Precedence Research, Recently Published Report on “Aerospace Adhesives & Sealants Market Size, Share, Growth, Trends, Segmentation and Forecast 2020 - 2027”.
OTTAWA, March 01, 2021 (GLOBE NEWSWIRE) -- In 2019 the global aerospace adhesives & sealants market size was accounted at US$ 1.01 billion and expected to reach US$ 1.55 billion by 2027, growing with a CAGR of 5.5% during the forecast period 2020 to 2027.
Adhesive is an important substance that binds together one or more surfaces of two different components to bind them together as well as resists their separation. Aerospace adhesives are used mostly in interior, exterior, and engine compartment of an aircraft. Physical properties of an aviation sealant and glue include high protection from heat along with the responses of substances.
Aerospace sector impart great significance on the economy of a country because of which the demand of aerospace adhesives and sealants are subsequently expected to grow. The industry contributes significantly towards the national growth and hence has attracted numerous investors and stakeholders over the past decades. Thus, the above mentioned factors notably drive the market for aerospace adhesives & sealants. Furthermore, growth in the air logistics sector because of rise in e-commerce industry is the other most prominent factor that contributes towards the market growth.
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North America led the global market with a volume share of over 37% in 2019 because of increased focus of the U.S. government to strengthen its military force
The Asia Pacific exhibits significant growth rate of around 6.5% during the upcoming period owing to rapid boost in the air passenger traffic coupled with the demand for new aircrafts
Based on adhesive resins, epoxy led the global market and accounted for a value share of over 46%in 2019 because of its properties and large number of applications in the industry
Polyurethane expected to be the most lucrative segment in adhesive resins and projected to grow at a CAGR of around 6% during the forecast timeframe, in terms of volume.
The commercial aircraft segment dominated the global market accounting for a share of more than half of the total market volume in 2019 due to rising indirect demand for new commercial aircraft
Surge in demand for new and advanced military aircraft that include patrol, transports, and fighters projected to impel the growth of military segment in the global market
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North America emerged as a global leader in the global aerospace adhesives & sealants market accounting for a volume share of more than 37% in 2019 mainly because of increased spending by the government of United States on their military technology. In 2019, total defense spending by the U.S. was around USD 718 Billion, yet the figure has decreased compared to previous years that amounted to USD 849 Billion in 2010. Additionally, defense sector witness consolidation with top ten players capturing more than 50% of the global share, out of which seven major players are based in the U.S. Hence, the above mentioned factors have contributed significantly for the market growth in the region.
On the other hand, the Asia Pacific seeks to be the most opportunistic market owing to the increasing demand for new commercial aircrafts in the region mainly because of increased passenger traffic in the region. As per a recent report of Boeing Pilot & Technician Outlook in 2019, the region expected to have a demand for 17,000 new commercial aircrafts by the year 2039. Among other Asian countries, China is the front-runner in terms of demand for new commercial aircrafts mainly because of its exponential growth in the tourism sector.
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Adhesives and Sealants Market - The global market size was valued at US$ 44.1 billion and US$ 10.4 billion respectively in 2019 and expected to grow at a compound annual growth rate (CAGR) of 6.7% and 6.1% during the forecast period 2020 to 2027.
Hot Melt Adhesives Market - The global market was valued at USD 6.53 Billion in 2019 and expected to reach USD 9.95 billion by 2027, with at a compound annual growth rate (CAGR) of 5.4% during the forecast period 2020 to 2027.
Key Players & Strategies
The aerospace adhesives & sealants industry is highly competitive in nature because of various organic strategies adopted by the market participants to retain their market position. Top market players focus prominently on strengthening their distribution capabilities and product portfolio to maintain a competitive edge. For instance, in May 2017, 3M invested around USD 40 Million for the expansion of its manufacturing operations in Missouri, United States. With this expansion, the company aimed to produce industrial adhesives &tapes especially for the aerospace industry along with other heavy industries globally. The company also focuses on the technological advancements to offer custom solutions as well as to develop new products.
Similarly, other industry players are also investing significantly in the production facilities coupled with new product development that are likely to be their key growth strategies over the forecast timeframe. For instance, in February 2018, Henkel Corporation announced its dedicated manufacturing facility for aerospace applications located at Montornès, Spain. Hence, these activities by market players are likely to increase the competition within the market.
Some of the key players operating in the market are H.B. Fuller, Henkel Corporation, 3M, PPG Industries Inc., Huntsman International LLC, Cytec Solvay Group, Dowdupont, Bostik, Lord Corporation (Parker Hannifin Corp), and Hexcel Corporation among others.
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