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Global Aerospace Adhesives & Sealants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

ReportLinker
ReportLinker

The Global Aerospace Adhesives & Sealants Market is projected to register a CAGR of 5.91%. Key Highlights. Largest Segment by Technology - UV Cured Adhesives : Globally, UV-cured technology has registered the highest market share due to its wide applications in the aerospace industry for assembling, repairing, and others.

New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Aerospace Adhesives & Sealants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381279/?utm_source=GNW

Largest Segment by Resin - Epoxy : Due to the low molecular weight of epoxy resin and the rising importance of lightweight parts and components in aerospace manufacturing, epoxy-based adhesives have gained the largest share of the market.
Largest Segment by Region - North America : North America is the dominant region owing to the dominant presence of civil, general, and military aviation manufacturing facilities, mostly in the United States.
Fastest-growing Segment by Region - Asia-Pacific : Due to the steady growth of aircraft assembly operations along with the rising military aviation spending in countries including India and China, the region is projected to be the fastest-growing region during the forecast period.

Key Market Trends

Epoxy is the largest segment by Resin.

Adhesives and sealants play an important role in lightweight aircraft assemblies. Therefore, they are used in many structural applications, such as control systems, nacelle systems, fuselages, and engine parts.
The aerospace adhesives and sealants have shown a sudden growth of 7.45% in terms of volume in 2021. This has happened due to the economic recovery, regular supply of raw materials, and reopening of production facilities in many countries, including the United States, Canada, Germany, and China, which were impacted by the COVID-19 outbreak in 2020 where lockdowns in countries caused the shutdown of production facilities and reduction in the growth of adhesives and sealants across the world.
Aerospace adhesives and sealants are based on various resins, and epoxy resin is the most used resin-based adhesive in aerospace applications owing to its excellent structural properties, which fulfill the exact requirement of aircraft manufacturers. Epoxy adhesives are used in both interior and exterior parts of aircraft, such as sandwich panels used in fuselage construction, edge bonding and void filling, honeycomb structures, and many other applications. The tensile strength of these adhesives is up to 12000 psi(82 MPa) which is the highest among all other adhesives.
The rising demand for the replacement of heavier assembly joints, such as mechanical fasteners, screws, and weld joints, to lower the weight of air vehicles will ultimately help in lowering fuel costs. It is seen that expenditure on fuel costs by airlines has been reduced by almost 40% over the last decade. Thus, it will drive the demand for adhesives and sealants in the coming years.

North America is the largest segment by Region.

European manufactures and exports both civil and military helicopters, aircraft, jets, and their components. Civil aviation is the largest segment in the European aerospace industry. Europe is home to over 3,000 companies with more than 880,000 employees. France, Germany, Italy, Spain, and the United Kingdom have a large concentration of aerospace companies. That is why Europe ranks second in the consumption of aerospace adhesives and sealants.

In recent years, the aerospace industry in North America and worldwide has been facing pressure for decarbonization. This can be done through innovative technology development for reducing carbon. This transition will lead to an increase in demand for aerospace adhesives and sealants, which will be used for adapting new technology in the forecast period, which is 2022-2028.
The year-on-year growth is highest in 2021 because of the post-pandemic boost in leisure tourism, as the lockdown in COVID-19 in 2020 put a long halt on international and domestic travel. For example, the number of international passengers traveling to and from North America increased from 41 million passengers in 2020 to 59 million passengers in 2021. This increase led to increasing in MRO business and aircraft aftermarket, which is the reason for the highest year-on-year growth in 2021.
The decline in demand for aerospace adhesives and sealants in 2020 is due to the impact of the COVID-19 pandemic, which caused a nationwide lockdown, an overall economic slowdown, and a ban on international and domestic air travel. For example, the number of international passengers flying to and from North America fell drastically from 159 million in 2019 to 41 million in 2020.

Competitive Landscape

The Global Aerospace Adhesives & Sealants Market is fairly consolidated, with the top five companies occupying 69.91%. The major players in this market are 3M, H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman International LLC and PPG Industries, Inc. (sorted alphabetically).

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381279/?utm_source=GNW

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