The Global Composite Adhesive Market involves the use of resins and hardeners to join fiber reinforced plastic or composite materials to themselves or other materials. Composite adhesives help provide strong and permanent bonds between composite substrates while preventing failure at the bonded joint. They are used in various end-use industries such as aerospace, marine, automotive, transportation and many others.
The Global Composite Adhesive Market Size is estimated to be valued at US$ 3.58 BN in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Composite Adhesive Market are Henkel AG & Co. KGaA, Master Bond Inc, The Dow Chemical Company, Huntsman Corporation, LORD Corporation, Illinois Tool Works Incorporation-Plexus., Hernon Manufacturing, Inc.
The composite adhesive market provides opportunities for expansion in aerospace and transportation industries owing to increased demand for lightweight and durable materials. Emerging economies also offer huge potential for growth due to growing end-use industries.
The growing demand for composite materials from industries such as aerospace, transportation and marine sectors has led to opportunity for adhesive manufacturers to expand globally. Increasing production and procurement of advanced aircraft and vehicles provide opportunities for composite adhesive suppliers around the world.
Market drivers
The Global Composite Adhesive Market is primarily driven by increasing demand from the aerospace industry. Adhesive bonding helps reduce the number of mechanical fasteners in aircraft components resulting in weight savings. It also improves structural performance and allows for complex and contoured part designs. The growing aircraft component manufacturing and aircraft fleet is expected to support demand for composite adhesives over the forecast period.
PEST Analysis
Political: Various Government regulations relating to health and environment act as growth barriers for the composite adhesive market. Some governments have regulated the use of hazardous chemicals in adhesives.
Economic: Composite adhesives are used across industries like automotive, aerospace and others which are witnessing steady growth. Growth in end use industries will boost the demand for composite adhesives.
Social: Adoption of lightweight and high strength materials in automotive and aerospace industries has increased the demand for composite materials. Composite adhesives help in joining composites efficiently.
Technological: Developments in adhesive formulations help manufacturers develop adhesives suitable for various applications. High temperature resistant and moisture tolerant adhesives are being developed to enable the use of composites in diverse conditions. New techniques like plasma surface treatment improve adhesion.
The composite adhesive market is concentrated in North America and Europe in terms of value. North America dominates the market owing to large automotive and aerospace manufacturing base. Established infrastructure and strong composite industry support the market in these regions. Developing regions like Asia Pacific and Latin America are fastest growing markets. Countries like China, India, Brazil are witnessing rapid industrialization and infrastructural growth which increases the demand for composites and associated adhesives. Growing aerospace activities, rise of tier players in automotive manufacturing will drive the composite adhesive consumption.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it