Composite Adhesive Market Size to Gain USD 6.14 Bn by 2033

The global composite adhesive market size was estimated at USD 3.68 billion in 2023, growing at a CAGR of 5.26% from 2024 to 2033.

Key Points

Asia-Pacific dominated the market with the largest market share of 49% in 2023.
North America is expected to be the fastest-growing region over the projected period.
By product, the epoxy segment has contributed more than 37% of market share in 2023.
By product, the polyurethane segment is expected to witness significant growth over the forecast period.
By application, the aerospace and defense segment has held the largest market share of 19% in 2023.
The automotive segment is likely to grow significantly in the upcoming years.

Composite Adhesive Market Size 2024 to 2033

The composite adhesive market is a dynamic segment of the adhesive industry, experiencing significant growth owing to the rising demand for lightweight and durable materials across various end-use industries such as automotive, aerospace, construction, and marine. Composite adhesives are specially formulated to bond composite materials effectively, offering high strength, flexibility, and resistance to environmental factors. These adhesives play a crucial role in joining composite components, enhancing structural integrity, and contributing to the overall performance of composite structures. The market for composite adhesives is witnessing steady expansion driven by technological advancements, increasing investment in research and development, and the growing adoption of composites in various applications.

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Growth Factors:

Several factors are driving the growth of the composite adhesive market. Firstly, the shift towards lightweight materials in industries such as automotive and aerospace to improve fuel efficiency and reduce emissions is fueling the demand for composite adhesives. These adhesives offer superior bonding capabilities without adding significant weight to the overall structure, making them ideal for lightweight composite materials. Additionally, the increasing focus on sustainability and environmental regulations promoting the use of eco-friendly adhesives is boosting market growth. Composite adhesives, being free from volatile organic compounds (VOCs) and hazardous chemicals, are gaining traction among environmentally conscious consumers and industries.

Region Insights:

The composite adhesive market exhibits a global presence, with key regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe dominate the market due to the presence of established aerospace and automotive industries, stringent regulations promoting lightweight materials, and extensive research and development activities. In Asia Pacific, rapid industrialization, infrastructure development, and the growing automotive and aerospace sectors are driving market growth. Moreover, increasing investments in emerging economies like China and India are contributing to the expansion of the composite adhesive market in the region.

Composite Adhesive Market Scope

Report Coverage	Details
Growth Rate from 2024 to 2033	CAGR of 5.26%
Global Market Size in 2023	USD 3.68 Billion
Global Market Size by 2033	USD 6.14 Billion
Largest Market	Asia Pacific
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	By Product and By Applications
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Composite Adhesive Market Dynamics

Drivers:

Several drivers are propelling the growth of the composite adhesive market. Firstly, the automotive industry’s increasing adoption of composites for lightweighting initiatives to meet stringent fuel efficiency and emission standards is a significant driver. Composite adhesives play a crucial role in bonding lightweight materials such as carbon fiber reinforced polymers (CFRP) and glass fiber reinforced polymers (GFRP), enabling automotive manufacturers to achieve weight reduction targets without compromising on strength and safety. Additionally, the aerospace industry’s demand for high-performance adhesives for aircraft manufacturing and assembly is driving market growth. Composite adhesives offer excellent bonding properties, corrosion resistance, and durability, making them ideal for aerospace applications.

Opportunities:

The composite adhesive market presents several opportunities for growth and innovation. One such opportunity lies in the development of bio-based and renewable composite adhesives. With increasing emphasis on sustainability and environmental conservation, there is a growing demand for adhesives derived from renewable sources such as plant-based resins and bio-polyols. Manufacturers are investing in research and development to formulate eco-friendly composite adhesives that offer comparable performance to conventional products while reducing carbon footprint. Additionally, the expansion of the wind energy sector presents significant opportunities for composite adhesives. Wind turbine blades, constructed from composite materials, require high-strength adhesives to withstand harsh environmental conditions and ensure long-term performance. As the global demand for renewable energy continues to rise, the demand for composite adhesives in wind turbine manufacturing is expected to grow significantly.

Challenges:

Despite the favorable growth prospects, the composite adhesive market faces several challenges. One of the primary challenges is the high cost associated with advanced composite adhesives. The development of specialized formulations with enhanced properties often requires substantial investment in research and development, leading to higher production costs. This can limit the adoption of composite adhesives, especially among small and medium-sized enterprises operating on tight budgets. Moreover, regulatory compliance and certification requirements pose challenges for manufacturers. Adhesives used in aerospace and automotive applications must meet stringent industry standards for performance, safety, and environmental impact. Ensuring compliance with these standards while maintaining cost competitiveness can be a daunting task for market players.

Recent Developments

In February 2023, Henkel AG & Co. KGaA announced a collaboration with the International Centre for Industrial Transformation’s participation program. The business’s adhesive technologies business department wants to employ INCIT’s tools and frameworks to accelerate its processes’ digital transformation by joining INCIT’s partner network.
In March 2022, 3M, a diversified technology business, introduced their new Scotch-Weld Multi-Material Composite Urethane Adhesive DP6310NS. This glue is intended to attach a variety of composite components and has good impact resistance and durability.
In February 2022, Arkema completed its acquisition of Ashland’s Performance Adhesives division. Structural adhesives are among the products available in this area. The acquisition was worth USD 1.65 billion. The acquisition bolstered Arkema’s Adhesive Solutions sector and was in line with the company’s objective of becoming a pure specialty material provider by 2024.