The aerospace adhesives market is estimated to garner a sizeable revenue by growing at a noteworthy CAGR over the forecast period, i.e., 2021 – 2030. The growth of the market can be attributed to factors such as the growing usage of composites to manufacture aircrafts, rising demand for aerospace sealants and adhesives in developing countries and increasing number of air passengers worldwide. According to the World Bank, the total number of air passengers increased significantly within the span of two years, i.e., 2017-2019. The total number was calculated to be 3.974 billion in the former and 4.397 billion people in the latter year. Apart from these, extensive research and development to develop more effective aerospace adhesives is also expected to boost market growth in the upcoming years. Additionally, the emergence of middle-class populations in progressing nations, namely India, China and Brazil, is projected to offer ample growth opportunities to the market in the future.
The market is segmented by resin type into epoxy, silicone, polyurethane, and others, out of which, the epoxy segment is anticipated to witness highest growth in the aerospace adhesives market during the forecast period on account of distinguished chemical properties, unique combination of adhesion and notable physical characteristics of epoxy. In addition, escalating demand for these resins in military and commercial applications is also assessed to drive market growth in the near future. Furthermore, on the basis of end use, the commercial segment is predicted to gather the largest market share over the forecast period owing to the increasing demand for air travel and rising passenger strength in emerging economies. Another report by the World Bank states that has only observed a hike since 2012 to 2019. The total air traffic in the country in 2019 accounted to be 167,499,116 people. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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:
Our in-depth analysis of the aerospace adhesives market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major market growth drivers are increasing use of composites to manufacture aircrafts and growing demand for aerospace adhesives in developing nations.
The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021 – 2030.
Poor performance of aerospace adhesives in low temperature environment is estimated to hamper the market growth.
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.
The major players in the market are 3M Company, Henkel AG & Co. KGaA, Cytec Solvay Group, Hexcel Corporation, Huntsman International LLC, and others.
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.
The market is segmented by technology, resin type, end user, and by region.
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.
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