Aerospace Adhesives and Sealants Market to Be Worth $954.7 Million by 2022
The market is reportedly driven by the rising demand for aerospace adhesives and sealants from OEMs and MROs in the commercial, military, and general aviation sectors.
The aerospace adhesives and sealants market is projected to grow from $732 million in 2017 to $954.7 million by 2022, at a compound annual growth rate (CAGR) of 5.46% between 2017 and 2022, 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 reportedly driven by the rising demand for aerospace adhesives and 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.
The commercial segment is the largest end-user industry segment of the adhesive and sealants market, according to the report. 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 adhesives and sealants in the commercial end-user industry.
The epoxy resin segment is projected to be the fastest-growing resin type segment. The properties of epoxy resin reportedly help drive the global epoxy aerospace adhesives and sealants market.
In 2016, North America accounted for the largest market share, in terms of volume and value, of the overall market. However, the Asia Pacific market 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 people prefer traveling by air, leading to the rise in demand for newer aircraft and associated services. This could, in turn, drive the aerospace adhesives and sealants market in Asia Pacific
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