High strength and resistance to chemicals and weather are some of the major factors propelling the need for structural adhesives in infrastructure development activities. These bonding materials are utilized for repair and construction work in different infrastructure settings, such as buildings, bridges, railways, and roads. Not just the infrastructure but the transportation sector is also increasingly using structural adhesives, and both sectors have reduced the consumption of fasteners and other weaker adhesives. Additionally, the low cost, environment-friendliness, better aesthetics, and low weight of these adhesives are also contributing toward their booming popularity across the globe.
Furthermore, this adhesive acts as a natural watertight barrier and provides a protective barrier between potentially corrosive metals. Unlike the traditional fasteners, such as nuts and bolts, which add additional cost and weight to vehicles, structural adhesives help automakers manufacture lightweight vehicles, which are experiencing a sharp surge in demand, owing to their greater fuel efficiency than heavier automobiles. These factors are supporting the expansion of the structural adhesive market, which is expected to reach $15,683.0 million revenue by 2024 while exhibiting a CAGR of 5.2% in the coming years.
The structural adhesive market is segmented based on type and the acrylic category contributed the highest revenue in 2018. When compared to other structural adhesives, acrylic variants provide high strength that permits the formulation to bond with metals and plastics in different applications, such as footwear, woodworking, and building & construction. Another vital segmentation of this market is based on technology and the water-based category generated the highest revenue earlier, under this segment, and it is anticipated to hold the largest share by 2024. This growth is attributed to the fact that water-based adhesives produce less or negligible volatile organic compound (VOC) emissions.
Globally, it was APAC that witnessed the highest demand for structural adhesives in the years gone by, and it is expected to demonstrate the fastest growth in the forthcoming years. This growth is primarily attributed to the growing construction sector due to the soaring infrastructure investments. In addition, the usage of such adhesives for bonding plastics, metals, and ceramics is surging in the manufacturing, packaging, and automotive industries. According to the market research company P&S Intelligence, China is expected to dominate the APAC structural adhesives market by 2024 by generating a revenue of around $4,267.1 million.
Thus, the increasing infrastructure development and construction activities are driving the demand for structural adhesives all over the globe.