Composite Adhesive Market to Witness Growth at 4.7% CAGR During the Forecast Period 2022-2030

 Composite Adhesive Industry Overview

The global composite adhesive market size was valued at USD 3.35 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. The penetration of lightweight composites in different industries like aerospace & defense, electric vehicles (EVs), sports, and others is expected to propel the demand for the product during the forecast period.

Owing to the surge in the demand for EVs, key automotive players are investing to set up new manufacturing plants across the world. For instance, in January 2022, an announcement regarding the construction of a new EV plant in Hubei Province, China by Dongfeng Honda Automobile Co Ltd was made. The production is anticipated to start in 2024 and its annual production capacity is expected to be 120,000 units.

Gather more insights about the market drivers, restrains and growth of the Global Composite Adhesive Market

The U.S. was the largest market for composite adhesives in North America in 2021 and this trend is anticipated to continue during the forecast period. Composites are extensively used in the production of automotive and aerospace components owing to their lightweight nature. The country is taking initiatives to boost domestic manufacturing, which is anticipated to augment the production of composites and demand for adhesives over the coming years.

Although the country is witnessing a decline in automobile production, the rise in the production of EVs is expected to positively impact the demand for composite adhesives. For instance, in December 2021, Rivian Automotive Inc announced to build of a USD 5 billion plant in Georgia, the U.S. for manufacturing EVs. The plant is scheduled to open in 2024 and will manufacture 400,000 vehicles a year. Furthermore, growth in the U.S. construction industry is stimulating the demand for composite adhesives.

For instance, in October 2021, Scott Bader Company Ltd invested USD 16 million to set up a new production site in North Carolina. The new state-of-the-art facility will produce adhesives and gel coats for the construction industry. The U.S. has recovered from the economic contraction in 2020 caused by the COVID-19 pandemic. The economy expanded by 6.9% in Q4 2021, on a year-on-year basis. The growth was attributed to the goods and services produced in the U.S., which increased 5.7% year on year.

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Composite Adhesive Market Segmentation

Grand View Research has segmented the global composite adhesive market on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)
    • Acrylic
    • Epoxy
    • Polyurethane
    • Cyanoacrylate
    • Others
  • Application Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)
    • Automotive & Transportation
    • Aerospace & Defense
    • Electrical & Electronics
    • Construction & Infrastructure
    • Others
  • Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)
    • North America
    • Europe
    • Asia Pacific
    • Central & South America
    • Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Composite Adhesive market include

  • 3M
  • Bostik
  • Dow
  • Henkel AG & Co. KGaA
  • H.B. Fuller Company
  • Huntsman Corporation LLC
  • Illinois Tool Works Inc
  • Permabond LLC
  • Parker Hannifin Corp
  • Sika AG

Order a free sample PDF of the Composite Adhesive Market Intelligence Study, published by Grand View Research.

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