Composite Adhesives Market Overview
“The Composite Adhesives Market is expected to grow at 5.8% CAGR from 2023-2030 & to reach above USD 4.89 Billion by 2030 from USD 3.12 Billion in 2023.”
Composite adhesives are specialized adhesives formulated for bonding composite materials. They provide a strong and durable bond between the different components of composite materials, such as reinforcing fibers and matrix materials. These adhesives offer advantages like high adhesion, load distribution, and the ability to bond dissimilar materials.
They are used in industries like aerospace, automotive, marine, wind energy, construction, and sports equipment manufacturing. Composite adhesives play a vital role in creating lightweight and high-performance composite structures by ensuring reliable and efficient bonding between the composite materials used in their construction.
The demand for lightweight and high-performance materials is a significant driver in the composite adhesives market. Industries such as aerospace, automotive, and wind energy are seeking materials that offer superior strength-to-weight ratios, durability, and improved fuel efficiency. Composite materials, bonded with specialized adhesives, provide these characteristics.
They enable the creation of lightweight structures while maintaining high-performance standards. This driver is fueled by the need to reduce overall weight, enhance energy efficiency, and meet stringent regulatory requirements. Composite adhesives play a vital role in achieving these objectives by ensuring reliable bonding between the various components of composite materials, leading to increased demand and adoption of these adhesives in diverse industries.
Limited compatibility with certain materials or specific combinations of composite materials can restrain the growth of the composite adhesives market. Adhesive selection becomes crucial to ensure proper adhesion and compatibility between the adhesive and the materials being bonded.
This limitation can pose challenges in applications where a wide range of materials needs to be bonded, requiring careful material selection and testing. It may restrict the flexibility and versatility of composite adhesives in certain industries and applications.
Addressing compatibility issues and expanding the range of materials that can be effectively bonded with composite adhesives will be important to overcome this restraint and broaden the market's potential for diverse bonding needs.
Demand Outlook
Composite adhesives are materials which are used to bond composites to one another as well as different substrates. They are available in various forms, including paste, film and liquid. Adhesives are classified according to the number of ingredients.
The components comprise the hardener and resin that can cure at extreme temperatures or at room temperature. Furthermore, one-mix glues can only cure at very high temperatures (generally 250 to 300 degrees Fahrenheit). Composite adhesives provide the benefit of unrivaled performance and durability even when exposed to extreme conditions.
Polyurethane adhesives are becoming popular in marine applications because they are able to bond in humid environments. Additionally, these types of adhesives have low levels of VOC and a high UV resistance and great bonding with a variety of non-porous substances including wood.
Epoxy adhesives can be bonded to different kinds of substrates. Furthermore the adhesives provide high strength and endurance with minimal shrinkage. They are able to withstand temperature, weather electrical insulation, as well as chemicals. A strong thermoplastic that has a powerful resistance to peeling and shear as well as high adhesion and faster cure are a few notable advantages of methyl methacrylate glues.
Composite adhesives are growing in popularity across various end-use industries. This is due to their simplicity of manufacture, their affordable cost, and the their high strength-to-weight ratio.
Industries are investing at a higher rate in a variety of research and development activities to help with improvement of their products and services.
For example :
- Pidilite Lanka Pvt. Limited launched Araldite to the market of Sri Lanka, in November 2021. Araldite can be described as an epoxy line that is widely used in industries for its application. Pidilite Lanka Pvt. Limited is an affiliate that is part of Pidilite Industries Ltd. The company is recognized as a producer of construction chemical sealants and adhesives.
- Scott Bader, a well-established chemical firm, in the month of October 2021, acquired a manufacturing plant located in Mocksville, Texas. The move was made by the company to meet the increasing global and local demands for composite adhesives and gel coats.
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Market Dynamics
Growth Drivers
"Expansion of Aerospace Industry Driving Market Opportunities"
Composite adhesives are becoming popular in the aerospace industry because of their increasing application in the manufacture of various components for aircrafts that are lightweight. These types of composites typically comprise two components: a matrix and reinforcement and are characterized by their exceptional lightweight properties.
The increased production of aircrafts in recent years has led to the increased the demand for composite glues.
For example :
According to the information provided in Boeing's Commercial Market Outlook, (from 2021 until 2040) the commercial fleet is expected to be at 49000 before the end of 2040.
Airbus in the month of July 2021 it has delivered its A350 aircraft equipped with Carbon-fiber composite fuselage and wings to China Eastern Airlines.
The increasing number of aircraft flying around the globe is predicted to boost the utilization of composites, and consequently increase opportunities on the global market.
"Booming Automotive Industry Stimulating Composite Demand"
The automotive industry is contributing to the market for composite adhesives expansion due to the increasing adoption of new solutions to manufacture automobile parts that are lightweight. Additionally the adhesives are utilized to achieve higher efficiency of fuel. A significant growth in the automobile sector due to the increasing production and the sales of cars is expected to provide lucrative opportunities for those in the industry.
For instance:
- The report issued by India Brand Equity Foundation (IBFF) in 2020 stated that India was ranked fifth in the auto sector on the global platform. India sold 3.49 million automobiles in the commercial and passenger vehicle segment during the same year.
- According to the information provided to the European Automobile Manufacturers Association, hybrid electric vehicles (HEVs) were responsible for the twelfth place, representing 12% in the overall vehicle share of vehicles sold by 2020 across the region. The previous year, the share was about 5.8 percent.
So, this huge boost in the automotive industry is expected to boost the use of different composites and increase their demand.
Challenges
"Stringent Environmental Regulations Expected to Limit Product Adoption"
Composite adhesives are an essential element of the joining and assembly process in various industries. However, regulations from the government are put in place to control these adhesives in the event that hazardous chemicals are utilized during the production process.
For example :
- Multidisciplinary Digital Publishing Institute published in December of 2020 a journal discussing regulations on adhesive and surface treatment for structural applications. It also mentioned the registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) of the European Union which has been continuously evaluating regulations and rules concerning the requalification process for new composite adhesives. If the appropriate measures aren't taken by the adhesive producers, REACH can tag the manufacturing process as obsolescent and stop production.
Monitoring continues and strict regulations is expected to limit the growth prospects in the market for composite adhesives.
Covid-19 Impact
The COVID-19 pandemic had a significant negative impact on the composite adhesives market. The global economic slowdown and disruptions in supply chains caused by lockdowns and restrictions had affected the production and distribution of adhesives.
Many industries, including aerospace, automotive, and construction, experienced a decline in demand for their products, leading to reduced orders for composite adhesives. The postponement or cancellation of projects and investments due to uncertainty and financial constraints further contributed to the market's contraction. Travel restrictions and social distancing measures also hindered business collaborations and delayed research and development activities. Overall, the pandemic created a challenging business environment, causing setbacks in the growth and development of the composite adhesives market.
Composite Adhesives Market Segment Analysis
Epoxy adhesives have consistently held the largest revenue share in the composite adhesives market. Epoxy adhesives are widely used in various industries, including aerospace, automotive, marine, and construction, due to their excellent bonding properties and high strength. They offer strong adhesion to a wide range of materials, including composites, metals, plastics, and ceramics.
Epoxy adhesives also provide good chemical resistance, thermal stability, and durability, making them suitable for demanding applications. Their versatility and reliability have contributed to their dominant position in the composite adhesives market. Additionally, continuous advancements in epoxy formulations, such as improved curing times and enhanced performance characteristics, have further reinforced their market leadership.
The aerospace and defense industry has held a significant revenue share in the composite adhesives market. The use of composite materials and adhesives is prevalent in the aerospace and defense sectors due to the demand for lightweight and high-strength materials.
Composite adhesives play a crucial role in bonding various components and structures in aircraft, missiles, satellites, and other aerospace and defense applications. These adhesives provide strong and durable bonds, contributing to the structural integrity and performance of aerospace and defense systems.
The stringent safety and performance requirements in these industries necessitate the use of advanced composite adhesives that can withstand extreme environmental conditions and provide long-term reliability. Therefore, the aerospace and defense sector holds a substantial revenue share in the composite adhesives market.
Competitive Landscape of the Composite Adhesives Market
The composite adhesives market key players include Henkel AG & Co. KGaA, 3M Company, Sika AG, H.B. Fuller Company, Dow Inc., Bostik SA, DAP, Illinois Tool Works Inc., Wacker Chemie AG, and Huntsman Corporation.
Recent Developments in the Composite Adhesives Market
2 October 2023: Ashland recently announced the next generation of modified methyl cellulose derivatives for premium cement adhesives. Culminal™ GAP (Green Aware Performance) is a high-performing cellulose ether used in cementitious-based systems.
In March 2022, 3M, a diversified technology company, unveiled its new Scotch-Weld Multi-Material Composite Urethane Adhesive DP6310NS. This adhesive is designed for bonding a wide range of composite materials and offers excellent impact resistance and durability.
In November 2021, Sika AG, a leading specialty chemicals company, launched a new range of composite bonding solutions called Sikadur Forceflex. These adhesives provide high-strength bonding for various composite materials used in infrastructure projects, such as bridges and buildings.
In November 2021, Scott Bader announced that the company has invested in a new facility in North Carolina for the production of structural composite adhesives. Such investments will help expand the composite adhesive market in the forecast period.
October 2021- DAP launched the latest line of four hybrid sealants. These sealants has developed to mix the best attributes of silicone and polyurethane with expert formulas for a range of applications. The advanced modified polymer sealants AMP provide a similar weatherproof seal on both exterior and interior applications. It prevents mildew and mold growth throughout its lifetime and may be used on damp and wet surfaces.
February 2021 - Bostik strengthens its presence in the rapidly growing Brazilian construction adhesives market with an acquisition of a major market player Poliplas in hybrid-technology sealants and hybrid adhesives. With speedy sales growth, over €10 million in 2020, and a facility in in the state of São Paulo, Popilas has more than 2,000 consumers and they provide superior quality sealing and bonding solutions in this deal along with several technologies. This firm is the major player in rapidly rising hybrid sealants and hybrid adhesives market locally.
Regional Insights
The Asia-Pacific region is set to dominate the composite adhesives market due to rapid industrialization, a growing manufacturing sector, and increasing infrastructure development. Countries like China, India, and Southeast Asian nations are driving the demand for composite materials and adhesives in industries such as aerospace, automotive, construction, and electronics.
With favorable government initiatives and the presence of key manufacturers in the region, Asia-Pacific is positioned as a key market for composite adhesives. The region's strong economic growth, expanding industrial base, and increasing investments in advanced materials and technologies contribute to its expected dominance in the market.
North America occupies a significant position in the composite adhesives market. With a strong presence of major industries such as aerospace, automotive, and construction, the region witnesses high demand for composite adhesives.
The US, in particular, is known for its technological advancements, research and development capabilities, and investments in innovative solutions. The stringent regulatory standards and focus on lightweight and high-performance materials further contribute to North America's prominence in the composite adhesives market.
Segments Covered in the Composite Adhesives Market
Composite Adhesives Market by Product
- Acrylic
- Epoxy
- Polyurethane
- Cyanoacrylate
Composite Adhesives Market by Application
- Automotive & Transportation
- Aerospace & Defense
- Electrical & Electronics
- Construction & Infrastructure
Composite Adhesives Market by Region
- North America
- Asia Pacific
- Europe
- South America
- Middle East and Africa
Frequently asked questions with answers
What is the worth of composite adhesives market?
The Composite Adhesives Market is expected to grow at 5.8% CAGR from 2023-2030 & to reach above USD 4.89 Billion by 2030 from USD 3.12 Billion in 2023.
What is the size of the Asia Pacific composite adhesives industry?
Asia Pacific held more than 48.5% of the composite adhesives market revenue share in 2022 and will witness expansion in the forecast period.
What are some of the market's driving forces?
There is an increasing demand for lightweight materials with high-performance characteristics in industries such as aerospace, automotive, and wind energy. Composite materials, bonded with adhesives, offer excellent strength-to-weight ratios, durability, and improved fuel efficiency, driving the demand for composite adhesives.
Which are the top companies to hold the market share in composite adhesives market?
The composite adhesives market key players include Henkel AG & Co. KGaA, 3M Company, Sika AG, H.B. Fuller Company, Dow Inc., Bostik SA, DAP, Illinois Tool Works Inc., Wacker Chemie AG, Huntsman Corporation.
What is the leading application of composite adhesives market?
The aerospace and defense are major sector where the application of composite adhesives has seen more.
Which is the largest regional market for composite adhesives market?
The markets largest share is in the Asia Pacific region.
