Growing popularity of composites over wood & metals in various end-use industries owing to its low weight, low cost, design flexibility, corrosion & chemical resistance, and high performance at elevated temperatures is projected to drive the global composite adhesives market over the forecast period.
The global composite adhesives market is segmented by component, form, product type, end-use industry, and region.
On the basis of the component, the global composite adhesives market is segmented into one component and two component. Two-component adhesive accounted to have the largest market share of the global composite adhesive market in 2017 and is expected to witness rising demand over the forecast period. Two-component adhesives cure when they are combined, and generally no external factor such as moisture, heat, or light is required and therefore is widely preferred in the various end-use industry such as construction, aerospace, automotive, healthcare, and electrical & electronics among other. However, one component adhesives market is slowly gaining momentum in various end-use industries owing to its simplified processing since it does not require mixing.
On the basis of the form, the global Composite Adhesives Market is segmented into liquid, paste, film, and others. A paste form of composite adhesive accounted to have the major market share over other two forms in 2017 owing to its wide preference in different end-use industries on accounts of its low cost and easy handling. However, advanced film forms of composite adhesives are expected to show rising demand over the forecast period.
On the basis of the product type, the global composite adhesives market is segmented into the epoxy, acrylic, polyurethane, methyl methacrylate, polyimide, phenolic, cyanoacrylate, silicone, and others. Epoxy adhesives accounted to have the largest market share in 2017 owing to its superior bonding & compatibility with different types of substrate, imparts high impact & compression strength to the final composite, superior chemical & heat resistance, excellent weather resistance, and superior electrical insulation properties and is expected to continue growth over the forecast period.
On the basis of the end-user industry, the global composite adhesives market is segmented into automotive & transportation, aerospace, healthcare, military & defense, electrical & electronics, wind energy, construction, marine, and others. Automotive, Aerospace, and construction industry collectively accounted the major market share owing to the wide consumption of composites materials for various applications.
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The global composite adhesives market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is expected to the fastest growing market of composite adhesives over the forecast period. North America and European market is relatively mature and is expected to show steady growth over the forecast period. The Middle East & Africa and Latin America are expected to rising demand during the forecast period.
Some of the key players in the global composite adhesives market are Huntsman International LLC. (U.S.), Ashland. (U.S.), 3M (U.S.), Sika AG (Switzerland), ITW Engineered Polymers GmbH (Germany), Master Bond Inc (U.S.), Henkel AG & Co. KGaA (Germany), LORD Corporation (U.S.), Arkema SA (France), Permabond.com (U.S.), and H.B. Fuller Company. (U.S.)
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