According to Future Market Insights’ most recent market study, the global market for Aerospace Adhesives and Sealants is expected to reach US$ 921.4 Million in 2022 and grow at a CAGR of 5.1% between 2022 and 2032.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 921.4 Million |
| Market Size 2032 | US$ 1515.2 Million |
| Value CAGR (2022 to 2032) | 5.1% |
| Collective Value Share: Top 3 Countries (2022E) | 35% to 40% |
The rise of the global demand for aircraft adhesives and sealants is projected to be aided by the development of low-cost carriers around the world and rising local passenger traffic in many emerging economies. Another interesting area for market sellers is an investment in new space initiatives that is booming in recent years out of competition among a few space exploration-capable countries.
As per the aerospace adhesives and sealants market survey report, epoxy retained the largest share of its global market, accounting for more than 45% of the total sales. Large wingskins, composite ribs, sandwich panels, and other carbon composite substrates all require epoxy-based components. It also has a low elongation to fracture, a high coefficient of thermal expansion, and a high compressive strength. Oppositely, Polyurethane is expected to register a higher CAGR of 5.8% in the adhesive market during the upcoming forecast years.
Higher investments and improvement of manufacturing facilities as well as new product innovation are anticipated to remain major growth strategies for contemporary aerospace adhesives and sealants market key players. For example, in February 2018, Henkel Company of the US declared the establishment of a specialist factory for modern aerospace applications in Montornès, Spain. Such endeavors are also expected to boost market rivalry and motivate other countries to establish a competitive aerospace adhesive and sealants industry soon
Until the years preceding 2021, the United States had the biggest volume of market share of more than 35%. The United States government's greater emphasis on military capability in the last few years is fueling the expansion of the aerospace adhesives and sealants industry in the country. Moreover, in the long run, rising defense spending and the export of fighter as well as commercial aircraft from the US are expected to offer major growth possibilities for aerospace adhesives and sealants and their supply chains.
Contrastingly, in terms of volume, Asia-Pacific countries are expected to increase at a 6.5% annual rate from 2022 to 2032. The regional aerospace adhesives and sealants markets in China, India, and Japan are the major drivers and their fast expansion of air passenger traffic and the need for new defense aircraft is projected to give rise to new market opportunities and trends in the coming days.
However, China is expected to majorly drive the regional expansion with a requirement for 8,090 additional aircraft over the next 10 to 20 years. On the other hand, India is anticipated to create new prospects for global aerospace adhesive and sealants market providers as well. Demand for aerospace adhesives and sealants in India is anticipated to be fueled by investments in R&D and the export of fighter jets to other developing nations of Asia.
Aerospace adhesives and sealants are unique from regular adhesives and sealants because they are continuously exposed to high temperatures and sizable pressure gradients. High-performance resins like epoxy, polyurethane, silicone, and hybrid polymers are used in the aircraft sector to provide essential waterproofing, filling, bonding, and sealing.
A rising passenger growth across the globe is expected to raise the need for adhesives and sealants goods. Adhesives and sealants are used extensively in the manufacturing of airplanes. Interior aircraft applications include holding agents, thread lockers, and hydraulic thread systems. Adhesive products are also required for the production of exterior applications such as door moldings, wing spars, and panels.
The use of composites is expanding, which is driving up demand for adhesives and sealants. It's also expected that applications like primary and secondary assembly in aircraft will present a lot of opportunities for suppliers. Another attractive area in the market for aircraft adhesives and sealants is customization according to the manufacturer's requirements. According to the needs of aircraft applications, adhesive producers are able to customize qualities like toughness, viscosity, longer work time, and quicker cure time. The increased preference for lighter assembly joints over heavier ones like mechanical fasteners, screws, and weld joints may ultimately result in a decrease in fuel costs. As can be observed, fuel costs for airlines have fallen by around 40% over the last ten years. As a result, it will increase demand for adhesives and sealants in the approaching years.
The market for aerospace adhesives and sealants grew at a compound annual growth rate (CAGR) of 4.6% from 2017 to 2021. Due to restrictions on the import and export of materials brought on by the Covid-19 epidemic, the aerospace industry has experienced problems such as delays in the delivery of adhesives and sealants from the producers. The lack of vessels and blank sailing are also having a significant impact on shipment orders. In addition, the COVID-19 epidemic is having a significant effect on the aviation sector. An abrupt halt in aircraft production has caused a significant loss in the whole aerospace industry.
It is anticipated that the market for aerospace adhesives and sealants will grow more quickly than in the past. The market is predicted to expand at a CAGR of 5.1% over the anticipated time period. due to the aerospace industries' rising demand for adhesives and sealants. The physical characteristics of adhesives and sealants, such as their great protection from heat and substance reactions, contribute to their widespread use in the aviation sector. The need for adhesives and sealants products is projected to increase with rising passenger growth around the world. Boeing projects that the global aerospace and defense market will grow from $8.1 trillion in 2019 to $8.7 trillion during the following ten years. The aircraft adhesives and sealants market is predicted to increase significantly as the aerospace sector expands.
Significant Market Traction from Aerospace Industry.
The aviation industry is growing throughout a number of continents, including Europe, North America, and Asia Pacific. According to the International Trade Administration, the Indian government contributed $645 to the civil aviation sector in the previous year (ITA). Boeing also forecasts that India will be the primary driver of demand for 2,300 aircraft valued at US$320 billion over the next 20 years.
For Instance, in 2018, the civil aerospace market in the United Kingdom brought in around $44.6 billion, accounting for almost 17% of the global market. In addition, the Eastern Economic Corridor (EEC) intends to invest $7 billion over the next five years in MROs and aviation-related industries in Thailand. Additionally, the aircraft industry's expansion is a major market driver for adhesives and sealants because the aerospace sector commonly substitutes them for mechanical fasteners like bolts or screws.
Increasing Government Initiatives on Defense Aerospace
Many governments, including those of Brazil, Norway, and Thailand, are making significant investments in the nation's defense industry. The Norwegian government announced a core defense spending budget of USD 6.9 billion for 2019 in accordance with the International Trade Administration (ITA). In 2018, Norwegian defense expenditure made up 1.62% of Norway's GDP. The proposed budget for defense in Brazil for 2019 is about $30 billion. The demand for the defense aerospace industry is also rising as a result of significant Brazilian defense strategic projects like the KC-390 aircraft, Grippen AM-X aircraft upgrade, and the Space System Strategic Program directed by the Brazilian Air Force.
The Thai government spent over $7.3 billion, or 1.29% of the nation's GDP, on the military in 2019. The Royal Thai Air Force is given a budgetary allotment of 18.32% for defense. As a result, the demand for aerospace adhesives and sealants will increase considerably along with the government's rising endeavors to develop a top-notch defense infrastructure sector in their nation, which propels the aerospace adhesives and sealants market throughout the forecast period.
Certain Drawbacks to constrain the growth of Aerospace Adhesives and Sealants
Adhesives and sealants have a number of disadvantages. Adhesives' drawbacks include diminishing durability at high temperatures, making it harder to separate objects during testing, and a relative weakness in connecting large objects with a tiny bonding surface area. The adhesives are also made of polymer-based components and only silicone-based adhesives are more temperature-resistant than other adhesives.
Due to their propensity to absorb water, polyurethane-based sealants have a limited shelf life and typically take longer to cure. For polyurethane-based sealants, more complicated handling and curing techniques are needed. As a result, during the anticipated period, the aerospace adhesives and sealants market will be constrained by these negative aspects of adhesives and sealants.
Due to the extensive use of adhesives in the aerospace industries, the adhesives category held the highest share in the market for aerospace adhesives and sealants. Since an adhesive's strength is typically higher than that of a sealant, the aerospace industries have a growing demand for adhesives. The wide qualities of adhesives, including their resistance to cyclic fatigue, high peel strength, excellent durability, outstanding compressive strength, high bond strength, enhanced toughness, and others, are driving greater demand for them. During the forecast period, it is predicted that the broad range of adhesives' properties would increase demand for aerospace adhesives.
The epoxy resin type segment held the largest share in the aerospace adhesives and sealants market as a result of its remarkable properties, including durability, scratch resistance, abrasion resistance, impact resistance, high chemical resistance, and wearability. The fundamental advantage of epoxy adhesives is their outstanding resistance to chemical and physical forces. Because they only have a modest tendency to creep, they also have a high level of long-term stability. Depending on the type, they can withstand constant temperatures between 200°F (95°C) and 390°F (200°C). Due to the extensive range of qualities of epoxy resins, the market for aircraft adhesives and sealants based on these materials is anticipated to grow over the course of the forecasted period.
The aviation sector in the US generates the most income globally. The US is a significant industrialized country with several large, medium-sized, and small firms. The nation is renowned for having a thriving business sector.
Due to the prevalence of several aerospace and component manufacturing companies, the U.S. is one of the major markets for the demand for adhesives and sealants. Some of the major players in the American aerospace manufacturing market include firms like Honeywell International Inc., Lockheed Martin, United Technologies, and Boeing.
Market participants are spending globally to develop their production capacity for aerospace adhesives and sealants in order to meet the growing demands of end customers. The numerous technical developments and the key competitors' increasing attempts at expansion through strategic alliances, mergers, and agreements have opened up a wide range of market opportunities. Additionally, competitors are working extremely hard to create and implement cutting-edge technology advancements in order to stay one step ahead of the competition. All of these trends imply that the aircraft adhesives and sealants market has sizable global growth potential in the years to come.
For Instance,
In Sept 2018, Cytec-Solvay Group has opened its state-of-the-art aerospace structural adhesives and surface film manufacturing facilities in Wrexham, UK. This investment strengthens its position as a market leader in the burgeoning worldwide aviation industry and broadens its influence.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.1% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million for Value, Volume in Kiloton, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Resin Type, Technology, End-Use, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, UK, France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN Countries, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa |
| Key Companies Profiled | PPG Industries Inc.; 3M; Royal Adhesives and Sealants; Cytec Industries Inc.; Huntsman Corporation; United Resin Corporation; Hexcel Corporation; Beacon Adhesives Inc.; Henkel AG and Company; Solvay Group; Bostik; Permabond; Lord Corporation; B. Fuller |
| Customization & Pricing | Available upon Request |
In 2022, the value of the global Aerospace Adhesives and Sealants market reached over US$ 921.4 Mn.
During the forecast period, the global Aerospace Adhesives and Sealants market is estimated to expand at a CAGR of 5.1% during 2022-2032.
The global Aerospace Adhesives and Sealants market is projected to reach US$ 1515.2 Mn by the end of 2032.
The key players operating in the Aerospace Adhesives and Sealants market are PPG Industries Inc., 3M, Royal Adhesives and Sealants, Cytec Industries Inc., Huntsman Corporation, United Resin Corporation, Hexcel Corporation, Beacon Adhesives Inc., Henkel AG and Company, Solvay Group, Bostik, Lord Corporation, Permabond, B. Fuller and various others.
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Aerospace Adhesives and Sealants Market
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