Aerospace Adhesives Market - Segmented by Technology, Resin Type, Function, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global aerospace adhesives market was valued at USD 632.87 million in 2017. The market is expected to register a CAGR of 4.69% during the forecast period, 2018 to 2023. North America accounted for the largest share, accounting for around 40% of the global market in 2017.
Rising Demand for Aircraft in Middle-East and Asia-Pacific
Growth in the total demand for commercial aircraft is expected to increase over the next few years with stable GDP growth, and strong passenger travel demand in the Middle East and Asia-Pacific regions. Increasing air traffic across ASEAN countries is also likely to spur the demand for commercial aircraft, which can be attributed to increasing focus on tourism and travel and low airfares. The air travel demand growth is expected to be around 5.7% in China and India and more than 6.4% in Middle East over the next few years. Liberalization has encouraged traffic growth by removing constraints, such as pricing, route entry, and airline cooperative agreements. Open Skies Agreement is helping to extend liberalization in the commercial airline industry. This increase in air traffic and production expansion by global manufacturers in the region will likely augment the growth of the aerospace adhesives market during the forecast period.
Water-borne - The Dominant Technology
Water-borne adhesives use water as a carrier or diluting medium to disperse a resin. They are set by allowing the water to evaporate or be absorbed by the substrate. These adhesives are compounded with water as a diluent rather than a volatile organic solvent, and they can be considered as low VOC adhesives. Water-borne adhesives are increasingly becoming an integral part of various end-user industries, owing to their eco-friendly and low-toxic nature, high solid content, and high initial adhesion properties. The usage of these water-borne adhesives in the aerospace industry is limited. The manufacturing companies are trying to shift toward water-borne adhesives with low volatile organic contents (VOCs) by using water as the primary solvent or dispersion medium or actual water-based primers where the organic solvent content is zero.
North America to Dominate the Market Growth
North America is the largest market for aerospace adhesives, accounting for almost 40% of the global market. The United States is the largest aerospace industry around the world with robust increase expected in the total commercial fleet of airlines as well as the export of aerospace products. The US aerospace sector is the largest in the world with a gross output value of USD 123.52 billion as per 2016, according to the US Bureau of Economic Analysis (BEA). According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037 from 7,039 in 2016, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at the rate of 54 aircraft per year due to the existing fleet getting older. The booming manufacturing of commercial and passenger aircraft and the consistently growing export of aircraft parts are expected to boost the demand for aerospace adhesives in the United States in the coming years.
Key Developments in the Market
- January 2018- Solvay and Boeing signed materials supply agreement for the 777X program.
- November 2017- Bostik, the Specialty Adhesives business line of Arkema, continues to expand its manufacturing capacities with the opening of a new facility in Gujarat, India.
- November 2017- H.B. Fuller announced agreement to acquire Royal Adhesives & Sealants.
- October 2017- Hexcel Corporation announced the completion of acquisition of Structil SA, a French producer and supplier of high-performance composites to the aerospace, defense and industrial markets.
Major Players - Henkel AG & Co. KGaA, Cytec Solvay Group, 3M, Hexcel Corporation, and Huntsman International LLC, among others.
Reasons to Purchase the Report
- How the growing demand for aircraft in Asia-Pacific & Middle-East will drive the market
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Which resin type and technology is expected to dominate the market
- Which region is expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in Excel)
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