According to a new report published by Allied Market Research, titled, “Aerospace Adhesives Market Size,” The aerospace adhesives market was valued at $0.90 billion in 2021, and is estimated to reach $1.4 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
Asia Pacific dominated the aerospace adhesive market in terms of growth, followed by North America, Europe, and LAMEA. The U.S. dominated the market share in 2021.
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The aerospace adhesive market is expected to witness a significant growth rate owning to increase in defense budgets of nations across the globe and rising concerns of nations to protect themselves from conventional and modern threats. An increase in defense expenditure facilitates the implementation of expensive yet necessary equipment and technologies. Furthermore, advancements of weapons and attacking capabilities worldwide have created the demand for modernization and installation of sophisticated defense technologies by governments to prevent threats and offensive attacks from foreign countries. Hence, the increase in defense expenditure is expected to open new avenues for the growth of the aerospace adhesive market during the forecast period.
Covid-19 Scenario:
- The Covid-19 pandemic had a significant impact on the defense industry, which in turn, affected the aircraft adhesive market. The pandemic had a huge impact on the country’s financial and non-financial resources toward managing pandemic. This slowed the process of acquisition and deployment.
- The shutdown of trade, scarcity of raw materials, and logistics and manufacturing of required components affected the delivery cycle. However, the war between Russia and Ukraine created new opportunities for the market players.
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KEY FINDINGS OF THE STUDY
- By function, the structural segment leads the market during the forecast period
- By resin type, the epoxy segment leads the market during the forecast period
- By technology, the reactive segment is expected to grow at lucrative growth rate during the forecast period (2022-2031)
- By end user, the original equipment manufacturer segment leads the market during the forecast period.
- Asia Pacific dominated the aerospace adhesice market in terms of growth, followed by North America, Europe, and LAMEA
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.
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