Global Structural Adhesives Market Expected To Reach $ 11.85 Billion By 2021 With A CAGR Of 6.5%

Date: 2017-08-24

Structural adhesives market will witness growth owing to its unique ability to offer exceptional bond strength and fast curing speed for dissimilar and similar substrates in the automobile industry. The product is formulated to lower the vehicle weight and improve the safety & performance. Product manufacturers make special performance products for automobile applications, used for interior and exterior applications of vehicles such as deck lid flanges, hoods, interior dashboards, doors, and roof panels. Increasing per capita income and improved living standards amongst youth in emerging economies has propelled the automobile market since the economic downturn. Increasing awareness about fuel economy and light weight vehicles will bolster the overall structural adhesives market.

The global Structural Adhesives market was estimated at USD$ 8.65 Billion in 2016, and is anticipated to reach USD$ 11.85 Billion by 2021, expanding at a CAGR of 6.5% between 2017 and 2021. The market is driven by the rising demand of structural adhesives in the growing automotive, bus & truck, and aerospace applications among others. Rising awareness of high-quality products and demand from Asia-Pacific that is experiencing substantial growth fueled by the regions increasing population will also drive the market.

The automotive industry extensively uses structural adhesives for both exterior and interior applications. Interior applications involve the application of adhesives for bonding decorative components, whereas, exterior applications include the bonding of side moldings, vinyl roofs, and others. The automotive industry is witnessing growth due to improved socio-economic factors. This positively influences the production volume of lightweight automobiles and boosts the number of vehicles variants. Additionally, the industry uses structural adhesives to repair mechanical components, automobile ancillaries, windshields, and for resealing the vehicle’s body. Furthermore, the lifespan of automobiles can be extended by carrying our repair and maintenance. This will directly boost the sales of adhesives and sealants throughout the estimated period.

Another important factor impacting the structural adhesives market is the occupational hazards associated with some product types. Epoxy based products pose considerable risks of burns during manual application as they liberate certain amounts of auxiliary materials and contaminants during heat curing. Polyurethane products contain isocyanates, which can cause skin and eye irritation and are carcinogenic in nature. Methyl methacrylate or MMA products have strong and pungent odor, causing headache, nausea, dizziness, and pulmonary problems. Such health hazards defined by OSHA may restrict the global structural adhesives market growth.

In 2016, Asia-Pacific accounted for the largest market share, in terms of both volume and value. The high demand in Asia-Pacific is expected to be the major driver for the global structural adhesives market. This is due to the increasing demand from automotive, building & construction, bus & truck, and aerospace applications. The growing interest of manufactures to develop high quality products, rising population in the region, and growing innovation and developments in end-use industries are making the region a strategic destination for the structural adhesives market.
 
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http://www.gosreports.com/global-structural-adhesives-market-research-report-2017/ 

Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 1-510-400-8520
Web: www.gosreports.com
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