Structural Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Structural Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global structural adhesives market was valued at USD 15,062.31 million in 2021 and the market is likely to grow with a CAGR of over 6.5%, during the forecast period.

The market was negatively impacted by COVID-19 in 2020. However, the market has recovered significantly in 2021, owing to rising consumption from various end-user industries such as construction, automotive, wind energy, and others.

Key Highlights
  • Over the short term, increasing investments in developing economies in Asia-Pacific, along with increasing demand from the global construction and automotive sectors.
  • However, growing environmental and health concerns are expected to hinder the growth of the studied market.
  • The construction end-user industry dominated the market, and it is expected to grow during the forecast period.
  • Growing research on underwater structural adhesives is likely to act as an opportunity in the future.
  • Asia Pacific dominated the market across the world with the largest consumption from the China.
Key Market TrendsIncreasing Demand from Construction Industry
  • In the construction sector, structural adhesives are used to bond materials such that they can withstand loads or stresses. They offer good impact resistance/fracture toughness, good structural flexibility without affecting bond strength, and others.
  • In the construction sector, structural adhesives play a key role as they provide durability to materials, such as concrete, loadbearing materials, metals such as aluminum and steel, plastics, engineered woods, etc. Apart from durability, structural adhesives are energy efficient and aesthetic in nature. They also reduce the need for maintenance. This enhances aesthetics and extends the life cycle of building facades and bridges.
  • These adhesives avoid costs that are built into typical mechanically fastened joints. They are cost-effective due to reduced material costs, the number of parts, labor costs, and process time, and are easy to apply, as they are available in a wide variety of packaging and dispensing options. Thereby, structural adhesives provide processing convenience and overall assembly cost savings.
  • Some of the other key structural adhesives used in the construction industry include acrylic structural adhesives, steel glue, anchor glue, pouring glue, carbon fiber reinforcement glue, dry-hanging adhesive, and silicone structural adhesive, and others.
  • With the growing construction activities across the world, the demand for structural adhesives is projected to increase during the forecast period. The global construction market was valued at around USD 7.2 trillion in 2021 and is likely to rise with a growth rate of 3.6% in 2022, which is likely to support the demand for structural adhesives from various construction applications.
  • The construction sector in the Asia-Pacific region is the largest in the world and is increasing at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization.​ The highest growth for housing is expected to be registered in the Asia-Pacific region, owing to the expanding housing construction markets in China and India. According to the National Bureau of Statistics of China, the output value of the construction works in the country accounted for CNY 25.92 trillion in 2021, compared to CNY 23.27 trillion in 2020, thereby, enhancing the demand for the market studied.
  • In North America, the United States has a major share in the construction industry. Apart from the United States, Canada and Mexico are also contributing significantly to the construction sector investments. According to the United States Census Bureau, the annual value for new construction put in place in the United States accounted for USD 1,626,444 million in 2021, compared to USD 1,499,570 million in 2020.
  • Some of the key companies offering structural adhesives for the construction sector are Sika AG, Henkel AG & Co. KGaA, and others.
  • Therefore, all the above-mentioned factors are likely to significantly impact the demand for the market studied.
Asia-Pacific Region to Dominate the Market
  • The Asia-Pacific region dominated the global market share. China is one of the world’s largest consumers of structural adhesives. It is one of the most prospective markets.
  • According to China’s Five-Year Plan unveiled in January 2022, the construction industry in the country is estimated to register a growth rate of approximately 6% in 2022. China plans to increase the construction of prefabricated buildings to reduce pollution and waste from construction sites.
  • Moreover, as per the National Development and Reform Commission, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion, which are estimated to be completed by 2023 and are in progress.
  • China is the largest manufacturer of automobiles in the world. In 2021, according to the OICA, the automotive production in the country reached 26.08 million, which increased by 3%, compared to 25.23 million vehicles produced in 2020. The increase in automotive production is estimated to drive the demand for structural adhesives in the country from high-end vehicle manufacturing.
  • According to the Boeing Commercial Outlook 2021-2040, in China, around 8,700 new deliveries will be made by 2040, with a market service value of USD 1,800 billion. Owing to such new deliveries in the country, the demand for the market studied is likely to rise.
  • Furthermore, as per the Stockholm International Peace Research Institute (SIPRI), China, the world’s second-largest spender, allocated an estimated USD 293 billion to its military in 2021, an increase of 4.7% compared with 2020. The 2021 Chinese budget was the first under the 14th Five-Year Plan, which runs until 2025.
  • India has a huge construction sector and is expected to become the world’s third-largest construction market by 2022. Various policies implemented by the Indian government, such as the Smart Cities project, Housing for all by 2022, etc., are expected to bring the needed impetus to the slowing construction industry.
  • For instance, in the Pradhanmantri Awas Yojana, the Indian government has decided to provide interest subvention of 3% and 4% for loans of up to INR 12 lakhs and INR 9 lakhs, respectively, for the lower strata of society, concerning buying and building homes.
  • The automotive sector and aerospace sector are other significant users of structural adhesives. According to OICA, around 4,399,112 units of vehicles were produced in 2021, which increased by 30% in comparison to 3,381,819 units manufactured in 2020.
  • Overall, all such factors are expected to affect the demand for structural adhesives in the Asia-Pacific region over the forecast period.
Competitive Landscape

The global structural adhesives market is partially fragmented in nature, with the presence of various global and domestic players across different regions. Some of the major players include Henkel AG & Co. KGaA, Sika AG, 3M, H.B. Fuller Company, and Arkema, among others.

Additional Benefits:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Increase in Investments in Developing Economies in Asia-Pacific
4.1.2 Increasing Demand from the Construction and Automotive Sectors
4.2 Restraints
4.2.1 Growing Environmental and Health Concerns
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 Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5.1 Resin Type
5.1.1 Epoxy
5.1.2 Polyurethane
5.1.3 Acrylic
5.1.4 Cyanoacrylate
5.1.5 Methyl Methacrylate
5.1.6 Other Resin Types
5.2 End-user Industry
5.2.1 Construction
5.2.2 Automotive
5.2.3 Aerospace
5.2.4 Wind Energy
5.2.5 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.3.2 North America United States Canada Mexico
5.3.3 Europe Germany United Kingdom Italy France Rest of Europe
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle-East and Africa Saudi Arabia South Africa Rest of Middle-East and Africa
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M
6.4.2 Arkema
6.4.3 Bondloc UK Ltd
6.4.4 DuPont
6.4.5 Engineered Bonding Solutions LLC
6.4.6 Forgeway Ltd
6.4.7 H.B. Fuller Company
6.4.8 Henkel AG & Co. KGaA
6.4.9 Huntsman International LLC
6.4.10 Illinois Tool Works Inc.
6.4.11 LG Chem
6.4.12 Parker Hannifin Corp
6.4.13 Sika AG
6.4.14 RS Industrial
7.1 Growing Research on Underwater Structural Adhesives

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