Srinagar Magazine

Composite Adhesives Market Size Forecast To Reach $3.4 Billion by 2027

 Breaking News
  • No posts were found

Composite Adhesives Market Size Forecast To Reach $3.4 Billion by 2027

May 05
20:36 2022
Composite Adhesives Market Size Forecast To Reach $3.4 Billion by 2027
Composite Adhesives Market | IndustryARC
Expanding Aerospace Sector Will Drive the Growth of the Composite Adhesives Market.

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.

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.

For More Information About Composite Adhesives Market @

https://www.industryarc.com/Research/Composite-Adhesives-Market-Research-505574

Report Price: $ 4500 (Single User License)

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.

Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=505574

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:

Henkel AG & Co. KGaA

Panacol

3M Company

DOW

Ashland Inc

Sika AG

Bostik

Arris Composites

BASF

Master Bond Inc.

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.

Key Takeaways:

Epoxy is leading the composite adhesives market. This mater

ial 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.

Relevant Reports

Industrial Adhesives Market

https://www.industryarc.com/Report/16490/industrial-adhesives-market.html

For more Chemicals and Materials related reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.

Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/