The structural adhesives market is poised for substantial growth, with a projected value of US$12.3 billion in 2023, anticipated to surge to US$21.3 billion by 2033. This robust expansion is driven by an impressive compound annual growth rate (CAGR) of 5.6% throughout the forecast period. As these adhesives continue to play a crucial role in various industries, including automotive, aerospace, and construction, the rising demand underscores their efficacy in providing durable and efficient bonding solutions for diverse applications, fueling the market’s upward trajectory.
The growing adoption of structural adhesives in the automotive sector for various end-use applications, as well as technological advancements in the production of adhesive products, is a major factor driving the growth of the global structural adhesives market.
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Furthermore, rising demand for structural adhesives in the construction sector for applications such as kitchen interiors, roofing, window panels, and wall coverings is propelling the global structural adhesives market forward.
Rising government infrastructure and redevelopment projects, particularly in emerging economies, are expected to drive growth in the global structural adhesives market during the forecast period.
The global market for structural adhesives is growing, but it is being constrained by strict regulations put in place by regulatory agencies to prevent harmful environmental consequences from structural adhesives.
For companies in the global structural adhesives market, increasing research and development efforts for the creation of safe, environmentally friendly structural adhesives with little to no environmental impact can open up profitable opportunities.
Key Takeaways from the Structural Adhesives Market
- The segment for polyurethanes is anticipated to experience the highest CAGR growth of 5.1% during the forecast period. The growth is attributed towards its uses in various end user industries.
- With a revenue share of over 25.0% in 2021, the building and construction sector had the greatest revenue share. Construction expenditures are predicted to rise as a result of economic development and population growth.
- The Asia Pacific area had the largest percentage of almost 30% in terms of revenue in 2021. Its expansion is due to a surge in construction activity in countries including China, India, Japan, South Korea, and Indonesia.
- U.S. will generate revenue of USD 4.2 Bn by 2033 due to the rise in construction and building maintenance activity.
- About 35 to 40 percent of the demand is met by the top 6 to 8 companies. Small and medium-sized firms, which are gradually dispersing across the regions, collectively account for the remaining 60% of the market.
- In terms of revenue share in 2021, Europe came in second. The construction industry is a significant contributor to the region’s GDP, accounting for around 9% of total product demand in this area.
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Competitive Landscape
The presence of a sizable number of local and international companies across geographies is what distinguishes the fragmented global structural adhesive market. Important participants include 3M, Sika, Henkel, H.B. Fuller, and Arkema (Bostik).
The majority of major players are attempting to grow their businesses through lucrative alliances, acquisitions of small or mid-sized active vendors, or the acquisition of a specific adhesive sector to increase their footprint across the globe.
- Arkema completed the acquisition of Ashland’s Performance Adhesives division in February 2022. Structural adhesives are among the products available under this division. The acquisition was worth USD 1.65 billion. The acquisition supported Arkema’s strategy to become a pure speciality material provider by 2024 and strengthened the company’s Adhesive Solutions division.
- DuPont said in May 2021 that it will increase the output of its high-performance automobile adhesives at its manufacturing facilities in Germany and Switzerland by investing USD 5 million in capital and operating resources. This facility is planned to advance the production of the company’s goods, including BETAFORCE TC, BETATECH, BETAMETA, and BETASEAL.
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Key Segments in the Structural Adhesives Market
Structural Adhesives Market by Product Type:
- Epoxy-based Structural Adhesives
- One Component
- Two Component
- Acrylic-based Structural Adhesives
- Polyurethane-based Structural Adhesives
- Cyanoacrylates
- Others
Structural Adhesives Market by Application:
- Structural Adhesives for Transportation Sector
- Structural Adhesives for Automotive Sector
- Structural Adhesives for Aerospace Sector
- Structural Adhesives for Marine Sector
- Structural Adhesives for Building & Construction Sector
- Structural Adhesives for Energy Sector
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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