As per the latest survey by Future Markets Insights (FMI), the global structural adhesives market is estimated to top U.S.$11.6 billion in 2022. Increasing applications of structural adhesives in lamination, flooring, roofing, and coating across the construction sector are fueling the demand in the market.

Moreover, the demand for fuel-efficient and electric vehicles (EVs) is rapidly increasing across the world with increasing fuel costs. As a result, automotive manufacturers are emphasizing on using lightweight materials — such as adhesives, composites, plastics, and others to enhance the fuel efficiency of vehicles. This market is anticipated to reach U.S.$16.1 billion by 2028.

As structural adhesives play a crucial role in bonding substrate materials, including plastic and composites, increasing demand for lightweight materials within the automotive sector is projected to bolster the growth in the market. Driven by this, sales of structural adhesives are anticipated to rise at 5.6% CAGR between 2022 and 2028.

Further, the growing use of adhesives for structural bonding applications across the aerospace industry — owing to their outstanding performance qualities such as high heat resistance, impact-absorbing capacity, load-bearing capacity, and others — is propelling the demand in the market.

This has assisted the market to account for around 18% of the total adhesives and sealants sales in 2021.

Based on product type, the epoxy-based structural adhesives segment is projected to account for a significant share in the market through 2028. High flexibility, resistance to water, oil, and chemicals, and inertness compared to others adhesives are primary factors driving the growth in the segment.

“Increasing government emphasis for promoting the adoption of EVs and increasing number of massive renewable energy generation projects across developing economies are expected to augment the growth in the market,” shared an analyst with FMI.

Understanding structural adhesives
Structural adhesives have been gaining popularity in recent times, and this is expected to create significant demand for them over the next few years. The scope of application of structural adhesives has increased exponentially, and this has also contributed to an increase in demand.

Structural adhesives have astonishingly optimal performance qualities such as high strength, load-bearing capacity, high heat resistance, etc., which make them an excellent choice for use across multiple industry verticals. Increasing demand for EVs, changing government regulations, rising demand for construction, and rapid infrastructure development are some of the major factors that are driving demand for structural adhesives.

Structural adhesives for metals have different properties than those required for other composites; hence; the different nature of these adhesives acts as a restraining factor for market growth. Structural adhesives for automotive applications are expected to see major rise in demand over the forecast period.

Overall, demand for structural adhesives is anticipated to rise at a CAGR of around 5.6% through 2028.

Key drivers

• Increasing use of structural adhesives for fabrication of automotive components such as doors, body panels, dashboard, and glass attachments are propelling the demand across the automotive industry.
• Growing number of infrastructure development activities such as airports, hotels, resorts, residential buildings, and others are favoring the growth across the construction sector.

Key takeaways

• The U.S. is estimated to account for the largest share in North America market, owing to increasing adoption of structural adhesives across the construction sector.
• Europe is expected to hold nearly 26% of the overall sales through 2028, favored by surging demand for electric vehicles in Germany and the U.K.
• China is projected to emerge as the most attractive structural adhesives market in East Asia, accounting for around 27% of the total sales over the assessment period.
• India is forecast to register swift growth in South Asia market, on the back of growing customer inclination towards fuel-efficient vehicles in the country.
• On the basis of product type, polyurethane is anticipated to remain the most sought-after adhesive, accounting for nearly 55% overall share between 2022 and 2028.

A few of the key players include:

• 3M Company
• Sika AG
• Henkel AG & Co. KGaA
• The Dow Chemical Company
• H.B.Fuller
• Scott Bader Co.
• Uniseal Inc.
• Huntsman Corporation
• Ashland Inc.
• Lord Corporation