ALBANY, New York, March 25, 2019
ALBANY, New York, March 25, 2019 /PRNewswire/ -- The global structural adhesives market consists of a few global and local players. The market is considerably fragmented says Transparency Market Research (TMR) in a report. The global structural adhesives market share is evenly categorized among a few major companies. There are some noteworthy players heading the global structural adhesives market to deliver quality products to end-users. The most important enterprises operating in the global structural adhesives market are MAPEI S.p.A, Scott Bader Company Ltd., Permabond LLC, Hubei Huitian new materials stock Co., Ltd., and MASTER BOND.
As said in the report of TMR, the global structural adhesives market was valued at US$9,419.4 Mn in 2017. It is projected to achieve US$16,962.1 Mn by 2026 by stretching out at a CAGR of 6.98% for the duration of 2018 to 2026. Based on type, the structural adhesives market is categorized into epoxy, polyurethane, acrylic, methyl methacrylate, and cyanoacrylate. Polyurethane dominated the global structural adhesives market in past few years, due to a flexible nature of polyurethane-based adhesives and their extensive application in panel bonding.
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Geographically, Asia Pacific accounts for the largest market share owing to rapid industrialization and growing demand from construction and furniture industries. China, India, Thailand and Indonesia are the fastest growing regions of global structural adhesives market. This is mainly due to government tax incentives, subsidies provided, and easy availability of raw material and labor. North America is expected to witness a steady growth due to slow growth of industries post-recession. Moreover, an increase in consumer spending particularly in U.S. that will drive the demand of structural adhesives market.
Growth in Infrastructure is Factoring the Global Structural Adhesives Market
Growth in infrastructure and increasing government spending in construction and commercial buildings is expected to drive the demand for structural adhesives in the construction sector. Moreover, changing trends in furniture designs are likely to boost the demand for structural adhesives market further.
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In recent years, the use of advanced adhesive technologies has become prominent in the construction sector. Development of processes and technologies for easy heal, recycle, and self-heal of the bonded structure is also gaining traction globally with a rise in modern infrastructure.
The demand for polyurethane adhesive is growing owing to the increasing demand for bonding of sheet molding compounds, plastics, and cryogenic application. Meanwhile, the growth in marine and transportation industry is driving the demand for structural adhesives market. The structural adhesives sale in the transportation industry is likely to increase owing to its ability to reduce weight, enhance composites structural integrity, and increasing fuel efficiency.
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Stringent Environmental Regulations by Governments is Hampering the Market
Stringent environmental regulations by governments are likely to hamper the growth of structural adhesives market. There has been a rise in standards related to the volatile organic compounds VOC emission and solvent-based formulations. Owing to the harmful effects of VOC, countries including Canada, the US, and European Union have imposed strict regulations on VOC emissions.
Regulations on the solvent-based adhesives including VOC are driving the demand for structural adhesives market. This has also led to the increase in the development of new structural adhesives using eco-friendly formulations.
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This review is based on Transparency Market Research's report, titled "Structural Adhesives Market (Type - Epoxy, Acrylic, Urethane, Cyanoacrylate; End use Industry - Automotive, Aerospace, Marine, Building and Construction, Wind Energy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
The global structural adhesives market is segmented as follows:
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