On the basis of geographical analysis, the aerospace adhesives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing air traffic in countries such as China, India, South Korea and Japan as a result of affordable fares provided by low-cost airlines and increasing production of aircrafts. For instance, China is world’s second largest air travel market in the world. The total air freight traffic in the country was evaluated to be more than 26 billion ton kilometers in 2020. Moreover, North America is predicted to acquire the largest market share throughout the forecast period, which can be credited to the presence of a large aerospace sector in the United States, flourishing manufacture of passenger and commercial aircrafts and growing exports of aerospace components in the region.
The aerospace adhesives market is further classified on the basis of region as follows:
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the aerospace adhesives market includes the following segments:
By Resin Type
By End User
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major market growth drivers are increasing use of composites to manufacture aircrafts and growing demand for aerospace adhesives in developing nations.
Ans: The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021 – 2030.
Ans: Poor performance of aerospace adhesives in low temperature environment is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities to the market owing to the increasing air traffic in countries such as China, India, South Korea and Japan.
Ans: The major players in the market are 3M Company, Henkel AG & Co. KGaA, Cytec Solvay Group, Hexcel Corporation, Huntsman International LLC, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by technology, resin type, end user, and by region.
Ans: The commercial segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.