Composite Adhesives Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.43 Billion |
| Market Size (2029) | USD 5.96 Billion |
| CAGR (2024 - 2029) | 6.12 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Composite Adhesives Market Analysis
The Composite Adhesives Market size is estimated at USD 4.43 billion in 2024, and is expected to reach USD 5.96 billion by 2029, growing at a CAGR of 6.12% during the forecast period (2024-2029).
The COVID-19 epidemic had a negative impact on the composite adhesives market. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. However, the business has been recovering since 2021 and is expected to rise significantly in the coming years.
- The growth of the market is due to the increasing demand for adhesives over conventional binding techniques in various end-user industries.
- On the flip side, the slowdown in global automotive production is hindering the growth of the market.
- In the construction, automotive, and transportation industries, there is a growing demand for lightweight components with high mechanical strength. Composite adhesives have emerged as a pivotal solution to this demand. The surge in demand for green and sustainable adhesives is expected to provide substantial growth opportunities in the future.
- Asia-Pacific is projected to be the largest and the fastest-growing market owing to the increasing consumption from major countries such as China, India, and Japan.
Composite Adhesives Market Trends
The Demand for Epoxy Resin is Increasing
- Epoxy resin-based composite adhesives are primarily used in load-bearing scenarios, leveraging their high specific strength and robust mechanical properties.
- Given these attributes, epoxy composite adhesives are extensively used in industrial, commercial, and residential settings, from shopping malls and hospitals to institutions and industrial structures.
- They excel in bonding concrete to various materials, from wood and metal to rubber, and are a staple in public infrastructure projects. Moreover, they are crucial in bonding steel reinforcement and carbon laminates, particularly for columns and slabs.
- The epoxy bonding landscape is divided into two main categories: single-part and two-part epoxies. Single-part epoxies come pre-mixed and necessitate high-temperature curing, while their two-part counterparts involve a resin-hardener mix and can cure at ambient temperatures.
- Recent developments in epoxy resin are expected to boost market demand further. For instance, in May 2023, Mitsui Chemicals Inc. secured certification for its epoxy resins, a crucial segment of the biomass phenol chain. This certification comes from the esteemed International Sustainability and Carbon Certification (ISCC) PLUS system, renowned for validating sustainable products.
- In March 2024, Grasim Industries Limited, the flagship company of the Aditya Birla Group, recently unveiled a significant expansion in its Chemical business. The project, located in Vilayat, Gujarat, has added 123,000 tonnes to its Epoxy resins and formulation capacity. This move effectively doubles the company's Advanced Materials capacity to 246,000 tonnes annually.
- Hence, owing to its significant use in the construction industry, the demand for composite adhesives is expected to increase during the forecast period.
Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific emerges as the frontrunner in this market, propelled by escalating demands in its electronics, construction, and automotive industries, particularly in nations like China, India, and Japan. This surge in demand is notably boosting the consumption of composite adhesives in the region.
- The Asia-Oceania region emerged as the frontrunner in vehicle production, churning out 55.11 million units in 2023, a 10.18% increase from the 50.02 million units in 2022. Automotive powerhouses like China, Japan, South Korea, and India primarily spearhead this region's production.
- According to the latest data released by the China Association of Automobile Manufacturers (CAAM), car production in the country exceeded 30.16 million units in 2023, an 11.6% increase compared to the previous year. A total of 30.09 million passenger cars were sold in the country in 2023, a 12% increase compared to the previous year.
- India is recorded as the world's third-largest construction market. Driven by initiatives like the Smart Cities project and Housing for All, the Indian government is propelling the construction industry forward. To provide housing for its population of 1.3 billion, the government has been actively boosting housing construction.
- In the FY 2024 budget, the finance minister announced a commitment to support the construction of more than 20 million houses over the next five years under the Pradhan Mantri Awas Yojana (PMAY).
- As of January 2024, the Australian government crafted a 10-year National Housing and Homelessness Plan to enhance housing accessibility for Australians. Under this plan, the Housing Australia Future Fund (HAFF) plans to construct 30,000 new social and affordable housing units in its initial five years, funded by returns on investments.
- In March 2024, the Authority for the Nusantara Capital City (OIKN) announced plans to begin constructing 70 residential towers in Indonesia's upcoming capital. The completion target is set for 2025 or 2026.
- Consequently, as demand surges across these industries, the Asia-Pacific region is poised for substantial growth in the coming years.
Composite Adhesives Industry Overview
The composite adhesives market is partially fragmented. Some key players (not in any particular order) include 3M, Arkema Group, H.B. Fuller Company, Sika AG, and Henkel AG & Co. KGaA.
Composite Adhesives Market Leaders
-
3M
-
H.B. Fuller Company
-
Sika AG
-
Henkel AG & Co. KGaA
-
Arkema Group
*Disclaimer: Major Players sorted in no particular order
Composite Adhesives Market News
The recent developments pertaining to the major players in the market are being covered in the complete study.
Composite Adhesives Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increasing Demand for Adhesives over Conventional Binding Techniques
- 4.1.2 Other Drivers
-
4.2 Restraints
- 4.2.1 Slowdown in Global Automotive Production
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
-
5.1 Resin Type
- 5.1.1 Epoxy
- 5.1.2 Polyurethane
- 5.1.3 Acrylic
- 5.1.4 Cyanoacrylate
- 5.1.5 Other Resin Types
-
5.2 End-user Industry
- 5.2.1 Building and Construction
- 5.2.2 Electrical and Electronics
- 5.2.3 Energy
- 5.2.4 Automotive and Transportation
- 5.2.5 Healthcare
- 5.2.6 Other End-user Industries
-
5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Malaysia
- 5.3.1.6 Thailand
- 5.3.1.7 Indonesia
- 5.3.1.8 Vietnam
- 5.3.1.9 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Spain
- 5.3.3.6 NORDIC Countries
- 5.3.3.7 Turkey
- 5.3.3.8 Russia
- 5.3.3.9 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Colombia
- 5.3.4.4 Rest of South America
- 5.3.5 Middle East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Nigeria
- 5.3.5.4 Qatar
- 5.3.5.5 Egypt
- 5.3.5.6 United Arab Emirates
- 5.3.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
-
6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 Arkema Group
- 6.4.3 H.B. Fuller Company
- 6.4.4 Henkel AG & Co. KGaA
- 6.4.5 Master Bond Inc.
- 6.4.6 Parker Hannifin Corp (Lord Corporation)
- 6.4.7 Parsons Corporation
- 6.4.8 Permabond LLC
- 6.4.9 Pidilite Industries Ltd
- 6.4.10 Sika AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Green and Sustainable Adhesives Witness a Surge in Demand
Composite Adhesives Industry Segmentation
These are high-performance adhesives for the assembly of composite products. Modern adhesive formulations offer cutting-edge solutions for bonding fiber composites to various substrates. These versatile adhesives come in liquid, paste, and film forms, catering to the diverse needs of composite bonding. Crafted for superior mechanical strength, they excel even in extreme conditions.
The composite adhesives market is segmented by resin type, end-user industry, and geography. By resin type, the market is segmented into epoxy, polyurethane, acrylic, cyanoacrylate, and other resin types. By end-user industry, the market is segmented into building and construction, electrical and electronics, energy, automotive and transportation, healthcare, and other end-user industries. The report also covers the market size and forecasts for the composite adhesives market for 27 major countries. For each segment, the market sizing and forecasts are done in terms of value (USD).
| Resin Type | Epoxy | |
| Polyurethane | ||
| Acrylic | ||
| Cyanoacrylate | ||
| Other Resin Types | ||
| End-user Industry | Building and Construction | |
| Electrical and Electronics | ||
| Energy | ||
| Automotive and Transportation | ||
| Healthcare | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Malaysia | ||
| Thailand | ||
| Indonesia | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Spain | ||
| NORDIC Countries | ||
| Turkey | ||
| Russia | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Colombia | ||
| Rest of South America | ||
| Geography | Middle East and Africa | Saudi Arabia |
| South Africa | ||
| Nigeria | ||
| Qatar | ||
| Egypt | ||
| United Arab Emirates | ||
| Rest of Middle East and Africa |
Composite Adhesives Market Research FAQs
How big is the Composite Adhesives Market?
The Composite Adhesives Market size is expected to reach USD 4.43 billion in 2024 and grow at a CAGR of 6.12% to reach USD 5.96 billion by 2029.
What is the current Composite Adhesives Market size?
In 2024, the Composite Adhesives Market size is expected to reach USD 4.43 billion.
Who are the key players in Composite Adhesives Market?
3M, H.B. Fuller Company, Sika AG, Henkel AG & Co. KGaA and Arkema Group are the major companies operating in the Composite Adhesives Market.
Which is the fastest growing region in Composite Adhesives Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Composite Adhesives Market?
In 2024, the Asia Pacific accounts for the largest market share in Composite Adhesives Market.
What years does this Composite Adhesives Market cover, and what was the market size in 2023?
In 2023, the Composite Adhesives Market size was estimated at USD 4.16 billion. The report covers the Composite Adhesives Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Composite Adhesives Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Composite Adhesives Industry Report
Statistics for the 2024 Composite Adhesives market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Composite Adhesives analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
