In the ever-evolving landscape of aerospace manufacturing, our latest market research report provides crucial insights into the upward trending aerospace adhesives market. Despite being negatively impacted in the past, the recent resurgence in global aerospace production is driving demand for these essential materials, manifesting in stable and promising market growth.
Key factors such as the increased use of composites for aircraft construction and heightened defense spending, particularly in the United States, are propelling this growth. However, opportunity also lies in the emerging fusion of carbon nanotubes and nano additives with epoxy adhesives. As the largest consumer of aerospace adhesives, North America's soaring aerospace industry illuminates the potential future of this market. This comprehensive report offers an in-depth examination of prevailing trends and influential market dynamics in the aerospace adhesives industry.
- In 2020, the demand for aerospace adhesives declined due to the COVID-19 pandemic. However, the upsurge in aerospace production post-pandemic propelled the market growth.
- Major factors driving the market studied are the increasing penetration of composites in aircraft manufacturing and increasing government spending on defense in the United States. Performance in extremely low temperatures and high vacuum environments is expected to hinder the market's growth.
- The use of combined carbon nanotubes and nano additives with epoxy adhesives will act as an opportunity for the aerospace adhesives market. North America dominates the global market, with the largest consumption from countries like the United States and Canada.
Aerospace Adhesives Market Trends
OEM End-User Industry to Dominate the Market
- Epoxy resin is the most used adhesive in the aerospace industry. Epoxy resin in aerospace adhesives has good strength, does not produce volatiles during curing, and has low shrinkage. However, they can have low peel strength and flexibility and are brittle. Aerospace adhesives are used in a variety of places, such as lights, displays, AC, seats, fasteners, cockpit doors, and electronics, among others. These are used in bonding aircraft and airframe structures, such as structural components in the fuselage, control surfaces in wing flaps and tips, empennage components, composite fairings, cargo liners, landing gear doors, and floors.
- In 2021, the United States contributed around USD 89.1 billion in aerospace exports, making it the leading country in terms of aerospace exports. Some of the top aerospace makers, including Boeing and Lockheed Martin, are based in this country.
- Lockheed Martin is a leading aerospace, security, and military support-producing company and the largest defense contractor globally. For instance, between 2000 and 2021, the revenue of Lockheed Martin almost tripled, up from USD 25 billion in 2000 to roughly USD 67 billion in 2021.
- In July 2022, four large Chinese airlines announced a bulk order of 292 aircraft from the European aircraft manufacturing giant Airbus, totaling USD 37.3 billion. Boeing predicted that Chinese airlines will buy 8600 new aircraft over the next 20 years, 6.3 percent higher than the 8090 predicted by Boeing last year, with a total value of USD 1.4 trillion. Boeing expects that demand for commercial aviation services in China will reach USD 1.7 trillion over the next 20 years.
- The growing aerospace industry globally is expected to increase the applications of aerospace adhesives in the original equipment manufacturer (OEM) end-user industry.
United States to Dominate the North American Market
- The United States aerospace sector is the largest in the world, according to the US Bureau of Economic Analysis (BEA). The regional carrier fleet is forecasted to decline slightly. In contrast, the cargo carrier's large jet aircraft fleet is forecasted to increase due to the growth of freight Road Transport Management Systems (RTMS).
- Strong exports of aerospace components to countries such as France, China, and Germany, along with the robust consumer spending in the United States, are driving the manufacturing activities in the aerospace industry.
- In 2021, aerospace and defense industry exports rose by 11.2 percent to a total value of USD 100.4 billion. The US aerospace and defense industry exported to 205 countries. Canada's aerospace industry, the ninth-largest in the world, exports over 75% of its output, generates over USD 22 billion in GDP and leads all Canadian manufacturing sectors in research and development.
- Canada has 5% of the worldwide sales in aerospace, while the province of Quebec alone has a 3% share. The United States and Canadian aerospace supply chains are highly integrated. Canada consistently ranks among the top five export markets for United States aerospace goods. Canada exported around 56.6% of goods from the aircraft, engine, and parts manufacturing industry to the United States in 2021.
Aerospace Adhesives Industry OverviewThe aerospace adhesives market is consolidated. The major players include Henkel AG & Co. KGaA, Cytec Solvay Group, 3M, Hexcel Corporation, and Huntsman International LLC, among others.
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Table of Contents1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Penetration of Composites in Aircraft Manufacturing
4.1.2 Increasing Government Spending On Defense in the United States
4.1.3 Rising Demand for Aircraft in Asia-Pacific and Middle-East
4.2.1 Poor Performance in Extremely Low Temperature and High Vacuum Environment
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Value)
5.2 Resin Type
5.2.4 Other Resin Types
5.3 Function type
5.4.1 Original Equipment Manufacturer (OEM)
5.4.2 Maintenance Repair and Operations (MRO)
184.108.40.206 South Korea
220.127.116.11 Australia and New Zealand
18.104.22.168 Rest of Asia-Pacific
5.5.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.5.4 South America
184.108.40.206 Rest of South America
5.5.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M Company
6.4.2 Arkema Group (Bostik SA)
6.4.3 Avery Dennison Corporation
6.4.4 Beacon Adhesives Inc.
6.4.6 DELO Industrie Klebstoffe GmbH & Co. KGaA
6.4.7 Dymax Corporation
6.4.8 Henkel AG & Company KGaA
6.4.9 Hernon Manufacturing Inc.
6.4.10 Hexcel Corporation
6.4.11 Huntsman International LLC
6.4.13 Hylomar Group
6.4.14 L&L Products
6.4.15 LORD Corporation
6.4.16 Master Bond Inc.
6.4.17 Parson Adhesives Inc.
6.4.18 Permabond LLC
6.4.19 PPG Industries Inc.
6.4.20 Royal Adhesives & Sealants
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Use of Combined Carbon Nanotubes and Nanoadditives with Epoxy Adhesives
7.2 Various Upcoming Space Exploration Programs
A selection of companies mentioned in this report includes:
- 3M Company
- Arkema Group (Bostik SA)
- Avery Dennison Corporation
- Beacon Adhesives Inc.
- DELO Industrie Klebstoffe GmbH & Co. KGaA
- Dymax Corporation
- Henkel AG & Company KGaA
- Hernon Manufacturing Inc.
- Hexcel Corporation
- Huntsman International LLC
- Hylomar Group
- L&L Products
- LORD Corporation
- Master Bond Inc.
- Parson Adhesives Inc.
- Permabond LLC
- PPG Industries Inc.
- Royal Adhesives & Sealants