The global composite adhesives market is projected to reach $1.78 billion by 2022, at a compound annual growth rate (CAGR) of 7.9% from 2017 to 2022, according to Report Linker. Reportedly, the demand for lighter vehicles has lad manufacturers switch from traditional mechanical fasteners to lightweight and more efficient adhesives, which is driving the global composite adhesives market. In addition, stringent environmental regulations in the European countries are restraining the growth of the composite adhesives market.
The aerospace segment is estimated to be the fastest-growing application segment of the composite adhesives market. Reportedly, the high demand for advanced aircraft from the commercial aviation segment due to entry of new airlines and expansion of existing airlines is driving the demand for composite adhesives from the aerospace segment. Increasing air traffic, demand for fuel-efficient aircraft, replacement of obsolete aircraft, and strong economic growth in the emerging markets are expected to drive the demand for aerospace composite adhesives during the forecast period.
The report also states that the Asia-Pacific region is expected to be the fastest growing composite adhesives market, in terms of volume during the forecast period from 2017 to 2022. It is estimated to retain the market leadership during the forecast period. China is the largest market, followed by Japan, South Korea, and India for composite adhesives in this region.
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