Composite Adhesive Industry Overview
The global composite adhesive market size is expected to reach USD 5.07 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.7% during the forecast period. The increasing investments in the construction & infrastructure industry and favorable government policies propelling the manufacturing sector are driving the market growth.
In 2021, most economies around the world invested extensively to rebuild their infrastructure to recover from the COVID-19 pandemic. For instance, in 2021, the U.S passed a USD 1 trillion infrastructure bill to boost the infrastructure sector in the coming years. Such investments in the infrastructure industry are anticipated to propel the need for composite products and benefit adhesives demand over the forecast period. The penetration of lightweight composites in different industries like aerospace & defense, electric vehicles (EVs), sports, and others is expected to propel the demand for the product during the forecast period.
Composite Adhesive Market Segmentation
Grand View Research has segmented the global composite adhesive market on the basis of product, application, and region:
Based on the Application Insights, the market is segmented into Automotive & Transportation, Aerospace & Defense, Electrical & Electronics, Construction & Infrastructure, and Others
- Aerospace & defense held a revenue share of over 17.0% in 2021 of the global market regarding the application.
- Automotive was the second-largest application segment of the market, in terms of revenue, in 2021. Penetration of adhesives in the industry is increasing significantly owing to the rising trend of lightweight vehicles.
- Electrical & electronics is another vital application segment of the market. Composites have various applications in the industry, including electromagnetic shielding, wearable devices, batteries, electrical switching & insulations, and sensors.
- The growing penetration of composites in this segment is propelling the demand for adhesives for the assembling of the components.
Based on the Product Insights, the market is segmented into Acrylic, Epoxy, Polyurethane, Cyanoacrylate, and Others
- Epoxy held the largest revenue share of more than 36.0% in the product segment in 2021 in the global market. It is a widely used product owing to benefits such as low cost, high strength, durability, mechanical shock resistance, high-temperature resistance, low shrinkage, and cryogenic resistance.
- On the other hand, the acrylic segment is expected to witness the fastest growth rate of 5.5%, in terms of revenue, during the forecast period.
- The cyanoacrylate product segment is anticipated to witness a CAGR of 5.1%, in terms of revenue, across the projection period.
Composite Adhesive Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is highly competitive with the presence of numerous players worldwide. Owing to the increasing demand for adhesives, companies are investing in expanding their manufacturing units. For instance, in April 2021, Tesa SE announced that they will invest EUR 32 million (~USD 36.38 million) to expand the production capacity of their plant in Suzhou, China. This expansion will cater to the high demand coming from electronic manufacturers.
Some prominent players in the global Composite Adhesive market include:
- 3M
- Bostik
- Dow
- Henkel AG & Co. KGaA
- B. Fuller Company
- Huntsman Corporation LLC
- Illinois Tool Works Inc
- Permabond LLC
- Parker Hannifin Corp
- Sika AG
Order a free sample PDF of the Composite Adhesive Market Intelligence Study, published by Grand View Research.
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