Selbyville, Delaware, United States, October 13 2020 (Wiredrelease) Global Market Insights, Inc –:With weight reduction and lower manufacturing costs gaining traction, stakeholders are expected to boost composite adhesives market revenue. Tremendous adhesion to materials with various physical and chemical properties has spurred the importance of composite adhesives. Adhesives have become a pivotal part of several advanced composites projects and are being favored in a slew of end-use applications, including construction, aerospace and automotive.
Of late, demand for high performance lightweight composites based has surged in recent years and leading companies are exploiting a slew of established components and structures in applications, including automotive and aerospace.
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Global Market Insights, Inc., has projected composites adhesives market size to exceed US$ 2 billion by 2024.
Industry trends and dynamics which are expected to boost the business strategies are delineated below:
Trend in epoxy composite adhesives
Enabling greater versatility in formulation, epoxy adhesives are boosting trend for they provide resistance to thermal cycling, mechanical shock resistance, electrical insulation, cyrogenic shock resistance, resistance to chemicals and low shrinkage.
Strong demand for epoxy based composite adhesives in aerospace, automotive and marine industries is likely to bolster composite adhesives market outlook. Epoxy composite adhesives segment is expected to grow at a robust CAGR of over 5.5% through 2024. When it comes to high-strength bonding of various material combinations for filling large gaps and damaged areas, end-markets tend to prefer epoxy resin adhesives.
An uptick in the industrial use of epoxy will potentially enthuse confidence among stakeholders, while acrylic-based composite adhesives are likely to receive substantial gain. Acrylic composite adhesives tend to provide substrates with better adhesion and blocking, stain protection, better cracking, resistance to alkali cleaners and blistering resistance.
Growth opportunities in North America
Notable growth opportunities will potentially be witnessed in North America and Europe following the expanding footprint of automotive, construction and aviation industries in the regions. For instance, automotive agencies such as AAPC and FMVSS have put forth manufacturing standard operation process (SOP) for industry participants aimed at reducing automotive weight to curb emissions and boost fuel efficiency.
With trend for renewable and green energy becoming more palpable in automotive and aviation industries, North America composite adhesives market is projected to gain substantial ground in the next four years.
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Expanding penetration of one component composite adhesives will further the composite adhesives market value given that these adhesives are increasingly efficient vis-à-vis two component adhesives. One component composite adhesives segment is likely to exceed US$800 million by 2024.
Leading companies may grapple with fluctuating raw material price and high cost of adhesives which may derail the market size expansion.
Composite adhesive solutions for automotive, construction and aerospace industries will hover around epoxy-based and cyanoacrylate-based composite adhesives. Key industry players are likely to adopt strategic business approaches, including mergers and acquisitions and production roll outs. Some of the leading market players profiled in the report are Permabond, 3M, DYMAX, Hexcel, Sika AG and Bostik.
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