Factors that Affect on the Global Structural Adhesives Market in Upcoming Years !

Northbrook, IL, USA, 2021-Oct-05 — /EPR Network/ —

The global structural adhesives market is projected to grow from USD 14.0 billion in 2019 to USD 19.4 billion by 2024, at a CAGR of 6.8%, between 2019 and 2024. The AsiaPacific structural adhesives market is expected to witness significant growth due to the rising population, risingindustrialization, increase in installed capacities, improving quality, and technological advancements.

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Based on applications, the wind energy segment in the structural adhesives market is projected to grow at the highest CAGR during the forecast period, 2019 to 2024. The wind energy segmentis expected to grow at a higher rate due to the increasing demand for renewable and green energy. Structural adhesives offer excellent adhesion, superior durability, chemical & temperature resistance, and lower shrinkage in bonding wind turbines.

APAC is expected to be the largest and fastest-growing market for structural adhesives, in terms of value and volume, during the forecast period.APAC encompasses a diverse range of economies with different levels of economic development and multiple industries. According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other APAC countries had a combined population exceeding 4.2 billion (as of 2018), which is projected to become an increasingly important driver for various industries, including the construction, healthcare, automotive and transportation. The key market players are expanding their structural adhesives production in APAC, especially in China and India.

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On the basis resins, cyanoacrylate is projected to grow at the highest CAGR during the forecast period.The cyanoacrylate segment is expected to grow at a higher rate due to its superior properties, as it overcomes limitations in curing time by providing instant curing at room temperature to form rigid thermoplastics having excellent adhesion to most substrates.

Moreover, major companies are focusing on strength eningtheir R&D facilities to provide eco-friendly products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the structural adhesives market over the next five years.