Structural Adhesive Tape Market Overview
Structural adhesive tapes are made up of specialized adhesives which provide high strength bond between two surfaces. This tape offers high bonding strength, fast fixture, durability, impact resistance and versatility features. Structural adhesive tape offers various advantages over other alternatives such as welding, rivets and bolts as the former gives better bond strength. This tape is used in various end use industries such as aerospace and aviation, marine, automotive, construction and other industries.
Market Size and Forecast
Global structural adhesive tape market was valued at USD 9.6 Billion in 2016 and is expected to reach USD 15.3 Billion by the end of 2024. Further, the market is expected to grow at a CAGR of 7.2% over the forecast period i.e. 2017- 2024. Increasing application of structural adhesive tape in various end-use industries such as automotive and aviation and aerospace industry is anticipated to drive the global structural adhesive tape market.
In the terms of region, Asia-Pacific was held for highest market share with more than 26% in 2016, in overall structural adhesive tape market. In 2016, structural adhesive tape market in Asia-Pacific accounted for USD 2.6 Billion. Additionally, Asia Pacific structural adhesive tape market is anticipated to continue its dominance over the forecast period owing to the presence and growth of automotive sector in Asian countries. Further, automotive industries are anticipated to expand in the region due to the availability of cost effective labor. Presence of largest shipbuilding companies in South Korea, Japan and China is envisioned to bolster the growth of Asia-Pacific structural adhesive tape market during the forecast period.
North America structural adhesive tape market is expected to witness significant growth owing to the development and expansion of aviation industry in the region.
Further, global structural adhesive tape market is segmented by application into magnet bonding, metal bonding, plastic and composite bonding, concrete & tile bonding, wood bonding and leather bonding sub segments. Composite and plastic bonding was held for more than 35% market share in 2016. Rising application of plastic and composites in aerospace and automotive industries is anticipated to foster the growth of this segment during the forecast period.
Our in depth analysis of global structural adhesive tape market includes the following segments:
By Bonding Structure Type
Global structural adhesive tape market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Growth and expansion of automobile is the one of the key factors fueling the demand for structural adhesive tapes across the globe. Rising demand for low weight automobiles is fostering the growth of global structural adhesive tape market as these tapes reduce the weight of vehicles. These tapes also enhance the safety and performance of the vehicle. Additionally, government standards and regulations to increase the fuel efficiency are encouraging the use of structural adhesive tapes in automobiles. These factors are envisioned to bolster the growth of global structural adhesive tape market over the forecast period.
Increasing application of structural adhesive tape in aerospace and marine industry is expected to propel the growth of global structural adhesive tape market during the forecast period. Rise in tourism coupled with rising disposable income has been witnessed in recent years. This factor is propelling the growth of aerospace and aviation industry which is further likely to drive the market of structural adhesive tapes.
However, huge surge in raw material price and shortage of supply of raw materials is expected to hider the growth of global structural adhesive tape market.
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