Structural Adhesive Market Growth & Trends
The global structural adhesive market size is expected to reach USD 31.87 billion by 2030, expanding at 5.9% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. The growth is majorly propelled by growing construction activities on the account of growing population coupled with rapid economic development in world’s established and emerging countries such as China, U.S., India, and Germany, among others.
Another factor driving growth for structural adhesive industry include growing demand for furniture and consumer appliances products by global population. Additionally, growing global automotive industry is predicted to foster the demand for structural adhesives in the coming years. The product finds application in several automotive applications including seat structures, roof bonding, suspension struts, chassis, vehicle bodies, and other interior components.
The packaging industry has witnessed tremendous growth in recent years owing to the introduction of nanotechnology, intelligent digital printing solutions, and lightweight packaging materials. Adhesives play an important role in packaging applications, mainly for carton sealing, labeling, crate bonding, and individual packaging. Rising consumer demand for smaller package sizes and growing awareness regarding resource wastage have spurred the development of intermittent adhesive technologies, which, in turn, is likely to boost the structural adhesives industry growth.
Structural and other adhesives are prepared with various polymers depending upon the type or grade. Urethane, acrylic, and epoxy resins are the most widely used adhesive types across diverse applications including automotive, construction, and packaging. Since major raw materials, such as polymers and additives, used in structural adhesives manufacturing are largely dependent on petrochemicals, volatility in petrochemical prices is expected to challenge the global structural adhesives industry growth over the forecast period.
Major market players have extensive presence throughout the value chain. A few of the major companies engaged in the manufacturing of structural adhesives include 3M, Dow, Ashland, Arkema S.A., and others. These companies have been the industry leaders due to constant product innovation backed by the rapid adoption of the latest technological interface.
The demand fluctuations from end-use industries have a direct impact on the structural adhesives industry due to the outbreak of Covid-19. Additionally, lockdown has impacted the industrial construction sector owing to stoppage in construction activities. This impacted the demand and supply chain of structural adhesives utilized in the sector. However, with the normalization in COVID curbs in 2021, relaxation of cross border trade restriction and re-opening of various industries globally has positively impacted the structural adhesives industry.
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Structural Adhesive Market Report Highlights
Epoxy structural adhesives is the fastest growing product segment by revenue with a CAGR of 6.3% on the account of its increasing use in aerospace, automotive, and industrial applications
Water-based technology is the fastest growing technology segment by revenue with a CAGR of 6.1% due to its growing use in developing partitions and insulation panels in construction sector
Transportation is the fastest growing application by revenue with a CAGR of 6.1% because of increasing transportation activities owing to the rapid urbanization and industrialization
Asia Pacific is the fastest growing region by revenue with a CAGR of 6.3% owing to the growing construction and transportation industry in countries like China, India, and Japan
Covid-19 affected the market owing to the shutdown of adhesives market for a significant period of time, which disrupted the supply chain of structural adhesives, thus, it affected the market growth
Structural adhesive’s playersare also boosting their production capacities in order to keep up with the rising demand from end-use industries such as construction, and transportation industry
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