Automobile applications to push structural adhesives market growth over 2016-2024, global revenue to exceed USD 7 billion by 2024
Publisher : Fractovia | Published Date : 2017-03-30Request Sample
Mounting ability to enrich fuel efficiency along with reduction of vehicle weight is expected to reinforce Structural Adhesives Market expansion over the years to come. Higher purchasing power along with improvement in the consumer lifestyle of across developing regions will positively influence automotive sector, thereby favoring the industry outlook. As per Global Market Insights, Inc., “Structural Adhesives industry revenue is anticipated to hit USD 7 billion by 2024.” High product application in energy efficient construction market will further inspire the industry trends over the next few years. Global construction sector, worth USD 8 trillion in 2015, is projected to grow at a rate of 8% over the period of 2016-2024. Rapid advancement in warfare systems along with high investments across the defense sector will further benefit the global structural adhesives industry over the coming timeframe.
Automobiles, water& sewer, aviation & aerospace, furniture, construction, and marine serve as the key application sectors for structural adhesives. Automobile application, worth USD 1 billion in 2015, is projected to grow substantially over the coming timeframe. Booming automotive sector along with the rising popularity of light-weight automobiles across the globe will promote structural adhesives industry development. Structural adhesives market size in aviation & aerospace sector is projected to witness a considerable growth in the near future, driven by its ability to provide high strength, durability, and compressive strength. It also helps in enhancing the performance of aircraft through effective joint replacements.
U.S. Structural Adhesive Market Share, By Application, 2013 – 2024 (USD Million)
Considering the regional trends, Europe structural adhesives industry, which was estimated at USD 1 billion in 2015, is forecast to expand noticeably over the coming seven years. High presence of automotive and aerospace firms in the region will boost the regional revenue. Growing number of R&D projects in the region will further drive the regional growth.
North America structural adhesives market is expected to contribute considerably towards the overall revenue over the forthcoming years, driven by the increase in the number of construction activities along with rapidly expanding aviation sector. Canada and U.S. are likely to be the key regional revenue pockets.
Asia pacific holds a tremendous growth potential for structural adhesives industry, which generated nearly USD 2 billion of revenue in 2015, and forecast to grow strongly over the coming years. Favorable government policies encouraging heavy investments in the construction sector along with the large-scale presence of vehicle manufacturing units across the region will motivate market development. Japan, India, China, and South Korea are projected to drive the regional share. Thriving shipping sector across various countries of the region is expected to further contribute significantly towards structural adhesives market value.
Market players will try to expand their product portfolio and raise their profits by focusing on product innovations, partnerships, joint ventures, and customer satisfaction. 3M Company, Panacol-Elosol GmbH, The DOW Chemical Company, Arkema S.A., LORD Corporation, Ashland Incorporation, Parson Adhesives Incorporation, Permabond, SIKA AG, Scott Bader Company, Illinois Tool Works Company, L&L Products, Henkel AG & Company KGaA, Elantas GmbH, Master Bond Incorporation, and Hubei Huitian Adhesive Enterprise Company Limited are the key participants of structural adhesives market.
