According to a new study by Global Market Insights Inc., the market value of the global synthetic adhesives market is expected to exceed $2 billion by 2024.
Adhesives are increasingly used in the automotive, marine, construction, and aerospace industries to replace traditional bonding techniques such as screws, fasteners, and weldments, and the market is expanding. Its popularity in different fields has greatly reduced the structural weight, reduced energy consumption and saved costs. The use of structural adhesives also helps to shorten the production cycle and at the same time protects the overall structural strength by eliminating the need to punch holes in the fittings.
The report predicts that the acrylic synthetic binder market will grow at a rate higher than 5% during the forecast period between 2018 and 2024. Acrylic products are used in a wide range of applications such as truck parts, roof assemblies, doors, elevator doors and more. In applications such as plastics, composites, metals, etc., acrylic resins exhibit high bond strength and are superior to epoxy resins even at low temperature oil-slip surfaces.
With the acceleration of industrialization, infrastructure construction and renovation projects have increased, the demand for composite materials in Brazil, India, Vietnam and China has surged, and the market size of structural rubber has also expanded. The shift in the consumption propensity of replacing traditional building materials (such as bricks, wood, mortar, stone, etc.) with composite materials has further promoted the growth of the industry. Synthetic adhesives used to bond materials not only have to withstand high pressures and high loads, they also do not affect the integrity of the structure.
According to the needs of the aerospace industry, the market size of MMA (methyl methacrylate) synthetic adhesives will exceed $360 million by 2024. This adhesive is also highly resistant to poorly conditional surfaces (such as oil stains), with high strength and free choice of materials (such as metals, magnets, glass, wood and composites). It also has good adhesion to heterogeneous materials.
Strict regulatory controls on VOC emissions reduction and fuel efficiency in the United States and Europe are also driving the growth of the synthetic adhesives industry. The European Commission has launched the CARS 2020 Action Plan to strengthen the competitiveness of the automotive industry and to address climate, environmental and social challenges.
The growing demand for composites in aircraft manufacturing in the commercial and military sectors has driven the demand for the adhesive market. Adhesives are commonly used in fixtures and joints because of their excellent toughness, strength, stiffness and high temperature resistance, and the joints are attached to a cured part or a non-cured part like a wing.
The US-based North American synthetic binder market is expected to grow at a rate of around 4% during the forecast period. The increasing use of synthetic adhesives in medical devices, machinery and welded pipes will also drive the industry. The increase in demand for high-quality synthetic adhesives with excellent properties is also a favorable factor for market development.
One-component synthetic adhesives are rapidly evolving in the market due to high application requirements in the clean energy sector. Compared to two-component synthetic adhesives, one-component adhesives offer a wider range of applications and shorter cure times.
The cyanoacrylate synthetic binder has excellent immediate adhesion and will grow very strongly during the forecast period. Each grade of adhesive has high viscosity, surface insensitivity, and low odor. Commonly used for blocking substrates that are difficult to adhere, including polypropylene, polyethylene, PTFE (polytetrafluoroethylene), and polyolefins.