The transportation sector is switching from traditional fasteners to structural adhesives, due to the surging preference for high structural strength vehicles like automobiles, ships, and airplanes. This shift can be owed to the lower cost, better fuel economy, eco-friendliness, and lesser weight of structural adhesives, as compared to fasteners. In addition, these adhesives also have the ability to lower differential expansion rates, a natural, watertight, and inert protective barrier between potentially corrosive metals. Thus, these benefits will fuel the adoption of structural adhesives in the coming years.
In addition, the rising application of structural adhesives in the infrastructure sector will drive the market for structural adhesives at 5.2% CAGR during 2019–2024. The market was valued at $11,677.9 million in 2018 and it is expected to reach $15,683.0 million by 2024. These products are used to bind several surfaces and for repairing roads, railways, and bridges, owing to their high strength and resistance toward chemicals, temperature, and weather. Also, rapid urbanization has led to the construction of several residential and commercial units, which require large quantities of structural adhesives for binding purposes.
The market is categorized into wind energy, woodworking, building & construction, DIY, footwear, automotive, and aerospace, on the basis of application. Out of these, the building & construction category is predicted to register the fastest CAGR during the forecast period, owing to the increasing usage of such adhesives in various applications, such as concrete, ceramic tiles, flooring underlayment, countertop lamination, drywall lamination, HVAC, houses, cement, wall covering, resilient flooring, and roofing.
Geographically, the structural adhesives market was dominated by Asia-Pacific in the past, and the region is further predicted to exhibit the highest CAGR during the forecast period as well. The rapid expansion of the construction industry, which can be attributed to the rising infrastructural investments, is creating high demand for structural adhesives in APAC. Moreover, these adhesives are also being used in the region in automotive, manufacturing, and metal applications.
In conclusion, the increasing need for infrastructural development and expanding construction industry are leading to the growing demand for structural adhesives.
