Aerospace Adhesives Market

The global aerospace adhesives market was valued at $0.90 billion in 2021, and is projected to reach $1.4 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.

Aerospace adhesive is used throughout the interior, exterior and engine compartment of aircraft. On everything from the overhead lockers, to the handy seat trays and even the in-floor lighting. The engine contains thread lockers, retaining compounds, hydraulic system thread sealants as well as structural adhesives. Exterior panels are bonded, wing spars, door moldings and others. Many applications call for the aerospace adhesive according to a specification such as a Mil Spec, ASTM, SAE, or an internal company specification, such as a Boeing specification or a Lockheed Martin specification. Adhesive selection for other aerospace applications is based on the substrates used and requirements of the bond. So, aerospace adhesive is adhesive used in aerospace applications. Many of the adhesives used in aerospace applications are the same products that are used in the automotive industry.

The COVID-19 has a major impact on overall defense industry, followed by the impact on aircraft adhesive as well. Allocation of majority of country’s financial and non-financial resources towards managing the pandemic has slowed the process of acquisition and deployment. Moreover, global shutdown of trade, logistics and manufacturing of required component and scarcity of raw materials has also delayed the delivery cycle. However, the sudden outbreak of Russia-Ukraine war has allowed the nations to increase their focus on aircraft, supporting business opportunities within the segment.

Growth of the aerospace adhesive market is driven by factors such as increase in number of aircraft and air passengers, increasing penetration of composites in aircraft manufacturing, increase in demand for lightweight and fuel-efficient aircraft and increase in defense expenditure are primary factors supporting market growth. The global defense expenditure has seen exponential growth in recent years. According to Stockholm International Peace Research Institute (SIPRI), global defense spending reached $1,981 billion in 2020 with a 2.6% year-on-year increase. The military expenditure accounted for 2.4% of the global gross domestic product (GDP) in 2020. Thus, an increase in global military expenditure has augmented the adoption of aircraft adhesive.

The aerospace adhesive market is segment on the basis of resin type, technology, function and end-user. The resin type segment is divided into epoxy, silicone, polyurethane, and others. The technology segment is bifurcated into solvent-based, water-based and reactive. The function segment includes original equipment manufacturer (OEM) and maintenance repair and operations (MRO). The market within the end-user segment is divided into commercial, military and general aviation. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Companies have adopted product development and product launch as their key development strategies in the aerospace adhesive industry. Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions. The key players operating in the aerospace adhesive market are 3M, Huntsman Corporation, H.B. Fuller, Henkel, Illinois Tool Works Inc., PPG, Cytec Solvay Group, Hexcel Corporation, Bostik (Arkema), Dowdupont, Permabond, Lord Corporation, Master Bond, Scigrip Adhesives, General Sealants, and Beacon Adhesives.

Increase in number of aircraft and air passengers

The rapid growth of the aircraft and aerospace industries during the second half of the 20th century had a profound impact on adhesives technology. The demand for adhesives that had a high degree of structural strength and were resistant to both fatigue and severe environmental conditions led to the development of high-performance materials.

Air passengers are anticipated to grow at a significant rate in the future, which is projected to increase the demand for aircraft across the globe, owing to increase in air traffic, improvement in air network, reduction in fuel prices, and surge in traveling frequencies through the air. For instance, according to the Civil Aircraft Market Forecast Report (2019-2038) of Commercial Aircraft Corporation of China, Ltd. (COMAC) presented at the Aviation Expo/China 2019, global Revenue Passenger Kilometers (RPK) will increase at an average annual rate of 4.3% over the next 20 years, and is anticipated that 45,459 new aircraft valued for about $6.6 trillion (based on the list price of the aircraft in 2018) will be delivered for the use in replacement and development of fleets.

Increasing Penetration of Composites in Aircraft Manufacturing

Advancements in manufacturing techniques along with easy machinability will foster composite material demand. Composites can be manufactured in various complex shapes that offer reduced material wastage and corrosion resistance, in turn, further propelling product penetration. The high quality of the composites in outside airframe structures, such as undercarriage, fuel components, and wings, will stimulate the product demand. Strong product penetration in airframe structures will accelerate the industry growth. Aerospace composites market players are focusing on recycling composites for re-usage in the MRO industry, which will spur the product penetration.

Thermosetting resins are among the most widely used synthetic materials. Easy applicability owing to a change in shape and compatibility with other materials are some of the key properties positively impelling product penetration. These resins are widely used as adhesives and bonding agents. Processing, fabrication, and composite material properties are among the key factors affecting the chemical & physical properties of the resins.

Delay in aircraft deliveries

According to the GAMA annual report 2021, general aviation manufacturers delivered new aircraft worth over $25.7 billion in 2021, an increase of 9.8% from 2020. The economic crisis because of Covid-19 affected the global growth rate and profitability of various industries. However, the general aviation sector is also not immune from the effects of the economic slowdown. The growth rate of the ownership of aircraft and their use in recreational and sports flights is currently moderate. Trade restrictions between the U.S. and China have impacted the growth of the aircraft market. International trade and investments are also affected due to this dispute. Although there is recovery, there also exists a fear of the Chinese economy overheating that can pull the global economy back into a recession. This can adversely affect the growth of the aerospace adhesive market. In the US, the economic crises and stringent regulations have led to the shutdown of many aircraft manufacturers in the recent past.

Growing demand of commercial aircraft

Air traffic is anticipated to grow at a significant rate in the future, which is projected to increase the demand for commercial aircraft across the globe, owing to increase in air traffic, improvement in air network, reduction in fuel prices, and surge in traveling frequencies through the air.

According to the International Civil Aviation Organization (ICAO), by 2035, passenger traffic and freight volume should increase. Factors such as growth in disposal income of the middle-class population and emergence of low-cost airlines led to an increase in number of airline passengers. In addition, as the number of airline passengers rises, demand for commercial aircraft services increase at a significant rate. The major countries such as Canada, the U.S., Brazil, Indonesia, Philippines, China, Saudi Arabia, and India witness a rise in number of air passengers. For instance, according to the Bureau of transportation, in October 2021, the U.S. Airlines passengers increased by 119% from October 2020. According to the International Air Transport Association (IATA), passenger numbers could rise to 8.2 billion in 2037 at 3.5% compound annual growth rate (CAGR).

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aerospace adhesives market analysis from 2021 to 2031 to identify the prevailing aerospace adhesives market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the aerospace adhesives market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global aerospace adhesives market trends, key players, market segments, application areas, and market growth strategies.

 Aerospace Adhesives Market Report Highlights