by The global composite adhesive market size was estimated at USD 3.68 billion in 2023 and is anticipated to hit around USD 6.14 billion by 2033, growing at a CAGR of 5.26% from 2024 to 2033.
Key Points
- Asia-Pacific dominated the market with the largest market share of 49% in 2023.
- North America is expected to be the fastest-growing region over the projected period.
- By product, the epoxy segment has contributed more than 37% of market share in 2023.
- By product, the polyurethane segment is expected to witness significant growth over the forecast period.
- By application, the aerospace and defense segment has held the largest market share of 19% in 2023.
- The automotive segment is likely to grow significantly in the upcoming years.
The composite adhesive market is witnessing significant growth globally, driven by the increasing demand for lightweight and high-performance materials across various end-use industries such as automotive, aerospace, construction, and wind energy. Composite adhesives play a crucial role in bonding composite materials, which are becoming increasingly popular due to their superior mechanical properties, corrosion resistance, and design flexibility. These adhesives offer advantages such as improved stress distribution, enhanced durability, and reduced weight compared to traditional joining methods like mechanical fasteners and welding. As a result, the composite adhesive market is experiencing robust expansion, with key players innovating to meet the evolving demands of industries striving for greater efficiency and sustainability.
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Growth Factors:
Several factors contribute to the growth of the composite adhesive market. Firstly, the rising adoption of lightweight materials in automotive and aerospace applications to improve fuel efficiency and reduce emissions is driving the demand for composite adhesives. Additionally, increasing investments in infrastructure development and renewable energy projects are fueling the demand for composite materials, thereby boosting the market for composite adhesives. Moreover, technological advancements in adhesive formulations, such as the development of high-performance epoxy and acrylic adhesives, are further propelling market growth by offering enhanced bonding strength and durability.
Region Insights:
The composite adhesive market exhibits a global presence, with key regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe dominate the market due to the strong presence of aerospace and automotive industries, coupled with stringent regulations promoting lightweight materials and fuel efficiency. Asia Pacific is emerging as a lucrative market for composite adhesives, driven by rapid industrialization, infrastructure development, and increasing investments in renewable energy projects. Furthermore, Latin America and the Middle East and Africa are witnessing steady growth in the adoption of composite adhesives, primarily driven by infrastructure development initiatives and the expansion of the construction sector.
Composite Adhesive Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 5.26% |
| Global Market Size in 2023 | USD 3.68 Billion |
| Global Market Size by 2033 | USD 6.14 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product and By Applications |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Composite Adhesive Market Dynamics
Drivers:
Several drivers are propelling the growth of the composite adhesive market. One of the primary drivers is the increasing demand for lightweight materials in various industries to achieve fuel efficiency, reduce emissions, and enhance performance. Additionally, stringent regulations regarding emissions and fuel efficiency standards are encouraging manufacturers to incorporate lightweight composites bonded with advanced adhesives into their products. Moreover, the growing focus on sustainability and environmental conservation is driving the adoption of composite materials and adhesives, as they offer recyclability and energy efficiency benefits compared to traditional materials and joining methods.
Opportunities:
The composite adhesive market presents numerous opportunities for growth and innovation. As industries continue to emphasize lightweighting and performance enhancement, there is a growing demand for advanced adhesive technologies capable of bonding diverse substrates and withstanding extreme operating conditions. Furthermore, expanding applications of composite materials in emerging sectors such as renewable energy, electric vehicles, and 3D printing offer significant opportunities for adhesive manufacturers to develop tailored solutions and expand their market presence. Moreover, strategic collaborations, mergers, and acquisitions can enable companies to strengthen their product portfolios, enhance their technological capabilities, and capitalize on emerging market trends.
Challenges:
Despite the promising growth prospects, the composite adhesive market faces several challenges that need to be addressed for sustainable growth. One of the key challenges is the high cost associated with advanced adhesive formulations, which may limit their adoption, particularly in cost-sensitive industries. Moreover, ensuring compatibility and long-term durability of adhesives with various composite materials and substrates remains a challenge, requiring continuous research and development efforts. Additionally, regulatory complexities and standards pertaining to the use of adhesives in critical applications such as aerospace and automotive pose challenges for manufacturers in terms of compliance and certification requirements. Furthermore, the availability of alternative joining technologies and the risk of adhesive failure under extreme conditions present ongoing challenges for market players seeking to gain a competitive edge.
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Recent Developments
- In February 2023, Henkel AG & Co. KGaA announced a collaboration with the International Centre for Industrial Transformation’s participation program. The business’s adhesive technologies business department wants to employ INCIT’s tools and frameworks to accelerate its processes’ digital transformation by joining INCIT’s partner network.
- In March 2022, 3M, a diversified technology business, introduced their new Scotch-Weld Multi-Material Composite Urethane Adhesive DP6310NS. This glue is intended to attach a variety of composite components and has good impact resistance and durability.
- In February 2022, Arkema completed its acquisition of Ashland’s Performance Adhesives division. Structural adhesives are among the products available in this area. The acquisition was worth USD 1.65 billion. The acquisition bolstered Arkema’s Adhesive Solutions sector and was in line with the company’s objective of becoming a pure specialty material provider by 2024.
Composite Adhesive Market Companies
- 3M
- Bostik
- Dow
- Henkel AG & Co. KGaA
- H.B. Fuller
- Huntsman International LLC.
- Illinois Tool Works Inc.
- Permabond LLC
- Parker Hannifin Corp
- Sika AG
Segments Covered in the Report
By Product
- Acrylic
- Epoxy
- Polyurethane
- Cyanoacrylate
- Others
By Applications
- Automotive & Transportation
- Aerospace & Defense
- Electrical & Electronics
- Construction & Infrastructure
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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