According to the latest report by IMARC Group, titled “Engineering Adhesives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global engineering adhesives market size reached US$ 18.4 Billion in 2021. Engineering adhesives are binding substances applied on the surface of materials to provide high strength to construct load-bearing joints. It includes epoxy, polyurethane (PU), phenolic resins, and various acrylics, such as anaerobic, cyanoacrylate, and methacrylate. They are manufactured using fillers, plasticizers, toughening agents, surfactants, diluents, and antioxidants. Engineering adhesives are widely used to bond and seal automotive parts, office machines, medical and optical equipment, furniture, ceramics, electric appliances, and building materials. They aid in forming rigid joints that are leak-proof and shock, vibration, and corrosion-resistant. Engineering adhesives are convenient and cost-effective that can join dissimilar materials, improve stress distribution, enhance appearance, and increase design flexibility.
Engineering Adhesives Market Trends:
The increasing product utilization in the automotive industry is one of the primary factors driving the market growth. Engineering adhesives are widely used for structural bonding of drive shafts and chassis, sealing heat exchanger tubes, bonding interior trim and dashboard, sealing core plugs, and locking thread bolts, pins, and bearings due to their high-temperature resistance, excellent bond strength, and durability. In addition to this, the widespread product utilization for potting and sealing electronic components, sensors, switches, and relays in vehicles is acting as another growth-inducing factor. Furthermore, the rising adoption of engineering adhesives in the construction industry for sealing and bonding metal parts, structural glasses, ceramic tiles, construction panels, and outside doors and anchoring steel bars into concrete is providing an impetus to the market growth. Additionally, the launch of advanced engineering adhesives that are more adaptable, cure faster, produce low odor, and are suitable for smaller and more complex designs, which, in turn, improves efficiency, increases design opportunities, and aids in manufacturing better, safer, and innovative products are positively influencing the market growth. Apart from this, the introduction of bio-based product variants manufactured using vegetable oil, soya, and organic starch that are eco-friendly, bio-degradable, and reduce volatile organic compound (VOC) emissions are favoring the market growth. Other factors, including the rising product applications in wind turbine blades and commercial and military aircraft and across the marine industry for shipbuilding, maintenance, and repair, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 26.4 Billion by 2027, exhibiting a CAGR of 6.4% during 2022-2027.
- On the basis of the product, the market has been divided into epoxy, polyurethanes, cyanoacrylates, methacrylates, and others.
- Based on the application, the market has been classified into transportation, construction, electrical and electronics, energy, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being 3M Company, Arkema, Ashland, Dow Inc, Dymax Corporation, H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman Corporation, LORD Corporation (Parker Hannifin Corp), Permabond LLC and Sika AG.
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