Structural Adhesives Market - Forecasts from 2022 to 2027

The structural adhesives market is anticipated to grow a CAGR of 4.47% during the forecast period to reach US$11.798 billion by 2027, from US$8.689 billion in 2020. A structural adhesive is an adhesive that "solidifies" or cures into a substance capable of binding two or more surfaces together over the lifespan of the product while enduring the stresses involved. The product can be subjected to stress, vibration, chemical exposure, temperature changes, and a variety of other likely weakening or destructive forces while remaining connected. Metals, plastics, glass, rubber, ceramics, and composites are some of the substrates that may be used.

Market Trends:

The global structural adhesives market is expected to grow substantially, mainly due to its increasing adoption in the automotive industry. The automotive and aerospace industries have started to implement structural adhesives to ensure lightweight and impact resistance. The economic growth in developing countries has led to an increase in demand for the structural adhesive market. The Asia Pacific region has been reported to have the largest market share, due to the rapid adoption of adhesives in automotive and industrial manufacturing. The Asia Pacific region has also noticed the highest growth rate in the sector and is expected to continue leading the market in the forecasted period.

Growth Factors

• Increasing automotive developments

Structural adhesives were introduced as a low-volume alternative in the automotive industry to make cars lightweight. However, car manufacturers realized the potential and started using it for mainstream production. The growing usage of structural adhesives is being driven by a growing dependence on high and ultrahigh strength steels and aluminium for body structures, notably unitized bodies-in-white (BIW), to reduce weight without losing crash-mitigating strength or handling-degrading stiffness. Japan has also recorded an increase in the usage of structural adhesives in the automobile sector. Japanese auto-makers were sceptical of the capabilities of structural adhesives, but have since realized their potential and have started to use such adhesives in the manufacture of automobiles.

Having known the vast benefits of structural adhesives, electric vehicles (EVs) have also started using such adhesives, to serve as a lightweight alternative for other binding materials. According to the International Energy Agency, electric vehicle sales are expected to rise from 3 million vehicles in 2017, to 23 million in 2030. With the increasing trend of electric vehicles, the demand for structural adhesives is also expected to rise.

• Key Developments

Structural adhesives act as a reliable alternative to traditional adhesion techniques. The structural adhesives market has reported rapid developments in the sector, which have led to a surge in the demand for the product,

Bostik has announced the development of a prototype cyanoacrylate ('superglue') adhesive "for long-term essential applications, such as those required in the automotive and electronics industries," according to the company. "It will expand the usage of instant adhesives beyond repair and maintenance applications, making them a long-term structural engineering solution. This adhesive tends to be flexible and can be stretched a lot, before reaching its full potential. The adhesive has also been reported to be hydrophobic and can withstand environmental wear and tear.

The Virginia Department of Transportation (VDOT) has started using structural adhesives as a "steel grout" in cases where cracks or gaps have formed on steel girder bridges in recent years. Steel bridges are prone to problems like corrosion and natural damage. Most screws and bolts need to be replaced or repaired every few years, owing to their corrosive features. Structural adhesives, on the other hand, act as a non-corrosive and strong binding material for bridges, while also allowing a little flexibility to ensure that the bridges can withstand the impact of natural calamities.

Restrain

• Environmental regulations

Structural adhesives do come with a lot of advantages. However, most structural adhesives pose a threat to the environment and also to the health and well-being of people. The two most prevalent compounds discovered in structural adhesives are phthalates and formaldehyde. Both of these compounds are prone to off-gassing, which means that when they dry, they produce emissions. These emissions have the potential to have a substantial influence on air quality and human health, with negative effects ranging from skin irritation to liver and kidney damage. Although phthalates and formaldehyde are the most commonly mentioned compounds in adhesives, there are numerous more.

The need for green adhesives or those with low VOC is increasing as the demand for eco-friendly or green products in various applications grows. The USEPA (the United States Environmental Protection Agency), REACH (Registration, Evaluation, Authorization, and Restrictions of Chemicals) in Europe, LEED (Leadership in Energy and Environmental Design) in the United States, and other regional regulatory bodies have all pushed manufacturers to create environmentally friendly adhesives with low VOC levels.

However, owing to these regulations, many companies have started to manufacture environmentally-friendly adhesives. Companies such as 3M and Master Bond have started to produce environmentally-friendly adhesives, to help in the compliance of government regulations, and also to sustain the environment.

COVID-19 Impact:

The COVID-19 pandemic had a negative effect on the structural adhesives market. With an increase in the number of infection cases, the government imposed lockdowns on various parts of the world. Most sectors such as automotive and construction have been closed down, which has led to the industry facing huge losses. Aerospace industries had also closed down, owing to the lack of passengers and lockdowns in many places. This has led to a decline in the overall market demand for the sector, leading to a decrease in revenue.

Market Segmentation:

• By Type

Epoxy

Urethanes

Acrylic

Methyl Methacrylate

Others

• By Industry Verticals

Automotive

Construction

Energy and Power

Aerospace and Defence

Consumer Electronics

Others

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• France
• United Kingdom
• Spain
• Others

Middle East and Africa

• Saudi Arabia
• Israel
• South Africa
• Others

Asia Pacific

• China
• Japan
• South Korea
• India
• Others