Composite Adhesive Market Growth & Trends
The global composite adhesive market size is expected to reach USD 5.07 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.7% during the forecast period. The increasing investments in the construction & infrastructure industry and favorable government policies propelling the manufacturing sector are driving the market growth.
In 2021, most economies around the world invested extensively to rebuild their infrastructure to recover from the COVID-19 pandemic. For instance, in 2021, the U.S passed a USD 1 trillion infrastructure bill to boost the infrastructure sector in the coming years. Such investments in the infrastructure industry are anticipated to propel the need for composite products and benefit adhesives demand over the forecast period.
The composite adhesive is a compound that bonds or adheres two or more substrates together. They are usually produced from either synthetic or natural sources. There are a variety of products available in the market such as epoxy, acrylic, polyurethane, and cyanoacrylate, which are used according to their application requirements. Based on product, epoxy held the largest revenue share of the global market in 2021 and this trend is expected to continue across the forecast period. Epoxy is preferred owing to the benefits it offers such as high strength, durability, and heat & chemical resistance.
Construction & infrastructure is one of the key end-use industries of epoxy adhesives owing to their high preferability in structural applications. Based on region, Asia Pacific accounted for the highest revenue share of the global market in 2021. In the region, China was the major market in 2021 but India is anticipated to register the fastest growth rate across the forecast period. The increasing demand for composite adhesive from various application industries such as construction, automotive, and electronics has pushed manufacturers to expand their capacity in the region.
For instance, in December 2021, Sika AG announced the opening of a new technology center and manufacturing plant to produce high-quality adhesives and sealants in Pune, Maharashtra, India. The investment is aimed to meet the growing demand from the transportation, construction, and renewable energy sectors.
The global market is highly competitive in nature. Key players of the industry are carrying out downstream integration for the development of their business. For instance, in April 2021, Comi Group acquired Neoflex SL, a manufacturer of polyurethane adhesives. This is expected to help Comi Group expand its presence in all those regions of the world wherein Neoflex SL has operations.
Request a free sample copy or view report summary:
Composite Adhesive Market Report
Composite Adhesive Market Report Highlights
- Factors such as the emergence of coronavirus, currency fluctuations, high logistic costs, delay in deliveries, concerns regarding raw material supply, and unprecedented weather conditions have compelled companies to take steps to absorb the impact of soaring prices
- For instance, in April 2021, Lecta increased the price of its self-adhesive. The increased range was between 8–10% depending on the format and product. This was done to offset the high manufacturing costs owing to the continuous rise in the prices of raw materials
- Based on product, the acrylic segment is anticipated to register the fastest CAGR of 5.5%, in terms of revenue, from 2022 to 2030. The product is preferable in various end-use industries such as automotive, medical, and construction as it offers high-strength bonds to composites along with high peel strength
- Based on application, the aerospace & defense segment is expected to grow at a CAGR of 5.4%, in terms of revenue, during the forecast period. This growth is attributable to the increasing penetration of lightweight composite-based products in aircraft manufacturing
- Based on region, North America held a revenue share of over 21.0% in 2021 in the global market. Rising emphasis toward the EV industry and increasing production of composite products is propelling industry growth in the region
