Structural Adhesives Market: Current Industry Figures, Share, Demand and Promising Growth Forecasts
The structural adhesives market is projected to grow from USD 14.0 billion in 2019 to USD 19.4 billion by 2024, at a CAGR of 6.8% between 2019 and 2024. APAC is the largest consumer of structural adhesives. Structural adhesives improve the aesthetic appeal of end products as bolts, rivets, and welds are not required to be used, and thus making these viable for numerous applications, such as building & construction, bus & truck, automotive, marine, wind energy, rail, and aerospace, among others.
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The key market players are Henkel (Germany), Huntsman (US), 3M (US), H.B. Fuller (US), Sika (Switzerland), and Illinois Tool Works (US). These players have adopted various strategies, such as new product launch and merger & acquisition between 2015 and 2019, to enhance their market shares and expand their global presence.
Henkel is one of the leading solution providers for adhesives, sealants, and functional coatings. The company has three business segments, namely, adhesive technologies, laundry & home care, and beauty care. The company manufactures structural adhesives under its adhesive technologies segment. Henkel is a leader in the adhesives industry. It has a strong network for distributing and manufacturing adhesives with 135 production sites to meet the changing demands of the structural adhesives industry, worldwide. The company continuously focuses on its organic & inorganic growth.
- In 2016, the company acquired Novamelt GmbH (Germany), which is a privately owned company, to enhance its competence in the area of adhesives.
- In July 2018, the company launched four new adhesives (LOCTITE HY 4090, LOCTITE HY 4080, LOCTITE HY 4070 and LOCTITE HY 4060 GY) in its LOCTITE’s structural bonding range using the patented hybrid technologies. These adhesives are expected to meet the rising demands in assembly design and maintenance repair applications.
Huntsman is a leading manufacturer and marketer of differentiated and specialty chemicals. The company operates through five business segments, namely, polyurethanes, performance products, pigments and additives, advanced materials, and textile effects. The company offers epoxy adhesives under its advanced materials segment, under the brand name Araldite.
- To broaden its product portfolio, Huntsman Advanced Materials introduced its latest innovation in high-performance adhesives, with the launch of a new acrylate product range ARALDITE 2050 and ARALDITE 2051 in March 2019. These adhesive are meant to sustain extreme conditions. These additions extend Huntsman’s present broad portfolio, speeding up bonding operations in sub-zero temperatures, and saltwater or high humidity conditions.
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During the forecast period, the Asia-Pacific (APAC) region is anticipated to capture the largest market share in the structural adhesives market. This indicates that APAC is expected to be a significant contributor to the consumption and demand for structural adhesives compared to other regions. The reasons behind this trend may include factors like robust industrial growth, increased construction activities, and the adoption of advanced bonding solutions in manufacturing processes across various industries in the APAC region. As a result, businesses operating in the structural adhesives sector are likely to focus their efforts on catering to the demands and opportunities within the APAC market.
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