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(Transportation-News.com, October 24, 2019 ) Market Overview
• Structural adhesives have the highest load-bearing capacity of all types of adhesives. They also provide exceptional chemical and environmental resistance and are usually formulated to be 100% solid. Structural adhesives also be used to bond dissimilar materials and work well when the substrates have different geometries. They also play a role in the shift to composite materials. These materials reduce weight significantly but offer comparable stiffness to metal, but it is not usually compatible with welding or drilling.
Market Dynamics
• Increasing demand of structural adhesives for building automobiles has steadily increased over the years, and offers significant advantages over classic bonding techniques, including the ability to use lightweight design components with improved mechanical strength, which will add fuel to the growth of market.
• Currently, automotive manufacturers are using more lightweight components such as plastics and composites materials. These materials work well for reducing the weight of a vehicle and improving fuel efficiency. But on the other side, they also present a challenge during the assembly process. When have to integrate a non-metal component to a metal component, the manufacturer need to bond the parts together using a powerful adhesive which will propel structural adhesive market growth.
• Structural adhesives also play an important role in the move to composite materials, which allow for significant weight reduction with comparable stiffness, compared to metals. Composites are generally not amenable to solvent welding, and drilling can damage parts; accordingly, structural adhesives are an excellent joining technology for these materials.
• However, fluctuating raw material prices and shortage in the supply of raw materials hinder the market growth.
Market Segmentation
• Based on the type, the global structural adhesive market is broadly segmented classified into acrylic adhesives, epoxy adhesives, polyurethane adhesives, cyanoacrylate adhesives and others. Among all of the type, epoxy adhesives dominate the market in terms of widest range of properties and can have the best overall properties on metals and often on thermoset composites. In addition, rigid epoxies that are commonly available in hardware, tend to be brittle, and are best suited to applications where relatively low stress and no impact are expected.
• Flexible epoxies, such as 3M™ Scotch-Weld™ Epoxy Adhesive 2216, have higher peel strengths and hence better impact performance; and also good choices for parts which may require some flex in end use. Toughened epoxies, such as 3M™ Scotch-Weld™ Epoxy Adhesive DP420 and DP460, actually incorporate elastomeric regions which absorb impact, and thus provide the highest shear, peel, impact, vibration and fatigue resistance; and hence are chosen for the most demanding end use applications. However, epoxies require rigorous cleaning of oils from metal joint surfaces for room temperature bonding.
• Polyurethane Adhesives is expected to grow at a double-digit pace in the forecast period due to their extensive application in panel bonding. In addition, polyurethane adhesives have proven to be very valuable in the transportation industry as structural sealants and adhesives, and in the construction industry for wood joining. Polyurethane adhesives are also starting to be used in the manufacture of particleboard, replacing more traditional phenolic and urea-formaldehyde adhesives.
Geographical Analysis
• Based on the region, the global structural adhesive market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among all of the regions, Asia Pacific dominated the global structural adhesive market owing to rapid industrialization and growing demand from automotive industry. The rising volumes of production and an increase in the number of variants of vehicles sold around the globe have further propelled the demand of structural adhesive market.
• Furthermore, according to the International Organization of motor vehicles manufacturers (OICA), out of the 96.8 million vehicles sold globally, more than 48 million cars were sold in the Asia Pacific region with China alone accounting for more than 29 million car sales followed by 5.2 million in Japan and 4 million in India. The number of cars sold in the Asia Pacific region in 2016 was 4.69 million compared to 4.34 million in 2015. This is expected to provide huge opportunities for manufacturers and distributors who are seeking to extract profits out of this market.
Competitive Analysis
• Global structural adhesive market is fragmented with the presence of many local and international players. The versatility in product features and opportunities of market growth through new product launches is poised to intensify competitiveness among companies.
• The companies aim to strengthen global market position through business expansion and expanded product portfolio regarding commercial volume.
• For instance, in March 2019, LORD Corporation, a global diversified technology and manufacturing company, has plans to expand operations at its Hückelhoven, Germany facility – an investment of 14 million euros or some $15.4 million. This expansion project is set to well position LORD with the fast-growing electric vehicle (EV) market, especially in Germany and all over Europe.
• In January 2017, Scott Bader has made a further capital investment to expand production capacity for its range of Crestabond® primer-less methyl methacrylate (MMA) structural adhesives. A new mixer has been installed and is now fully operational in its dedicated ‘Structural Adhesives’ facility in the UK plant in Wollaston.
• The companies are focused on the strategy of business expansion through new product launches in order to increase product activities and strengthen global market position.
• For instance, in January 2018, Scott Bader Launched Crestabond® M1-10 Structural Adhesive. The Crestabond® adhesives range of M7 (1:1) and M1 (10:1) MMA structural adhesives are unique to the market due to their primer-less bonding technology.
• In October 2017, H B Fuller has completed the acquisition of Royal Adhesives & Sealants for USD 1.575 billion.
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