Global Structural Adhesive Market Size, Share, Growth Analysis, By Product(Urethane, Epoxy), By Technology(Water-based, Solvent-based), By Application(Transportation, Construction) - Industry Forecast 2023-2030

Global Structural Adhesive Market size was valued at USD 20.19 Billion in 2022 and is poised to grow from USD 21.38 Billion in 2023 to USD 33.82 Billion by 2031, at a CAGR of 5.9% during the forecast period (2024-2031).

The growth in the global market for structural adhesives can be attributed to the rising demand in the construction industry, driven by increased construction activities worldwide. The expanding building and automotive sectors in developing nations like China and India, characterized by rapid modernization and expansion, are anticipated to boost the demand for structural adhesives in the coming years. The global market for water-based adhesives is expected to see an uptick due to escalating research and development initiatives and a growing preference for innovative solutions featuring high bond strength, shorter curing time, and lower hazardous emissions. Adhesive producers offer a diverse range of over 250,000 unique products for various applications. The global demand for low-carbon-emitting and lightweight automobiles is projected to propel the use of adhesives in the transportation sector. Additionally, the increasing demand for eco-friendly materials is likely to drive product demand in the future, aligned with a heightened focus on energy conservation, water retention, and sustainable energy production in the construction and building industry. Structural adhesives play a vital role in determining the overall weight of vehicles in the automotive manufacturing sector, contributing to lower carbon emissions through enhanced fuel efficiency. Due to their durability and capability to bond incompatible substrates such as metal, wood, and polymers, structural adhesives are increasingly replacing mechanical fasteners and welds. This shift is particularly notable in the aerospace and automotive sectors, where cost and manufacturing time are critical considerations in material selection. Design decisions in the automotive industry are largely influenced by the total cost and durability of materials and manufacturing processes. The rising demand for lightweight materials and automotive components is expected to drive market expansion in the foreseeable future. The growth of light commercial vehicles, new passenger vehicles, and advanced aircraft with a high penetration of composite materials is anticipated to stimulate the structural adhesives sector. The automotive and aerospace industries are projected to be the largest application markets for adhesives in composites over the forecast period. Other applications requiring lightweight components with significant benefits are also expected to contribute to market growth. Despite facing competition from alternative materials, the demand for structural adhesives and composites is on the rise, particularly in applications that prioritize fuel economy, superior performance, weight reductions, and other advantages. The COVID-19 pandemic has had a short-term negative impact on the global structural adhesives market, given its widespread use in the automotive and construction industries. The manufacturing sector experienced a substantial decline, approximately 30%, in March 2022 compared to the same period in 2019, attributed to the closure of automobile companies and factories, according to a report from the National Centre of Information.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Structural Adhesive Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Structural Adhesive Market Segmental Analysis

The global structural adhesive market is segmented on the basis of product, technology, application, and region. Based on product, the market is segmented into urethane, epoxy, acrylic, cyanoacrylate, and others. Based on technology, the market is segmented into water-based, solvent-based, and others. In terms of application, the market is segmented into transportation, construction, consumer appliances, furniture, and others. Based on region, the global Structural Adhesive Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Structural Adhesive Market

There is a growing demand for smartphones and wearable devices equipped with flexible displays, driven by the desire for an enhanced user experience, sleek designs, and increased durability. Consumers are seeking devices that provide flexibility, portability, and improved aesthetics.

Restraints in the Global Structural Adhesive Market

The production of flexible displays involves intricate technologies and specialized materials, leading to elevated production costs compared to traditional displays. This cost factor presents a challenge for widespread adoption and market penetration.

Market Trends of the Global Structural Adhesive Market

Foldable smartphones featuring flexible displays have garnered significant attention in the market, offering a larger display area when unfolded and improved portability when folded. Major smartphone manufacturers have embraced this trend, launched foldable devices and propelled the market growth for flexible displays.

The demand for flexible OLED displays is on the rise, given their thinness, lightweight nature, and ability to produce vibrant colors. This surge in demand is particularly evident in smartphones, smartwatches, and other wearable devices, driving the rapid expansion of the flexible OLED display market.

Rollable displays, capable of being rolled or unfurled to provide a larger screen size, have emerged as a promising technology. This innovation allows for more compact devices that can expand their display size when needed, enhancing the user experience and convenience.

Flexible displays are increasingly finding applications in the automotive sector, particularly in dashboards and infotainment systems. These displays offer curved or contoured designs, seamlessly integrating into the vehicle's interior and providing immersive visual experiences for both drivers and passengers.

The continuous evolution of materials, including flexible substrates, transparent conductive films, and flexible encapsulation, is driving the advancement of flexible displays. Additionally, ongoing developments in manufacturing processes and techniques are enhancing the flexibility, durability, and reliability of these displays.