Composite Adhesives Market – Analysis and Opportunity Assessment up to 2024
Composite Adhesives Market: Overview
Usually, composites consist of two components: a matrix and a reinforcement. Both these components have their own physical and chemical properties. The unique nature of composites i.e. lighter weight and higher mechanical strength makes them useful in several applications. Some of the most commonly used composites are glass fiber, carbon fiber, kevlar, and graphite composites. Composite adhesives provide bonding to themselves as well as to other substrates. They exhibit significant mechanical strength and good performance upon exposure to extreme conditions.
Composites are used in various industry verticals such as automotive, aerospace, manufacturing, construction, and consumer goods. The matrix of a composite can be organic or inorganic, while the reinforcement is made of fiber, in a majority of the cases.
Composite Adhesives Market: Dynamics and Trends
In the aerospace industry, materials required for the manufacture of aircraft components need to be very light in weight and possess high mechanical strength. Composites meet these requirements. The use of composites in the aerospace industry dates back to several years. Moreover, the growing number of innovations in composite materials to reduce their weight is expected to propel the demand for composites in this industry, thereby accelerating the demand for composite adhesives.
As composites and their adhesives are eco-friendly, their demand is projected to rise in low-carbon-emitting vehicles. The rise in accountability of people toward environment conservation is propelling the demand for low-carbon-emitting vehicles and this factor is expected to drive the demand for composite adhesives in the next few years.
Demand for composite adhesives is increasing also due to the growing usage of composites in wind energy production. As composites are of less weight, they are employed in rotor blades of windmills. Rotor blades play a significant role in electricity generation. The blade deformation should be minimal, as blades need to last longer. Also, blades need to sustain high wind pressure. Composites is the only choice to meet all these requirements. Increased use of composite adhesives in different industry verticals such as construction and consumer goods is expected to boost the market in the next few years.
New entrants in the market for composite adhesives are anticipated to have ample growth opportunities in the near future, as governments of developed as well as developing economies are increasing their expenditure on environment conservation. The eco-friendly nature of composite adhesives is expected to offer growth opportunities for new players entering the market in the next few years.
Composite Adhesives Market: Segmentation
In terms of type, the composite adhesives market has been divided into structural adhesives and synthetic adhesives. The structural adhesives segment is expected to dominate the market in the near future. Structural adhesives offer high resistance to mechanical shocks and several chemicals. These adhesives can also withstand high levels of stress and are known to reduce the weight of the component. Since structural adhesives are inexpensive, they are preferred over other adhesives. Demand for structural adhesives is expected to rise in the next few years.
Based on resin type, the composite adhesives market has been segmented into epoxy, polyurethane (PU), polyamide, and others. The epoxy resin segment is expected to lead the market during the forecast period. Epoxies can be used to bond different composite materials. They offer excellent bonding to a majority of composite materials such as kevlar and graphite composites. Epoxy resins are less toxic and they have higher impact and compression strength compared to other resins.
Based on end-user industry, the composite adhesives market has been segregated into automotive, aerospace, construction, energy & power, and others. The automotive segment is expected to dominate the market in the next few years. The surge in demand for composite adhesives is primarily due to the increasing demand for composite materials in the construction of automobile components due to their high strength and low weight that improve fuel efficiency. Also, the rise in demand for light-weight vehicles is augmenting the demand for composite adhesives.
Composite Adhesives Market: Regional Outlook
Increasing demand for green energy in the U.S. and Canada is significantly contributing to growth of the composite adhesives market in North America. The growing number of innovations in aircrafts and automobiles is driving the market in the region.
The market in Latin America is anticipated to expand at a good growth rate during the forecast period. The increase in measures toward green energy generation in Mexico is expected to contribute significantly to growth of the composite adhesives market in Latin America during the forecast period.
China is expected to hold a significant share of the Asia Pacific composite adhesive market in the next few years. The increasing use of composite adhesives in wind energy generation in China is anticipated to boost the market in Asia Pacific in the near future. High availability of raw materials and availability of low-waged labor in developing economies of APAC are factors projected to raise the number of manufacturers, thereby driving the composite adhesives market in the region.
Composite Adhesives Market: Key Players
Some of the major stakeholders in the global composite adhesives market are 3M, Henkel AG & Co. KGaA, Integra Adhesives, SIKA AG, Arkema Group, The Dow Chemical Company, Huntsman Corporation, LORD Corporation, and Illinois Tool Works, Inc