Ocean View, DE -- (SBWire) -- 05/22/2020 --Global Structural Adhesives Market size was estimated at USD 5.05 Billion in 2015 and is projected to surpass USD 7 Billion by the year 2024. Structural Adhesives Market report provides in-depth information about Industry overview, top vendors, Key market highlights, drivers, challenges, trends, industry landscape, size and forecast.
Owing to considerable rise in construction activities, particularly in emerging economies, structural adhesives market size is slated to witness remarkable momentum in the forthcoming years. These specialty adhesives are widely used in building lightweight structures and components along with fiber composite materials, ceramics, wood and cellulose materials as well as stone.
Between 2017-2018, the total investments in construction across the U.S. was around USD 250 billion, with spending on residential and non-residential construction witnessing nearly 40% and 15% growth. Rising population, surge in per capita income and enhanced standard of living are some of the few factors accelerating the construction activities in the region, augmenting structural adhesives industry trends over the forecast years.
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In terms of end-user trends, aviation and aerospace sector is projected to register more than 4% CAGR between 2016-2024. These specialty adhesives are used throughout the interior, exterior, as well as in engine compartment. On the basis of air transport, Asia Pacific is known to be among the fast-growing region, slated to experience a significant 5% growth in air traffic in the next 20 years, promising lucrative prospects for structural adhesives market.
U.S. is home to manufacturing operations of some of the biggest automakers and chemical companies in the world, offering significant opportunities for the production and supply of adhesives. North America is also likely to emerge as a strong contender owing to growing development in the construction sector along with increased government spending on commercial buildings and public infrastructures. In fact, North America is expected to account for nearly 20% of total structural adhesives industry size over the projected timeframe.
Increased deployment of structural adhesives across construction and aerospace sector will drive the North America structural adhesives industry trends. Increasing air traffic congestion coupled with the growing air force requirements will positively accelerate the product demand across the region. Global structural adhesives market share is set to exceed USD 7 billion by 2024.
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Key players in structural adhesives industry include Arkema, SIKA AG, 3M Company, Henkel AG, Parson Adhesives, Dow Chemical Co, L&L Products, Lord Corporation, and Scott Bader. The industry players have consistently invested hefty amounts in large scale construction and aerospace projects and partnering with government and firms for the expansion of their business.
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