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Report Overview: Global Aerospace Adhesives & Sealants MarketThe global aerospace adhesives and sealants market size was valued at USD 1.1 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2027. Increasing passenger growth worldwide is likely to fuel the demand for adhesives and sealants products. Adhesives and sealants find numerous applications in aerospace manufacturing. Interior applications in aircraft include hydraulic thread systems, retaining compounds, and thread-lockers. Exterior applications such as door moldings, wing spars, and panels also require adhesive products in manufacturing. The increasing penetration of composites in aircraft and rising aircraft deliveries are increasing the demand for aerospace adhesives and sealants. The emerging middle-class population in developing countries, such as China, India, and Brazil, has also triggered the growth of the aerospace adhesives and sealants market. More than 90 new airlines are launching in 2021. Upstart airlines are cropping up in North America, Europe, South America, Africa, and Asia. More than 90 new carriers, most with funding already secured, have plans in place to take off before the end of the year. The U.S. is one of the key countries for adhesives and sealants demand owing to the presence of numerous aerospace and its component manufacturing companies. Companies such as Boeing; Lockheed Martin; United Technologies; and Honeywell International Inc. are some of the prominent players in the U.S. aerospace manufacturing market. The demand for adhesives and sealants is increasing with growing composite usage. Applications such as primary and secondary assemblies in aircraft are also likely to provide numerous opportunities for vendors. The customization as per the manufacturer’s requirement is another promising area in the market for aerospace adhesives and sealants. The adhesive manufacturers are able to tailor the properties such as toughness, viscosity, longer work time, and shorter cure time as per aerospace application requirements. The investment in R&D and the development of new products is also likely to fuel the demand for the products over the long term. The vendors in the market for aerospace adhesives and sealants are focused on improving the reliability of bonded composite structures, lightning protection technology, and new multifunctional surfacing.
Key Resin InsightsEpoxy held the highest share in the adhesive market in 2019 and accounted for a revenue share of more than 46.0% in 2019. Epoxy-based products are used in large wing skins, composite ribs, sandwich panels, and other carbon composite substrates. It also provides a high coefficient of thermal expansion, high compressive strength, and low elongation to fracture. In the aerospace market weight reduction and increased efficiency is more important than ever, and when it comes to applications for interior, structural or repair applications, optimizing costs from design to maintenance to production is critical. The adhesives segment held the largest share in the aerospace adhesives and sealants market in 2019, owing to the wide usage of adhesives in the aerospace industries. A sealant is generally lower in strength compared to an adhesive, due to which the demand for adhesives is increasing from the aerospace industries. The demand for adhesives is increasing due to its extensive properties such as resistance to cyclic fatigue, high peel strength, superior durability, exceptional compressive strength, high bond strength, increased toughness, and more. The extensive characteristics of adhesives are anticipated to boost the demand for aerospace adhesives during the forecast period. In terms of volume, polyurethane is projected to witness a CAGR of 5.8% from 2020 to 2027 in the adhesive market. Bonding various substrates using adhesive is likely to improve efficiency during aerospace manufacturing. Bonding or joining allows the assembly of dissimilar materials and the capability to sustain higher loads. It also assists in the uniform distribution of strains and stresses across joints. Other various resins used in the aerospace sector include methyl methacrylate, cyanoacrylates, silicones, and polysulfide. Applications such as sealing, tamper-proofing, gasketing, retaining, bonding, and thread locking are likely to generate demand over the coming years.
Key Aircraft InsightsThe commercial aircraft segment accounted for a volume share of more than 50.0% in the adhesives market in 2019. The growth of the segment is attributed to growing passenger demand and indirectly demand for new commercial aircraft. The passenger traffic has increased by 2.4 times from 2000 to 2019. As per the latest Airbus study, it is likely to double in the next 15 years. Aerospace companies are focusing on fuel efficiency in order to meet stringent environmental regulations. As per the Airbus study, from 2008 to 2018, average fuel efficiency improvement was higher than 2.0% per year. In order to meet these regulations, aviation companies are likely to replace old aircraft with modern and fuel-efficient aircraft. An increase in demand for new military aircraft including transports, patrol, and fighters is projected to assist in the growth of the market for aerospace adhesives and sealants. Growing defense spending in leading economies including the U.S., China, and India is another promising factor for the expansion of the aerospace adhesives and sealants market.
Regional Insights: Global Aerospace Adhesives & Sealants MarketNorth America accounted for the highest volume share of more than 37.0% in 2019. Increased focus on strengthening the military by the U.S. government is driving the growth of the market for aerospace adhesives and sealants. Thus, increased defense spending is likely to create opportunities for contractors and their supply chains over the long term. The Asia Pacific is likely to grow at 6.4% from 2020 to 2027, in terms of revenue. The key drivers for the region are the rapid increase in air passenger traffic and demand for new aircraft. China is projected to drive the growth of the region with a demand for 8,090 new aircraft over the next 20 years. India is likely to provide new opportunities for market vendors over the long term. Growth for low-cost carriers in India and increasing local passenger traffic are likely to assist in the expansion of the market for aerospace adhesives and sealants. Investments in new space programs are another promising area for market vendors.
Recent Developments, Key Companies & Market Share Insights: Global Aerospace Adhesives & Sealants MarketJune 2021: Henkel develops REACH-compliant structural adhesive for aircraft interiors. Loctite EA 9365FST, a new two-part epoxy adhesive reinforces and bonds thermoplastic and thermoset substrates that serves as a matrix resin on fiberglass to strengthen the thin walls of thermoplastic assemblies. Developed for use in aircraft interiors, the halogen and antimony-free adhesive meets industry fire retardancy, smoke density and toxicity (FST) requirements and is REACH- and EH&S compliant worldwide and is qualified to Boeing process specification BAC 5568. Loctite EA 9365FST cures in only two hours at 70°C (158°F) or in seven days at room temperature. The adhesive offers good mechanical performance when bonding properly treated thermoplastics and thermosets to a range of other substrates. Dec 2020: Composites One, 3M Aerospace partner to extend aerospace industry services. Composites One will now offer a portfolio of 3M’s innovative film adhesive and primers solutions, with a commitment to supply the aerospace market. This agreement will position Composites One to continue to service the aerospace industry with the complete line of 3M’s OEM-specified film adhesives, primers and surface protection products. Nov 2020: EconCore, Toray and Bostik collaborate on FST-qualified thermoplastic honeycomb panels which is developed for mass transportation applications, including aircraft interiors, the material improves upon the cost, sustainability, and versatility of conventional sandwich layup. Oct 2019: Parker Hannifin Corporation completed its acquisition of LORD Corporation for approximately $3.675 billion in cash. The strategic transaction creates a combined organization with strong materials science capabilities, electrification, and aerospace product offerings that are highly complementary. Some of the prominent players in the aerospace adhesives and sealants market include:
Key companies Profiled: Global Aerospace Adhesives & Sealants Market Report
Table of Contents Chapter 1. Methodology and scope 1.1. Market segmentation & scope 1.2. Market definition 1.3. Information procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF internal database 1.3.3. Secondary sources & third-party perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data analysis models 1.5. Market formulation & data | read more...