Market Trends of Composite Adhesives Industry
This section covers the major market trends shaping the Composite Adhesives Market according to our research experts:
Increasing Demand for Epoxy Resin Type
- The use of epoxy resin-based composite adhesives is majorly in load-bearing applications due to their high specific strength and good mechanical properties.
- Owing to such properties, epoxy composite adhesives are extensively used in industrial areas, commercial, residential and public places, including shopping malls, institutions, hospitals, and industrial buildings.
- They are used for bonding concrete to a variety of materials such as wood, metal, rubber, etc. They are widely employed in public infrastructures. These are also used for the bonding of steel reinforcement components and carbon laminates for columns and slabs.
- Epoxy bonding is segmented into single-part and two-part epoxies. Single-part epoxy is premixed and requires high-temperature curing whereas two-part epoxy is made by mixing resin and hardener and can be cured at ambient temperature.
- Hence, owing to its ubiquitous use in the construction industries, the demand for composite adhesives is expected to increase over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is estimated to dominate the market studied. With the growing demand for electronics, construction, automotive industries in countries such as China, India, and Japan, the consumption of composite adhesives is increasing in the region.
- Revenue of the electronics market in the Asia-Pacific region was about USD 473.28 billion in 2019 accounting for about 45% of the global market share. The market has witnessed an average annual growth of about 3% which is higher than the average global market growth.
- China's construction activity witnessed a rise of about 4.5% in 2019 y-o-y. Though this growth is less in comparison to the average growth of the construction sector over the past ten years, the market has been growing consistently.
- The Indian government has announced an investment worth USD 31.65 billion for the construction of 100 cities, under the smart cities plan. 100 smart cities and 500 cities are likely to invite investments worth USD 28.18 billion, over the coming five years.
- The automotive production and sales in China, and India has witnessed huge downfall in 2019 owing to the changing trends. This has slightly affected the growth of market.
- Thus, rising demand from various industries is expected to drive the market studied in the region over the forecast period.
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