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Albany, New York, July 24, 2019 (GLOBE NEWSWIRE) -- According to the latest report by Transparency Market Research, the global structural adhesives market stood at an overall market valuation of US$9,419.4 Mn in 2017. The growth of the market is expected to be achieved with the help of a CAGR of 6.98% over the course of the given forecast period from 2018 to 2026. With such a healthy rate of growth, the valuation of the global structural adhesives market is expected to reach around US$16,962.1 Mn by the end of the forecast period.
The global structural adhesives market has an intensely competitive vendor landscape due to the presence of a large number of companies. Some of the key players in the global market include names such as H.B. Fuller, DowDuPont, LORD Corporation, Huntsman International, 3M, and Ashland among others. The companies in the market are now adopting aggressive strategies such as partnerships, joint ventures, and takeovers to bolster their business portfolios.
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Emerging Economies in Asia Pacific to Play a Major Role in Regional Development
From a geographical point of view, the global structural adhesives market is divided into key regions such as Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Based on the volume and value, the Asia Pacific region has been at the forefront since 2017. Over the course of the forecast period of 2018 to 2026, the Asia Pacific market for structural adhesives is only expected to grow at a rapid pace. This surging growth of the regional market is primarily attributed to the presence of several prominent players in the region coupled with booming construction and automotive industries. Emerging economies in the region such as India and China have rapidly expanding automobile, electronics, and construction industries. This is projected to act as a catalyst in the further development of the regional market.
The regional markets of North America and Europe are projected to witness a steady growth in the coming years. On the other hand, the growth of the Latin America market is projected to be sluggish on account of slow developments in the infrastructural developments in the countries.
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Rising Applications in the Automotive Industry Boosts Structural Adhesives Market
Some of the key driving factors for the growth of the global structural adhesives market are listed below:
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However, there are some factors that may hamper the growth of the market in the coming years. One of the major restraining factors for the growth of the structural adhesives market is the products’ VOC emissions. Governments across North America and Europe have issued strict guidelines for restricting the amount of VOC emissions while using these structural adhesives. Failing to comply with the norms are incurring heavy penalties to the manufacturers. However, with the introduction of bio-based adhesives, manufacturers are now trying to tackle the problem on their hands.
This review was based on the research report published by Transparency Market Research titled, “Structural Adhesives Market (Type - Epoxy, Acrylic, Urethane, Cyanoacrylate; End-use Industry - Automotive, Aerospace, Marine, Building and Construction, Wind Energy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
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Global Structural Adhesives Market can be segmented as follows:
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