The increasing construction activities and infrastructural development projects in several countries, on account of the rising population levels and urbanization, are some of the key factors fuelling the rising demand for structural adhesives all over the world. The structural adhesives are being widely adopted in various infrastructural applications such as those pertaining to the building and repairing of roads, railways, and bridges, mainly because of their high resistance to temperature, chemicals and extreme weather conditions. Moreover, the development of various commercial and residential projects are further pushing the sales of structural adhesives across the world.
Fuelled by the above-mentioned factor, the global structural adhesives market attained a valuation of $11,677.9 million in 2018 and this value is expected to rise to $15,683.0 million by 2024. The market is predicted to exhibit stable growth at a CAGR of 5.2% during the forecast period (2019—2024). There are several types of structural adhesives available across the world— acrylic, epoxy, cyanoacrylate, and polyurethane. Out of these, the acrylic structural adhesives recorded the highest usage in 2018, mainly on account of their higher peel and shear strength as compared to the other adhesives.
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A key trend presently being witnessed in the structural adhesives market is the increasing preference for structural adhesives over the conventionally used fasteners across the globe. This is primarily attributed to the increasing usage of these materials over the conventional tools such as weaker adhesive formulations and fasteners in the transportation industry all over the globe. Additionally, the lighter weights, lower costs, aesthetics, and environment-friendly characteristics of these materials and their ability to act as protective inert barriers and natural watertight barriers between multiple potentially corrosive metals are making them highly sought after in various industries.
Across the globe, the Asia-Pacific (APAC) region is expected to record the fastest growth in the usage of structural adhesives during the forecast period. This is primarily ascribed to the increasing investments being made in various infrastructural development projects, surging number of residential projects, and expansion of the retail estate sector and the subsequent increase in construction activities in the region. Moreover, the structural adhesives offer various advantages to the builders and fabricators over the traditionally used fasteners such as high production speed and product quality and lower costs.