The global composite adhesives market was valued at USD 1.13 Billion in 2016 and is projected to reach USD 1.78 Billion by 2022, at a CAGR of 7.9% from 2017 to 2022. The market is driven by the growing trend of lightweight vehicles and renewable & eco-friendly wind energy generation, along with continuous improvements in the aerospace industry.
Automotive & transportation is the largest application segment of composite adhesives worldwide. The increasing use of adhesives in the aftermarket of automobile & transportation industry has been increasing, as the use of adhesives provides better performance and appearance as compared to the use of mechanical fasteners and welds. Weight reduction, improved crash & impact resistance, emission reduction control, and enhanced efficiency are the major upgrades which the automotive & transportation industry is endeavoring to achieve. Composites play a significant role in meeting almost all of these requirements and thus, are pushing the demand for composite adhesives.
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Epoxy is projected to be the largest and fastest-growing resin type segment of the composite adhesives market from 2017 to 2022. The major driver for the epoxy segment is its increasing use in wind blade composites bonding and aircraft. This segment is also boosted by the increasing use of fiber-reinforced materials for fabricating components for rail, automotive, wind energy, marine, and building & construction applications.
North America: The Largest Market for Composite adhesives
Currently, the North America region is the largest market for composite adhesives, in terms of both value and volume. The U.S. is the largest market for composite adhesives and Mexico is the fastest-growing market for composite adhesives in the North America region.
The following factors are the main driving forces for the composite adhesives market in the North America region:
- Growing aerospace and automotive segment in North America
- Increasing use of green and renewable wind energy in the region
Henkel AG & Co. KGaA (Germany), SIKA AG (Switzerland), 3M Company (U.S.), The Dow Chemical Company (U.S.), Huntsman Corporation (U.S.), LORD Corporation (U.S.), and Illinois Tool Works Incorporation-Plexus (U.S.) are some of the key players in the composite adhesives market.
Henkel AG & Co. KGaA is one of the major players in the global composite adhesives market. The company’s wide range of business segments provides an added advantage to the company’s profit margin, which enables the company to compensate the loss from low performing business segments and invest in strategic expansions and R&D activities. The adhesive technology business segment of the company accounted for 48% of its total revenue in 2016. The company follows capacity expansion strategy to support the growing demand and improve product cost competitiveness and product portfolio by investing in R&D activities in new applications to cater to the market. In April 2015, the company acquired Novamelt GmbH (Germany) to enhance its leadership in providing adhesive solutions.
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