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| Global Composite Adhesive Market Growth |
The global composite adhesive market is growing significantly owing to the increasing applications of composite adhesives. These adhesives are used to bind together composite materials like carbon and aramid fiber for manufacturing various lightweight components. They offer excellent adhesion and durability which makes them suitable for use in aviation, automotive and other transportation industries. The major benefits of composite adhesives include corrosion resistance, thermal conductivity, and high strength to weight ratio. Growing environmental concerns have increased the adoption of composites made from sustainable materials like wood and natural fibers in place of metal parts.
The Global Composite Adhesive Market is estimated to be valued at US$ 3.58 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Composite Adhesive Market Growth are Henkel AG & Co. KGaA, Master Bond Inc, The Dow Chemical Company, Huntsman Corporation, LORD Corporation, Illinois Tool Works Incorporation-Plexus. Hernon Manufacturing, Inc. Henkel is one of the leading suppliers of advanced adhesive technologies.
The demand for composite adhesives is increasing due to the expanding transportation industry. The adhesion properties of these adhesives make them suitable for bonding different materials in aircraft, railways, watercraft and automotive vehicles. Composite adhesives help automakers reduce vehicle weight and improve fuel efficiency.
Manufacturers are focusing on global expansion strategies to cater to the rising international demand. Collaboration with OEMs enabling local production and adoption of advanced technologies to develop newer product varieties for diverse applications.
Market Key Trends
One of the key trends in the composite adhesive market is development of eco-friendly and bio-based products. Strict regulations regarding emission of volatile organic compounds have increased R&D efforts in this area. Adhesives derived from plant oils and other sustainable resources offer comparable performance with added environmental benefits.
Porter’s Analysis
Threat of new entrants: New players need heavy capital investment for
manufacturing plants and distribution networks making the barrier high for new
players. Bargaining power of buyers: Buyers have low bargaining power due to
availability of composite adhesive products from many global players.
Bargaining power of suppliers: Suppliers have moderate bargaining power since
adhesive chemicals and resins used in manufacturing of composite adhesives
require specialized production process and few large suppliers operate in the
market. Threat of new substitutes: Low threat of substitution as composite
adhesive provides better bonding and finishing than other traditional
adhesives. Competitive rivalry: Intense competition among global players to
gain market share and large players focusing on new product development and
expansion in emerging regions.
Geographical Regions
The North American region dominated the global composite adhesive market
accounting for over 35% of the global market share in terms of value in 2024.
U.S. and Canada are major consumers of composite adhesives due to strong
presence of end use industries like transportation, building &
construction.
The Asia Pacific region is expected to be the fastest growing market for
composite adhesives between 2024 to 2031 stoked by rising infrastructure
development and growing automotive production in China, India along with other
Southeast Asian countries. Countries like China, Japan and India having export
oriented manufacturing sectors will further drive the composite adhesive
consumption.