The global aerospace adhesives and sealants market is estimated to exceed US$ 1.21 billion in 2023 to US$ 2.05 billion by 2032, growing at a compound annual growth rate (CAGR) of 6% during the forecast period from 2024 to 2032.
Aerospace adhesives are utilized in the exterior engine, parts, and interior compartments of the aircraft. Sealants in general seal spaces that exist between one surface and the next. When sealant is being utilized, the space becomes water and airtight. Aerospace adhesives are applied on lights, fasteners, cockpit doors, and others. These are mainly utilized in the general aviation industry. Aerospace adhesives and sealants majorly pose the properties of viscosity, toughness, longer work time, and shorter cure time as per aerospace application needs.
Growth in Aerospace Industries
The aerospace industry is growing in different regions like North America, Europe, and the Asia Pacific. According to the International Trade Administration (ITA), in 2018, China had over 59 airlines and 3,615 civil aircraft, an expansion of 10% more than in 2017. According to China’s 13th Five-Year Plan (2016-2020), by 2020, China had more than 4,500 civil aircraft, and by 2018, the number of Chinese civil airports had increased to 235.
According to the International Trade Administration (ITA), in 2018 the Indian government spent a total of US$ 645 in the civil aviation sector. Also, according to Boeing India is anticipated to drive the demand for 2,300 aircraft worth US$ 320 billion over the next 20 years. In 2018, the U.K. civil aerospace turnover was about US$ 44.6 billion, and the sector had almost a 17% global market share. Also, the Eastern Economic Corridor (EEC) is targeting US$ 7 billion in investment in MROs and aviation-related industries in Thailand over the next 5 years.
And since sealants and adhesives are often utilized over mechanical fasteners like bolts or screws in aerospace, the growing aerospace industry serves as a driver for the global aerospace adhesives and sealants market. Hence, all these factors are driving the growth of the market.
Drawbacks Related to Sealants and Adhesives
There are several drawbacks associated with the adhesives and sealants. The pitfalls of adhesives are relative weakness in bonding large objects with a small bonding surface area, reducing stability at high temperatures, and making it more challenging to separate objects during testing. Also, the adhesives are polymer-based materials and have an average resistance to temperature; only the silicone-based adhesives are more invulnerable to temperature adhesives.
The polyurethane-based sealants have short shelf life owing to hygroscopic (water absorption) tendencies and generally have slower cure times. Thus, more difficult handling and curing processes are needed for polyurethane-based sealants. Thus, these drawbacks related to adhesives and sealants serve as a restraint for the global market during the forecast period.
Rising Government Initiatives on Defense Aerospace
Different governments are investing laboriously in the defense sector of the country like Norway, Brazil, and Thailand. According to the International Trade Administration (ITA), the Norwegian Government introduced a core defense spending budget of US$ 6.9 billion in 2019. The Norwegian defense budget estimated for 1.62% of Norway’s GDP in 2018. Brazil's 2019 budget proposal for the defense sector is about US$ 30 billion. Major Brazilian Defense Strategic projects like KC-390 aircraft, Grippen AM-X aircraft modernization, and Space System Strategic program blended by the Brazilian Air Force are also augmenting the demand of the defense aerospace sector.
In 2019, the Thai government allocated 1.29% of the country’s GDP to defense, which is about US$ 7.3 billion. An estimated 18.32% of the defense budget is assigned to the Royal Thai Air Force. Thus, with the growing initiatives of the government to build an excellent defense infrastructural sector in their country, the demand for aerospace adhesives and sealants will also significantly grow, which acts as a driver for the aerospace adhesives and sealants market during the forecast period in the future.
By Resin
The epoxy segment is anticipated to dominate the global aerospace adhesives and sealants market during the forecast period. This growth can be attributed to the fact that this resin is widely utilized in different aerospace applications assembly and bonding operations due to its versatile properties, including impressive stiffness, strength, relatively high-temperature performance, and outstanding chemical resistance. Also, it protects against corrosion and can endure pressure and extreme environmental conditions. Hence, these factors are expected to drive the growth of this segment in the global market.
However, the polyurethane segment is also anticipated to dominate the global market during the forecast period. This growth can be attributed to its high suitability for thermoplastic composite bonding, which is gaining traction, thereby replacing metals and thermoset composites. There is a high significance of these resins in interior applications with opportunities for flame retardant variants, making them suitable across the interior framework. Thus, all these factors are expected to drive the growth of the segment in the market over the projection period.
By Aircraft
The commercial aircraft segment is dominating the global market during the forecast period. This growth is attributed to the demand for lightweight materials to fulfill strict emission standards of the industry and attain goals of reduction in carbon emissions. Modern commercial aircraft programs are increasingly substituting conventional fasteners with sealants to save weight, improve strength, and enhance corrosion resistance at the same time. Thus, these factors are driving the growth of this segment in the market during the projection period.
Moreover, the spacecraft segment is anticipated to dominate the global market during the forecast period. This growth can be attributed to the fact that these spacecraft can withstand extreme temperatures and high vacuum conditions. Bonding products utilized in space-borne equipment are required to cope with such environments and governments, and leading space agencies like NASA need adhesives to fulfill the ASTM-595 outgassing test for their qualified usage. There is a surge in market demand for adhesives & sealants that can meet low outgassing, resistance to extremely high and low temperatures, thermal conductivity, and cryogenic serviceability in space environments. Thus, these factors are driving the segment's growth in the global market.
By Technology
The water-based segment is expected to dominate the global market during the projection period. This is because recent breakthroughs in technologies with the evolution of novel and effective compositions of water systems have surpassed high norms set by solvent-based technologies. Also, the rising concern over reducing volatile organic compounds (VOC) emissions in the aerospace adhesives & sealants industry has led to the interest in environment-friendly water-based adhesive technologies.
Over the recent years, the applicability and functionality of these adhesives and sealants in the aerospace industry have been efficaciously enhanced concerning efficiency, versatility, strength, long-term durability, weight reduction, energy savings, and sustainability. Therefore, all these factors are pushing the growth of this segment in the global market.
Regional Analysis
In 2023, North America dominated the global aerospace adhesives and sealants market in terms of revenue. This growth can be attributed to a host of factors like high penetration of composites in modern aircraft, technology-rich aerospace platforms, and leading position in aircraft manufacturing as well as repair services.
Also, modern aircraft platforms in the region like A220, B787, and B777x have been growing the penetration of composites in fuselage or wing applications, thereby developing substantial market demand for solutions to bond composite bodies in the aerospace adhesives & sealants industry.
However, the Asia Pacific region is anticipated to dominate the global market during the forecast period. This growth can be attributed to the insane shift from conventional fasteners to advanced adhesive bonding and repair solutions. The region holds the highest share of the commercial aircraft fleet, which indicates strong market demand from airlines for part replacement and repair assemblies fueling the adhesive needs in the global market.
Also, emerging Asian economies like India and China have fleets of older aerospace vehicles that still heavily rely on traditional mechanical fastening systems like bolts, nuts, and screws. There is a huge whitespace opportunity to replace mechanical fasteners with high-strength and lightweight adhesives and sealants. Hence, all these factors are pushing the growth of this market in this region.
Key Companies Operating in the Global Aerospace Adhesives and Sealants Market
Market Segmentation Outline
By Resin
By Aircraft
By Technology
By Application
By region
1 INTRODUCTION OF GLOBAL AEROSPACE ADHESIVES AND SEALANTS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: AEROSPACE ADHESIVES AND SEALANTS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL AEROSPACE ADHESIVES AND SEALANTS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL AEROSPACE ADHESIVES AND SEALANTS MARKET, BY RESIN
5.1 OVERVIEW
5.2 EPOXY
5.3 POLYURETHANE
5.4 SILICONE
5.5 OTHERS
6 GLOBAL AEROSPACE ADHESIVES AND SEALANTS MARKET, BY AIRCRAFT
6.1 OVERVIEW
6.2 COMMERCIAL AIRCRAFT
6.3 REGIONAL TRANSPORT AIRCRAFT
6.4 GENERAL AVIATION
6.5 MILITARY AIRCRAFT
6.6 SPACESHIP
7 GLOBAL AEROSPACE ADHESIVES AND SEALANTS MARKET, BY TECHNOLOGY
7.1 OVERVIEW
7.2 SOLVENT-BASED
7.3 WATER-BASED PAINT
7.4 HOTMELT
8 GLOBAL AEROSPACE ADHESIVES AND SEALANTS MARKET, BY APPLICATION
8.1 OVERVIEW
8.2 STRUCTURAL
8.3 NON-STRUCTURAL
9 GLOBAL AEROSPACE ADHESIVES AND SEALANTS MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL AEROSPACE ADHESIVES AND SEALANTS MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 BEACON ADHESIVES
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 BOSTIK (ARKEMA)
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 CYTEC SOLVAY GROUP
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 DELO INDUSTRIAL ADHESIVES
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 DOWDUPONT
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 DYMAX CORPORATION
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 GENERAL SEALS
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 H.B. FULLER
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 HENKEL AG & CO. KGAA
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 HERNON MANUFACTURING
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 HEXCEL CORPORATION
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 HUNTSMAN CORPORATION
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 HYLOMAR LIMITED
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 ILLINOIS TOOL WORKS INC.
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 L&L PRODUCTS
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 LORD CORPORATION
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 MASTER BOND
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.18 PARSON ADHESIVES
10.18.1 OVERVIEW
10.18.2 FINANCIAL PERFORMANCE
10.18.3 PRODUCT OUTLOOK
10.18.4 KEY DEVELOPMENTS
10.18.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.19 PERMABOND
10.19.1 OVERVIEW
10.19.2 FINANCIAL PERFORMANCE
10.19.3 PRODUCT OUTLOOK
10.19.4 KEY DEVELOPMENTS
10.19.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.20 PPG INDUSTRIES
10.20.1 OVERVIEW
10.20.2 FINANCIAL PERFORMANCE
10.20.3 PRODUCT OUTLOOK
10.20.4 KEY DEVELOPMENTS
10.20.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.21 SCIGRIP ADHESIVES
10.21.1 OVERVIEW
10.21.2 FINANCIAL PERFORMANCE
10.21.3 PRODUCT OUTLOOK
10.21.4 KEY DEVELOPMENTS
10.21.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.22 SIKA AG
10.22.1 OVERVIEW
10.22.2 FINANCIAL PERFORMANCE
10.22.3 PRODUCT OUTLOOK
10.22.4 KEY DEVELOPMENTS
10.22.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.23 THE REYNOLDS COMPANY
10.23.1 OVERVIEW
10.23.2 FINANCIAL PERFORMANCE
10.23.3 PRODUCT OUTLOOK
10.23.4 KEY DEVELOPMENTS
10.23.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.24 UNISEAL
10.24.1 OVERVIEW
10.24.2 FINANCIAL PERFORMANCE
10.24.3 PRODUCT OUTLOOK
10.24.4 KEY DEVELOPMENTS
10.24.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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