Engineering Adhesive Market Size is Projected At 7.34% CAGR By 2030, Driven By Key End-User Sectors, Including Aerospace, Road Transportation As Well As Sports And Leisure
The global engineering adhesive market size was valued at USD 23.00 billion in 2021 and is projected to reach USD 43.50 billion by 2030 at a CAGR of 7.34% from 2022 to 2030. Increasingly, the construction industry uses non-metal substrates because they are lightweight and less expensive. The market for engineering adhesives is anticipated to be significantly impacted by this during the coming few years.
New York, United States, Oct. 30, 2023 (GLOBE NEWSWIRE) — Engineering adhesives are joining agents that are used to bind various materials together. These materials offer a reasonably high modulus when hardened, enabling the fabrication of load-bearing joints. “The global engineering adhesive market size was valued at USD 23.00 billion in 2021 and is projected to reach USD 43.50 billion by 2030 at a CAGR of 7.34% from 2022 to 2030,” quoted by the Research Manager at Straits Research P. Ltd.
Download Free Sample Report PDF @ https://straitsresearch.com/report/engineering-adhesive-market/request-sample
Increasingly, the construction industry uses non-metal substrates because they are lightweight and less expensive. Engineering adhesives have additional potential as a result of the constant engineering activity upgrades in key end-user industries like aerospace, road transportation, marine, rail, electronics and communication, and sports and leisure that aim to make components lighter and more affordable. The market for engineering adhesives is now estimated to be worth US$13 billion. The projected growth rate exceeds the market for adhesives and sealants’ typical annual growth rate.
In the global market for adhesives, engineering adhesives account for about 30%. The market for adhesives is anticipated to increase at a rate that is much higher than the average for that sector. Technology formulations that offer high-value answers to certain client needs define the market. These adhesives are employed in a variety of sectors, including furniture, electronics, electric appliances, rail transportation, construction, telecom, marine and offshore operations, automotive, aerospace, and electronics and communication. The traditional joining methods like screws and welding are the main competitors of engineering adhesives.
In terms of revenue growth, Asia Pacific is anticipated to experience the highest CAGR of 8.8% during the projection period. This expansion is credited to China’s enormous industrial sector, which includes the building, automobile, energy, and electronics industries. Additionally, according to China’s 13th Energy Technology Innovation, Five Year Plan, the nation’s wind energy capacity is anticipated to increase to 210 gigawatts by 2020.
In terms of volume, Europe maintained 23.5% in 2018. The country’s market is anticipated to be driven by production in the transportation sector, which includes the automobile, aerospace, and marine industries. According to the Aerospace & Defense Industries Association in Europe, the aerospace & defense industry has a yearly revenue of over USD 247 billion. In this industry, there is a sizable demand for adhesive materials for the bonding of composites, metals, and plastics.
In 2018, North America had a 21.2% volume share. A key factor driving the market is rising usage in the packaging and automotive sectors. Given the need for structural bonding applications, the woodworking industry is expected to present a number of opportunities for vendors.
- Non-Metal substrates and lightweight components are the driving segments of the market
- The global engineering adhesive market size is projected to reach USD 43.50 with a CAGR of 7.34% by 2030.
- This market can be segmented based on products, applications, geographical regions, and competitors.
- By 2030, the Asia Pacific is anticipated to have the largest market share, with Europe emerging as the fastest-growing market.
Multinational corporations that are present at various points throughout the value chain dominate the engineering adhesive market globally. These businesses can lower their operational and purchasing expenses by being integrated into the value chain, which also enables them to diversify their clientele across numerous end markets.
Henkel AG & Co. KGaA, H.B. Fuller Company, Permabond LLC, 3M, and Dymax Corporation are a few of the major market participants. It is expected that market suppliers will continue to focus heavily on cutting-edge formulations and novel items.
- Sika acquired the flooring adhesive division of DriTac in March 2021. The American company DriTac specialises in glueing wood floors and making floor covering adhesives. Sika will be able to increase its presence among distributors and installers of floor coverings thanks to the acquisition, which will also help it grow more quickly in the U.S. interior finishing market.
- Henkel created Loctite EA 9365FST, a structural adhesive that complies with REACH standards for use in aircraft interiors, in June 2021. The Loctite EA 9365FST is a brand-new, two-part epoxy adhesive that connects and reinforces thermoplastic and thermoset substrates. The thin walls of thermoplastic components can be strengthened using it as a matrix resin on fibreglass.
- The purchase of Permoseal in South Africa by Arkema was announced in December 2021. For DIY tasks, woodworking, packing, construction, and other purposes, Permoseal manufactures adhesives. Its broad selection of high-performance adhesive products will enhance Bostik’s regional offering and strengthen their positions in the burgeoning DIY, construction, and industrial sectors in South Africa and Sub-Saharan Africa.
- Electrical & Electronics
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/engineering-adhesive-market/segmentation
About Straits Research Pvt Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, specially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 480 7505 (the U.S.)
+91 8087085354 (APAC)
+44 208 068 9665 (the U.K.)
Follow Us: LinkedIn | Facebook | Instagram | Twitter
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.