The global aerospace adhesives and sealants market size is expected to reach U.S.$1.8 billion by 2027, expanding at a CAGR of 5.7%, according to a new report by Grand View Research, Inc. Investments in new production facilities by aerospace Original Equipment Manufacturers (OEMs) is likely to propel market growth over the long term.
Adhesives for high-temperature applications are projected to provide numerous opportunities for market vendors. Some epoxy-based adhesives can be used at high-temperature applications.
Manufacturers are focussed on the development of new products which can sustain their properties at high temperature. Properties such as impact and vibration resistance, and thermal contraction, and expansion are considered for the development of such products.
Key suggestions from the report:
- In terms of volume, epoxy resin in the market for adhesives accounted for volume of 155.5 kilotons in 2019. The key driving factor for the growth of this segment is rising penetration of product and expansion of manufacturing facilities and new assembly lines
- The commercial aircraft segment accounted for revenue share of 51.1% in 2019 in the market for adhesives and is likely to observe lucrative growth on account of rising travel demand and growth of low cost carriers in emerging countries
- In terms of volume, the military aircraft segment in the market for sealants is projected to witness growth rate of 3.9% from 2020 to 2027. The key attributing factor for growth of the segment is increasing defense spending in U.S., China, and India
- North America was the largest region in 2019 and held volume share of 37.9% in 2019.
Recently, Airbus announced the completion of commercial aircraft assembly line in Alabama, U.S. This production line is expected to deliver A220-300 and A220-100 models of Airbus aircraft. The expansion of this production facility is further projected to strengthen the company’s footprint in the U.S. market.
This is likely to assist in demand for adhesive and sealant products, as these products have a key role in bonding various substrates during assembly.
However, the global COVID-19 outbreak is projected to create a critical impact on the market for the short term. Governments in various countries have temporarily closed various non-essential businesses, including aerospace and other manufacturing companies. Airbus and Boing, leading aerospace manufacturers also observed temporary closure at their manufacturing facilities.
Aerospace companies are focused on the development of fuel-efficient aircraft as increase in air travel demand has resulted in rising carbon emissions. Several companies are working on the development of electric propulsion systems which is further projected to decrease the costs and reduce emissions.
Replacement of old aircraft models with new fuel-efficient models is anticipated to assist in the demand for adhesive and sealant products due to an increase in manufacturing.
Grand View Research is a U.S.-based market research and consulting company.