Global Composite Adhesive Market Analysis On The Basis Of Product, Application, And Region

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Apr 4

Composite Adhesive Industry Overview

The global composite adhesive market size was valued at USD 3.35 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. The penetration of lightweight composites in different industries like aerospace & defense, electric vehicles (EVs), sports, and others is expected to propel the demand for the product during the forecast period.

Owing to the surge in the demand for EVs, key automotive players are investing to set up new manufacturing plants across the world. For instance, in January 2022, an announcement regarding the construction of a new EV plant in Hubei Province, China by Dongfeng Honda Automobile Co Ltd was made. The production is anticipated to start in 2024 and its annual production capacity is expected to be 120,000 units.

The U.S. was the largest market for composite adhesives in North America in 2021 and this trend is anticipated to continue during the forecast period. Composites are extensively used in the production of automotive and aerospace components owing to their lightweight nature. The country is taking initiatives to boost domestic manufacturing, which is anticipated to augment the production of composites and demand for adhesives over the coming years.

Gather more insights about the market drivers, restrains and growth of the Global Composite Adhesive market

Although the country is witnessing a decline in automobile production, the rise in the production of EVs is expected to positively impact the demand for composite adhesives. For instance, in December 2021, Rivian Automotive Inc announced to build of a USD 5 billion plant in Georgia, the U.S. for manufacturing EVs. The plant is scheduled to open in 2024 and will manufacture 400,000 vehicles a year. Furthermore, growth in the U.S. construction industry is stimulating the demand for composite adhesives.

For instance, in October 2021, Scott Bader Company Ltd invested USD 16 million to set up a new production site in North Carolina. The new state-of-the-art facility will produce adhesives and gel coats for the construction industry. The U.S. has recovered from the economic contraction in 2020 caused by the COVID-19 pandemic. The economy expanded by 6.9% in Q4 2021, on a year-on-year basis. The growth was attributed to the goods and services produced in the U.S., which increased 5.7% year on year.

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Composite Adhesive Market Segmentation

Grand View Research has segmented the global composite adhesive market on the basis of product, application, and region:

Product Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)

Acrylic
Epoxy
Polyurethane
Cyanoacrylate
Others

Application Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)

Automotive & Transportation
Aerospace & Defense
Electrical & Electronics
Construction & Infrastructure
Others

Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Market Share Insights

December 2021: Meridian Adhesives Group announced the acquisition of American Sealants Inc., a manufacturer of assembly adhesives and sealants.

April 2021: Tesa SE announced that they will invest EUR 32 million (~USD 36.38 million) to expand the production capacity of their plant in Suzhou, China.

Key Companies profiled:

Some of the prominent players in the composite adhesive market include:

3M
Bostik
Dow
Henkel AG & Co. KGaA
H.B. Fuller Company
Huntsman Corporation LLC
Illinois Tool Works Inc
Permabond LLC
Parker Hannifin Corp
Sika AG

Order a free sample PDF of the Composite Adhesive Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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