According to a new market research report “Aerospace Adhesive & Sealants Market by Resin Type (Epoxy, Silicone, PU), Technology (Solvent-Based, Water-Based), End-user Industry (Commercial, Military, General Aviation), User Type (OEM, MRO), Aircraft Type, and Region – Global Forecast to 2022”, published by MarketsandMarkets, the market is projected to grow from USD 732.0 Million in 2017 to USD 954.7 Million by 2022, at a CAGR of 5.46% between 2017 and 2022.
The market is driven by the rising demand for aerospace adhesive & sealants from OEMs and MROs in the commercial, military, and general aviation sectors. The characteristics of the resins are eco-friendly, flexible, and cost-effective, leading to more demand in end-user industries.
Commercial end-user industry is the largest consumer of aerospace adhesive & sealants
Aerospace adhesive & sealants are used in various end-user industries, such as commercial, military, and general aviation. The commercial segment is the largest end-user industry segment of the adhesive & sealants market. The current surge in demand for commercial aircraft globally bodes well for leading original equipment manufacturers and their suppliers. Boeing and Airbus presently have combined orders of over 9,000 commercial aircraft. This demand drives the market for aerospace adhesive & sealants in the commercial end-user industry.
Epoxy segment is projected to be the fastest-growing resin type segment of the market
The epoxy resin segment is projected to be the fastest-growing resin type segment of the aerospace adhesive & sealants market. Epoxy resins offer a unique combination of adhesion, chemical resistance, and other physical properties that provide outstanding protection against severe corrosive environments. These properties of epoxy resin help drive the global epoxy aerospace adhesive & sealants market.
Rising demand in Asia Pacific drives the aerospace adhesive & sealants market
In 2016, North America accounted for the largest market share, in terms of volume and value, of the overall aerospace adhesive & sealants market. However, the market in Asia Pacific is projected to witness the highest growth during the forecast period. The emerging middle-class population and rising disposable income levels are expected to further add to the demand in this region as more and more people prefer traveling by air, leading to the rise in demand for newer aircraft and associated services. This will, in turn, drive the aerospace adhesive & sealants market in Asia Pacific.
The players profiled in the Aerospace Adhesive & Sealants market report include 3M (US), Henkel AG & Co. KGaA (Germany), PPG Industries, Inc. (US), Illinois Tool Works, Inc. (US), Cytec Solvay Group (Belgium), Huntsman International LLC (US), Bostik (Arkema S.A.) (France), Dow Corning Corporation (US), H.B. Fuller (US), Hexcel Corporation (US), Royal Adhesives & Sealants (US), Master Bond Inc. (US), and Beacon Adhesives, Inc. (US).