Composite Adhesive Market: North America Held A Largest Revenue Share

 Composite Adhesive Industry Overview

The global composite adhesive market size was valued at USD 3.35 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. The penetration of lightweight composites in different industries like aerospace & defense, electric vehicles (EVs), sports, and others is expected to propel the demand for the product during the forecast period.

Owing to the surge in the demand for EVs, key automotive players are investing to set up new manufacturing plants across the world. For instance, in January 2022, an announcement regarding the construction of a new EV plant in Hubei Province, China by Dongfeng Honda Automobile Co Ltd was made. The production is anticipated to start in 2024 and its annual production capacity is expected to be 120,000 units.

The U.S. was the largest market for composite adhesives in North America in 2021 and this trend is anticipated to continue during the forecast period. Composites are extensively used in the production of automotive and aerospace components owing to their lightweight nature. The country is taking initiatives to boost domestic manufacturing, which is anticipated to augment the production of composites and demand for adhesives over the coming years.

Gather more insights about the market drivers, restrains and growth of the Global Composite Adhesive market

 

Although the country is witnessing a decline in automobile production, the rise in the production of EVs is expected to positively impact the demand for composite adhesives. For instance, in December 2021, Rivian Automotive Inc announced to build of a USD 5 billion plant in Georgia, the U.S. for manufacturing EVs. The plant is scheduled to open in 2024 and will manufacture 400,000 vehicles a year. Furthermore, growth in the U.S. construction industry is stimulating the demand for composite adhesives.

For instance, in October 2021, Scott Bader Company Ltd invested USD 16 million to set up a new production site in North Carolina. The new state-of-the-art facility will produce adhesives and gel coats for the construction industry. The U.S. has recovered from the economic contraction in 2020 caused by the COVID-19 pandemic. The economy expanded by 6.9% in Q4 2021, on a year-on-year basis. The growth was attributed to the goods and services produced in the U.S., which increased 5.7% year on year.


Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

  • Chemo Graded Nitrile Powder-free Medical Examination Gloves Market - The global chemo graded nitrile powder-free medical examination gloves market size was valued at USD 274.7 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.5% from 2023 to 2030. Chemo-graded nitrile powder-free medical examination gloves are in high demand due to the rising cancer prevalence driving chemo demand globally.

 

  • Machine Tools Market - The global machine tools market size was estimated at USD 87.94 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.7% over the forecast period. Technological advancements, such as multi-axis arms & robotics and the growth in the manufacturing industry have been contributing to the growth of industry.

 

Composite Adhesive Market Segmentation

Grand View Research has segmented the global composite adhesive market on the basis of product, application, and region:

Product Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)

  • Acrylic
  • Epoxy
  • Polyurethane
  • Cyanoacrylate
  • Others

Application Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)

  • Automotive & Transportation
  • Aerospace & Defense
  • Electrical & Electronics
  • Construction & Infrastructure
  • Others

Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)


Market Share Insights

  • December 2021: Meridian Adhesives Group announced the acquisition of American Sealants Inc., a manufacturer of assembly adhesives and sealants.

 

  • April 2021: Tesa SE announced that they will invest EUR 32 million (~USD 36.38 million) to expand the production capacity of their plant in Suzhou, China.


Key Companies profiled:

Some of the prominent players in the composite adhesive market include:

  • 3M
  • Bostik
  • Dow
  • Henkel AG & Co. KGaA
  • B. Fuller Company
  • Huntsman Corporation LLC
  • Illinois Tool Works Inc
  • Permabond LLC
  • Parker Hannifin Corp
  • Sika AG

 

Order a free sample PDF of the Composite Adhesive Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

 

Comments

Post a Comment

Popular posts from this blog

Global Para-aramid Fiber Market Key Strategies, Analysis, Technology, Trends And Opportunities 2013-2028

The global Para-aramid Fiber market was valued at $XX million in 2018, and Radiant Insights, Inc analysts predict the global market size will reach $XX million by the end of 2028, growing at a CAGR of XX% between 2018 and 2028. This report provides detailed historical analysis of global market for Para-aramid Fiber from 2013-2018, and provides extensive market forecasts from 2019-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the Para-aramid Fiber market. Leading players of Para-aramid Fiber including: • Teijin Aramid • Dupont • JSC Kamenskvolokno Download Free Sample Report @ https://www.radiantinsights.com/research/2013-2028-report-on-global-para-aramid-fiber-market/request-sample Market split by Type, can be divided into: • Para-aramid Filament • Para-aramid Staple Fiber • Para-aramid Shortcut • Para-aramid Pulp Market split by Application, can be divided into: • Rope •
Read more

Leather Chemicals Market: Upholstery Segment Is Anticipated To Witness A CAGR Of 6.5% Over The Forecast Period

  Leather Chemicals Industry Overview The global leather chemicals market size was valued at USD 7.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.6% from 2022 to 2030. The demand for the product is anticipated to be driven by increased demand for premium products. Increasing disposable income along with the rising population in developing economies is expected to boost demand for consumer products, driving the product industry. The fast-developing upholstery sector, which finds application in airplanes, furniture, and automobiles, has been a major driver of leather demand in the past and will continue to be in the future. It can be found in abundance in high-end furniture and automobiles. Upholstery is easy to maintain, long-lasting, and opulent. It is already available in small vehicle models from premium brands.  Another developing area for upholstery is airplane interiors in which high performance leather makes it a suitable choice for
Read more

Returnable Packaging Industry Forecast: 2023-2030

  Returnable Packaging Industry Data Book | Forecast 2030 Returnable Packaging Industry Data Book - Food & Beverage, Automotive, Consumer Durables and Healthcare Returnable Packaging Market The economic value generated by the returnable packaging industry was estimated at approximately USD 88.41 billion in 2022. This economic output is an amalgamation of businesses that are involved in the raw material suppliers, manufacturers of returnable packaging products, distribution & supply, and application of returnable packaging. Based on product, the market is categorized into pallets, crates, immediate bulk containers (IBCs), drums & barrels, dunnage, and others. Pallets dominated the returnable packaging market in 2022 with the highest revenue share and are expected to maintain the dominance by 2030. Materials like wood, plastics, steel, and aluminum are commonly used for manufacturing the pallets. High load handling capacity and higher handling & storage efficiencies a
Read more