Composite Adhesive Market Size to Surpass USD 6.14 Bn by 2033

Prathamesh

1 month ago

The global composite adhesive market size surpassed USD 3.68 billion in 2023 and is anticipated to be worth around USD 6.14 billion by 2033, growing at a CAGR of 5.26% from 2024 to 2033.

Key Points

Asia-Pacific dominated the market with the largest market share of 49% in 2023.
North America is expected to be the fastest-growing region over the projected period.
By product, the epoxy segment has contributed more than 37% of market share in 2023.
By product, the polyurethane segment is expected to witness significant growth over the forecast period.
By application, the aerospace and defense segment has held the largest market share of 19% in 2023.
The automotive segment is likely to grow significantly in the upcoming years.

Composite Adhesive Market Size 2024 to 2033

The composite adhesive market is a vital sector within the broader adhesive industry, characterized by its use in bonding composite materials together. Composite materials, consisting of two or more constituent materials with significantly different physical or chemical properties, are increasingly prevalent in various industries due to their lightweight, high strength, and corrosion resistance. Composite adhesives play a crucial role in ensuring the integrity and performance of composite structures across applications such as aerospace, automotive, construction, marine, and wind energy. As demand for lightweight and durable materials continues to rise, the composite adhesive market is poised for significant growth.

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Growth Factors:

Several factors are driving the growth of the composite adhesive market. Firstly, the increasing demand for lightweight materials in industries such as aerospace and automotive is fueling the adoption of composite materials, consequently boosting the demand for composite adhesives. Additionally, stringent environmental regulations promoting the use of eco-friendly and sustainable bonding solutions are driving the development of innovative composite adhesives with low volatile organic compound (VOC) emissions. Moreover, advancements in adhesive technologies, such as improved bonding strength, durability, and cure times, are expanding the application scope of composite adhesives, further stimulating market growth.

Region Insights:

The composite adhesive market exhibits a global presence, with key regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe are significant markets owing to the presence of established aerospace and automotive industries, which are prominent users of composite materials and adhesives. In the Asia Pacific region, rapid industrialization, infrastructure development, and increasing investments in renewable energy projects are driving the demand for composite adhesives. Additionally, emerging economies in Latin America and the Middle East and Africa are witnessing growing adoption of composite materials, contributing to market expansion in these regions.

Composite Adhesive Market Scope

Report Coverage	Details
Growth Rate from 2024 to 2033	CAGR of 5.26%
Global Market Size in 2023	USD 3.68 Billion
Global Market Size by 2033	USD 6.14 Billion
Largest Market	Asia Pacific
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	By Product and By Applications
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Composite Adhesive Market Dynamics

Drivers:

Several drivers are propelling the growth of the composite adhesive market. One key driver is the increasing emphasis on fuel efficiency and sustainability in the transportation sector, leading to the widespread adoption of lightweight composite materials and adhesives in automotive and aerospace applications. Additionally, growing infrastructure development activities worldwide are creating demand for composite materials in construction, further boosting the market for composite adhesives. Moreover, advancements in adhesive formulations and manufacturing processes, coupled with rising research and development initiatives, are driving innovation and enhancing the performance of composite adhesives, thereby stimulating market growth.

Opportunities:

The composite adhesive market presents various opportunities for manufacturers, suppliers, and other stakeholders. With the expanding application scope of composite materials across industries such as renewable energy, electronics, and sports equipment, there is a growing need for specialized adhesive solutions tailored to specific requirements. Furthermore, the increasing focus on lightweighting and material efficiency in consumer products, coupled with the rising trend of electric vehicles, creates opportunities for the development of high-performance composite adhesives. Additionally, strategic collaborations, partnerships, and investments in research and development can facilitate the introduction of innovative adhesive technologies and expand market presence.

Challenges:

Despite the favorable growth prospects, the composite adhesive market faces certain challenges that need to be addressed. One challenge is the high initial cost associated with composite materials and advanced adhesive formulations, which may hinder adoption, especially in cost-sensitive industries. Moreover, ensuring compatibility and bonding performance across diverse composite materials and substrates poses a technical challenge for adhesive manufacturers. Additionally, stringent regulatory requirements and standards governing the use of adhesives in safety-critical applications, such as aerospace and automotive, necessitate compliance and certification, adding complexity to the market landscape. Furthermore, fluctuating raw material prices and supply chain disruptions can impact the profitability and stability of composite adhesive manufacturers, highlighting the importance of effective risk management strategies.

Recent Developments

In February 2023, Henkel AG & Co. KGaA announced a collaboration with the International Centre for Industrial Transformation’s participation program. The business’s adhesive technologies business department wants to employ INCIT’s tools and frameworks to accelerate its processes’ digital transformation by joining INCIT’s partner network.
In March 2022, 3M, a diversified technology business, introduced their new Scotch-Weld Multi-Material Composite Urethane Adhesive DP6310NS. This glue is intended to attach a variety of composite components and has good impact resistance and durability.
In February 2022, Arkema completed its acquisition of Ashland’s Performance Adhesives division. Structural adhesives are among the products available in this area. The acquisition was worth USD 1.65 billion. The acquisition bolstered Arkema’s Adhesive Solutions sector and was in line with the company’s objective of becoming a pure specialty material provider by 2024.