The two component adhesives are also known as structural adhesives or reactive adhesives. They are popularly known for their heat resistance and high adhesive strength. A two-component adhesive makes a joint stronger and capable enough to withstand heavier strains. It comprises of a glue base and a hardener. The hardener can be an epoxy, an acrylic, or a polyurethane. The glue only hardens once the two components are well mixed with one another. Two component adhesives creates a strong, durable, and flexible join which is resistant to extreme vibration, temperatures, and environmental influences. They find applications in various end-use industries, especially construction and automotive.
The market for two component adhesives is expected to reach rise at a CAGR of 6.3 percent during the forecast period. Surge in demand of adhesives in bonding various composites and plastics, along with the different lightweight materials in the construction, automotive, & aviation industry fuels growth of the two component adhesives market.
Two component adhesives are mainly known for their benefits such as fast curing, high chemical & wear resistance, flawless shine after mechanical polishing, easy process due to their creamy consistency, and high bonding power even at high temperatures. The aforementioned benefits fuels demand for two component adhesives in end-use industries. This is one of the major factor contributing to the growth of the two component adhesives market during the forecast period. In addition to this, the increasing demand for two component adhesives in construction, automotive, transportation, and consumer applications drives growth of the market. For instance, in the automotive industry, growing focus towards the adoption of various lightweight materials including composites, plastics, and aluminium has significantly pushed the demand for two component adhesives. Such adhesives are being employed to meet the bonding requirements due to their exceptional wear resistance, high chemical resistance, and excellent bonding power at high temperatures. Moreover, the factors such as surge in demand for adhesives from Asia-Pacific and ongoing technological advancements across the end-use industries fuels growth of the market.
However, the instability in prices of raw material along with the time-consuming and stringent regulations causing the impact on end-use industries may hamper growth of the market to some extent during the forecast period. On the other hand, factors such as rise in demand for low carbon-emitting and lightweight vehicles along with the surge in demand for low volatile organic compounds (voc), green, and sustainable adhesives creates lucrative growth opportunities for the market.
Throughout the forecast period, automotive segment will continue to hold a dominant share of the global market, on the basis of end-use industry. This is due to upsurge in investments across the research & development practices by numerous automotive manufacturers along with the government initiatives pertaining to the development of automotive sector. In addition to this, emergence of electric vehicles creates numerous growth opportunities for the two component adhesives in automotive sector. However, the construction segment is anticipated to witness highest growth rate during the forecast period. This is attributed to rising adoption of two component adhesives in construction sector owing to their properties such as easily mechanized process, ability to bind different materials together, cost-effectiveness, efficient distribution of stress across a joint, and greater flexibility in design.
According to the composition, the polyurethane segment is expected to hold a dominant share of the global market. Such adhesives are experiencing huge demand as they reduce overall manufacturing costs, improves product life & reliability, and enhances product performance. However, the MMA segment is also projected to grow at highest growth rate, which in turn propels the two component adhesives market in the upcoming years
TWO COMPONENT ADHESIVES MARKET SEGMENTATION:
By End-use Industry:
- Automotive & Transportation
- Electrical & Electronics
- Building & Construction
- Other Applications
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Asia Pacific is likely to be the most profitable region throughout forecast period. The region is experiencing fast growth in the segments sectors such as construction, automotive, and electronics. Moreover, the launches of initiatives by several governments to strengthen ease of operating businesses in their countries propels growth of the two component adhesives market. For instance the government of India has been introducing the initiatives to attract FDI across the automotive sector. Also, with the assistance of about $3,600 million, the government of India has planned to introduce a Green Urban Transport Scheme to boost the growth of urban transport along the low-carbon path. Such initiatives relating to the expansion of end-use industries are boosting growth of the Asia-Pacific two components adhesives market.
On the contrary, the Europe region is expected to grow at a sizeable share of the market during the forecast period. This is due to the huge presence and dominance of some automotive suppliers such as Bosch in Europe.
Further, North America region is expected to witness highest growth rate during the forecast period. This is attributed to the growing technological investment as well as innovation in the region. Furthermore, Latin America region is expected to strengthen the adoption of two component adhesives in the upcoming years; this is opportunistic for the market growth.
FEW KEY PLAYERS IN TWO COMPONENT ADHESIVES MARKET:
- 3M Company
- BASF SE
- Bostik AB
- DowDuPont, Inc.
- B. Fuller
- Henkel AG & Co. KGaA
- Huntsman Corporation
- Master Bond, Inc.
- Sika A.G.
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