhesive Market, By Component Market 2019-2024 ($M)
1.1 One-Component Composite Adhesive Market 2019-2024 ($M) - Global Industry Research
1.2 Two-Component Composite Adhesive Market 2019-2024 ($M) - Global Industry Research
2.Global Composite Adhesive Market, By Resin Market 2019-2024 ($M)
2.1 Epoxy Market 2019-2024 ($M) - Global Industry Research
2.2 Polyurethane Market 2019-2024 ($M) - Global Industry Research
3.Global Composite Adhesive Market, By Component Market 2019-2024 (Volume/Units)
3.1 One-Component Composite Adhesive Market 2019-2024 (Volume/Units) - Global Industry Research
3.2 Two-Component Composite Adhesive Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Composite Adhesive Market, By Resin Market 2019-2024 (Volume/Units)
4.1 Epoxy Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Polyurethane Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Composite Adhesive Market, By Component Market 2019-2024 ($M)
5.1 One-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
5.2 Two-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
6.North America Composite Adhesive Market, By Resin Market 2019-2024 ($M)
6.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
6.2 Polyurethane Market 2019-2024 ($M) - Regional Industry Research
7.South America Composite Adhesive Market, By Component Market 2019-2024 ($M)
7.1 One-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
7.2 Two-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
8.South America Composite Adhesive Market, By Resin Market 2019-2024 ($M)
8.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
8.2 Polyurethane Market 2019-2024 ($M) - Regional Industry Research
9.Europe Composite Adhesive Market, By Component Market 2019-2024 ($M)
9.1 One-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
9.2 Two-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
10.Europe Composite Adhesive Market, By Resin Market 2019-2024 ($M)
10.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
10.2 Polyurethane Market 2019-2024 ($M) - Regional Industry Research
11.APAC Composite Adhesive Market, By Component Market 2019-2024 ($M)
11.1 One-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
11.2 Two-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
12.APAC Composite Adhesive Market, By Resin Market 2019-2024 ($M)
12.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
12.2 Polyurethane Market 2019-2024 ($M) - Regional Industry Research
13.MENA Composite Adhesive Market, By Component Market 2019-2024 ($M)
13.1 One-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
13.2 Two-Component Composite Adhesive Market 2019-2024 ($M) - Regional Industry Research
14.MENA Composite Adhesive Market, By Resin Market 2019-2024 ($M)
14.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
14.2 Polyurethane Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Composite Adhesives Market Revenue, 2019-2024 ($M)
2.Canada Composite Adhesives Market Revenue, 2019-2024 ($M)
3.Mexico Composite Adhesives Market Revenue, 2019-2024 ($M)
4.Brazil Composite Adhesives Market Revenue, 2019-2024 ($M)
5.Argentina Composite Adhesives Market Revenue, 2019-2024 ($M)
6.Peru Composite Adhesives Market Revenue, 2019-2024 ($M)
7.Colombia Composite Adhesives Market Revenue, 2019-2024 ($M)
8.Chile Composite Adhesives Market Revenue, 2019-2024 ($M)
9.Rest of South America Composite Adhesives Market Revenue, 2019-2024 ($M)
10.UK Composite Adhesives Market Revenue, 2019-2024 ($M)
11.Germany Composite Adhesives Market Revenue, 2019-2024 ($M)
12.France Composite Adhesives Market Revenue, 2019-2024 ($M)
13.Italy Composite Adhesives Market Revenue, 2019-2024 ($M)
14.Spain Composite Adhesives Market Revenue, 2019-2024 ($M)
15.Rest of Europe Composite Adhesives Market Revenue, 2019-2024 ($M)
16.China Composite Adhesives Market Revenue, 2019-2024 ($M)
17.India Composite Adhesives Market Revenue, 2019-2024 ($M)
18.Japan Composite Adhesives Market Revenue, 2019-2024 ($M)
19.South Korea Composite Adhesives Market Revenue, 2019-2024 ($M)
20.South Africa Composite Adhesives Market Revenue, 2019-2024 ($M)
21.North America Composite Adhesives By Application
22.South America Composite Adhesives By Application
23.Europe Composite Adhesives By Application
24.APAC Composite Adhesives By Application
25.MENA Composite Adhesives By Application
26.Henkel Ag & Co. Kgaa, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Sika Ag, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.3M Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.The Dow Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Huntsman Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Lord Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Illinois Tool Work Incorporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Ashland Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Bostik, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.H.B. Fuller, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Hexcel Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Gurit Holding Ag, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Scott Bader Company Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Royal Adhesive & Sealants, Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.Scigrip, Sales /Revenue, 2015-2018 ($Mn/$Bn)
41.Permabond Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
42.Master Bond Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
43.Parson Adhesives, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
44.Engineered Bonding Solutions, Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
45.L Product, Sales /Revenue, 2015-2018 ($Mn/$Bn)
46.Delo Industrial Adhesives, Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
47.Dymax Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
48.Hernon Manufacturing, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
49.Loxeal Engineering Adhesive, Sales /Revenue, 2015-2018 ($Mn/$Bn)
50.Hybond Adhesive, Sales /Revenue, 2015-2018 ($Mn/$Bn)