Structural Adhesives Market to achieve 4% growth by 2024
Date: 2018-12-06   Author: Rahul Varpe  Category: #market

Structural Adhesives Market to achieve 4% growth by 2024

Global Market Insights, Inc. adds a new Structural Adhesives Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Structural Adhesives Market size will cross USD 7 billion by 2024 according to a new research report by Global Market Insights, Inc. Applications in construction industry includes fiber composite materials, cellulose and wood materials, stone, ceramics, and glass. Rapid urbanization in the BRICS nations, coupled with escalating population will increase the housing demand, hence supporting the construction industry in the coming years. The global construction industry, led by China, India, and the U.S., was valued at over USD 8 trillion in 2015 and is expected to reach a value close to USD 17 trillion by 2024, growing at a CAGR of about 8%.

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Strict regulations pertaining to aerospace adhesives and sealants mandated by regulatory bodies such as SAE international, ASTM, ANSI, AITC, DIN, EN, and ISO characterize the global structural adhesives market. High load bearing parts and critical applications lead to stringent product norms to meet required specifications. For instance, ASTM regulation D3762 lays down the standard test method for adhesive-bonded surface durability of aluminum (Wedge Test) also known as “Boeing wedge test”, wherein the adhesion; cohesion; or adherend failure are noted down after opening the specimen after the test period. Such regulations may hamper the structural adhesives market growth in the coming years.

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.

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North America structural adhesives market is expected to contribute considerably towards the overall revenue over the forthcoming years, driven by the increase in the number of construction activities along with rapidly expanding aviation sector.  Canada and U.S. are likely to be the key regional revenue pockets.

Asia pacific holds a tremendous growth potential for structural adhesives industry, which generated nearly USD 2 billion of revenue in 2015, and forecast to grow strongly over the coming years. Favorable government policies encouraging heavy investments in the construction sector along with the large-scale presence of vehicle manufacturing units across the region will motivate market development. Japan, India, China, and South Korea are projected to drive the regional share. Thriving shipping sector across various countries of the region is expected to further contribute significantly towards structural adhesives market value.

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Market players will try to expand their product portfolio and raise their profits by focusing on product innovations, partnerships, joint ventures, and customer satisfaction. 3M Company, Panacol-Elosol GmbH, The DOW Chemical Company, Arkema S.A., LORD Corporation, Ashland Incorporation, Parson Adhesives Incorporation, Permabond, SIKA AG, Scott Bader Company, Illinois Tool Works Company, L&L Products, Henkel AG & Company KGaA, Elantas GmbH, Master Bond Incorporation, and Hubei Huitian Adhesive Enterprise Company Limited are the key participants of structural adhesives market.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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