Thermoset Adhesives Market – Value Chain Analysis and Forecast up to 2027
Thermoset Adhesives Market: Adhesive for Structural and Load Bearing Applications
- Thermoset adhesives are essentially insoluble and infusible, and exhibit good creep resistance. They are used for high load assemblies and controlling severe service conditions such as heat, cold, and radiation.
- Thermoset adhesives is a result of the buildup of molecular chains to produce a rigid cross-linked structure. They include epoxy resins, which are some of the most widely used adhesives.
- Thermosetting adhesives are manufactured using a combination of monomers that react to form a large macromolecular network. Thermoset adhesives are generally more expensive than the other types of adhesives. They are widely used in structural and load bearing applications. Some toughened variants provide exceptional properties that are directly comparable with welded and riveted alternatives.
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Key Drivers of Thermoset Adhesives Market
- Replacement of traditional fasteners with adhesives and growth in key end-use applications are major factors driving the thermoset adhesives market. Emerging trends, which have a direct impact on the dynamics of the thermoset adhesives market, include emergence of adhesives with bio-based thermoset resins and increase in application of two-part polyurethane adhesives.
- Thermoset adhesives are preferred over other materials in construction and automotive sectors due to their durability. The thermoset adhesives market is expected to continue to expand over the next few years owing to the increase in demand for these adhesives in various end-use industries such as automotive, aerospace, and packaging.
- Demand for thermoset adhesives is majorly driven by technological advancements and infrastructure growth in Asia Pacific
- Crosslinking occurs in thermoset adhesives through the influence of heat. Among the thermosetting resin types, epoxy adhesives are increasingly being used in aircraft, automobiles, and other high strength applications.
- Environmental concerns pose major challenges to the thermoset adhesives market, as these adhesives cannot be re-processed and recycled. These adhesives also do not decompose naturally.
Automotive & Transportation Segment to Offer Attractive Opportunities:
- Automotive & transportation is anticipated to be the dominant segment of the market during the forecast period. Growth in lightweight and commercial vehicle production and replacement of fasteners with adhesives are estimated to boost the segment during the forecast period.
- Demand for thermoset adhesives in the electronics industry is increasing owing to their varied properties such as lightness of weight, high-temperature resistance, and high-impact properties. Rapid urbanization and economic growth in emerging countries of Asia Pacific are likely to boost the demand for thermoset adhesives in construction composites.
Stringent Environmental Regulations in North America and Europe Regarding VOC Content Likely to Hamper Market:
- Environmental concerns pose major challenges for the thermoset adhesives market, as thermoset adhesives cannot be re-processed and recycled, and can neither be decomposed naturally
- Volatile organic compounds (VOCs) emitted during the use of thermoset adhesives pose a threat to the environment. Several countries have enacted guidelines restricting the emission of VOCs during the usage of thermoset adhesives in industries.
- Manufacturing operations are bound by regulations and rules with respect to evaluation, registration, storage, usage, handling, and transportation of certain substances and their emissions, effluents, and other wastes. Violation of these regulations is expected to lead to legal obligation in future business activities. These environment-related regulations restrain the demand for thermoset adhesives in residential and non-residential construction sector, as violation of these government regulations is projected to attract heavy penalties.
- Emission standards have been fixed to facilitate the effective control of air pollution. These standards have set permissible limits that are formulated by organizations such as the Central Pollution Control Board, Ministry of Environment & Forests, Bureau of Indian Standards (BIS), World Health Organization (WHO), and National Emissions Inventory (NEI).
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Asia Pacific Expected to Hold Major Share of Global Thermoset Adhesives Market:
- The thermoset adhesives market in Asia Pacific is expected to expand significantly during the forecast period, owing to the growth in end-use applications and increase in usage of these adhesives in place of traditional fasteners
- Increase in construction activities in countries such as the U.S. and expansion in the aviation industry are estimated to boost the thermoset adhesives market in North America. Presence of several automotive giants such as Ford, Bombardier, and General Motors in the U.S. and Canada is also projected to propel the demand for thermoset adhesives in the region.
- The market in Europe and Middle East & Africa is expected to expand at a significant pace during the forecast period owing to the growth in automotive and construction industries in these regions
- Rise in FDI investment in automotive and construction industries in developing economies of Asia Pacific is a key factor likely to fuel the market in the region during the forecast period
Key Players in Thermoset Adhesives Market:
The global thermoset adhesives market is highly concentrated, with the top manufacturers accounting for approximately 45% to 50% share. Key players operating in the global thermoset adhesives market include:
- Dow Chemicals
- BASF SE
- Bayer AG
- B. Fuller
- Henkel Adhesives
- LORD Corporation
- Ellsworth Adhesives
- Master Bond Inc.