by The global composite adhesive market size reached USD 3.68 billion in 2023 and is projected to attain around USD 6.14 billion by 2033, growing at a CAGR of 5.26% from 2024 to 2033.
Key Points
- Asia-Pacific dominated the market with the largest market share of 49% in 2023.
- North America is expected to be the fastest-growing region over the projected period.
- By product, the epoxy segment has contributed more than 37% of market share in 2023.
- By product, the polyurethane segment is expected to witness significant growth over the forecast period.
- By application, the aerospace and defense segment has held the largest market share of 19% in 2023.
- The automotive segment is likely to grow significantly in the upcoming years.
The composite adhesive market is a dynamic sector within the broader adhesive industry, characterized by the use of composite materials in various applications across multiple industries. Composite adhesives play a crucial role in bonding different components together, offering superior strength, durability, and lightweight properties compared to traditional bonding methods. These adhesives are extensively used in sectors such as aerospace, automotive, construction, marine, wind energy, and sporting goods, among others. The market for composite adhesives is witnessing steady growth driven by advancements in adhesive technologies, increasing demand for lightweight materials, stringent regulations promoting eco-friendly solutions, and the growing adoption of composites in various end-user industries.
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Growth Factors:
Several factors contribute to the growth of the composite adhesive market. Firstly, technological advancements in adhesive formulations have led to the development of high-performance composite adhesives with superior bonding properties, enhanced durability, and resistance to extreme environmental conditions. These innovations have widened the application scope of composite adhesives across diverse industries. Additionally, the growing emphasis on lightweight materials to improve fuel efficiency in transportation vehicles, reduce carbon emissions, and enhance performance is driving the demand for composite adhesives. Furthermore, the expanding aerospace and wind energy sectors, coupled with increasing investments in infrastructure development, are fueling the market growth as composite adhesives find extensive usage in these industries.
Region Insights:
The composite adhesive market exhibits a global presence, with key regional markets including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America and Europe dominate the market owing to the presence of established aerospace, automotive, and construction industries, coupled with significant investments in research and development activities. The Asia Pacific region is witnessing rapid growth attributed to the burgeoning automotive and construction sectors in emerging economies such as China, India, and Southeast Asian countries. Additionally, increasing government initiatives to promote renewable energy sources like wind energy are driving the demand for composite adhesives in the region.
Composite Adhesive Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 5.26% |
| Global Market Size in 2023 | USD 3.68 Billion |
| Global Market Size by 2033 | USD 6.14 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product and By Applications |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Composite Adhesive Market Dynamics
Drivers:
Several drivers propel the growth of the composite adhesive market. One of the primary drivers is the increasing demand for lightweight materials in industries such as aerospace, automotive, and wind energy to enhance fuel efficiency and performance. Composite adhesives offer a lightweight bonding solution compared to traditional mechanical fastening methods, contributing to weight reduction and improved energy efficiency. Moreover, stringent environmental regulations promoting the use of eco-friendly adhesives further stimulate market growth. Additionally, the expanding construction industry, particularly in developing regions, presents significant opportunities for composite adhesive manufacturers as these adhesives are extensively used in structural bonding applications.
Opportunities:
The composite adhesive market presents various opportunities for growth and innovation. With the continuous advancement in adhesive technologies, there is a scope for developing bio-based and sustainable composite adhesives to address environmental concerns and meet regulatory requirements. Furthermore, the integration of nanotechnology in adhesive formulations offers opportunities to enhance adhesive performance, durability, and strength. Moreover, the expanding applications of composites in emerging industries such as medical devices, renewable energy, and electronics provide avenues for market expansion. Collaborations between adhesive manufacturers and end-users to develop tailored solutions for specific applications also present lucrative opportunities in the market.
Challenges:
Despite the favorable growth prospects, the composite adhesive market faces several challenges. One of the key challenges is the high cost associated with advanced composite adhesives, which may limit their adoption, particularly in cost-sensitive industries. Moreover, ensuring proper surface preparation and compatibility between substrates remains a challenge, as improper bonding can compromise product performance and durability. Additionally, stringent quality standards and certification requirements in industries such as aerospace impose regulatory challenges for adhesive manufacturers. Furthermore, the volatility in raw material prices and the availability of alternative bonding technologies pose challenges to market growth.
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Recent Developments
- In February 2023, Henkel AG & Co. KGaA announced a collaboration with the International Centre for Industrial Transformation’s participation program. The business’s adhesive technologies business department wants to employ INCIT’s tools and frameworks to accelerate its processes’ digital transformation by joining INCIT’s partner network.
- In March 2022, 3M, a diversified technology business, introduced their new Scotch-Weld Multi-Material Composite Urethane Adhesive DP6310NS. This glue is intended to attach a variety of composite components and has good impact resistance and durability.
- In February 2022, Arkema completed its acquisition of Ashland’s Performance Adhesives division. Structural adhesives are among the products available in this area. The acquisition was worth USD 1.65 billion. The acquisition bolstered Arkema’s Adhesive Solutions sector and was in line with the company’s objective of becoming a pure specialty material provider by 2024.
Composite Adhesive Market Companies
- 3M
- Bostik
- Dow
- Henkel AG & Co. KGaA
- H.B. Fuller
- Huntsman International LLC.
- Illinois Tool Works Inc.
- Permabond LLC
- Parker Hannifin Corp
- Sika AG
Segments Covered in the Report
By Product
- Acrylic
- Epoxy
- Polyurethane
- Cyanoacrylate
- Others
By Applications
- Automotive & Transportation
- Aerospace & Defense
- Electrical & Electronics
- Construction & Infrastructure
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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