(Aviation-NewsWire.Com, July 01, 2020 ) The global Aerospace Adhesives & Sealants Market size is projected to reach USD 1 billion by 2023, at a CAGR of 5.4%. The aerospace adhesives & sealants market size is estimated to be USD 775 million in 2018. The high demand for lightweight and fuel-efficient next-generation aircraft is fueling the consumption of these adhesives and sealants. These products are used in the interior, exterior, and engine compartments of an aircraft.
The commercial aerospace segment is estimated to be the largest consumer of adhesives and sealants.
The commercial segment accounts for the dominant share of the overall aerospace adhesives & sealants market. The high demand for commercial aircraft is driving the consumption of such adhesives and sealants in this end-use industry. Boeing and Airbus presently have orders for delivery of over 9,000 commercial aircraft. These factors are anticipated driving the growth of the market during the forecast period.
The demand for epoxy-based aerospace adhesives & sealants is the highest in the market.
Epoxy resins are projected to witness the highest demand resulting in the fastest growth of this segment in the global aerospace adhesives & sealants market. It also accounts for the largest share of the market. Epoxy resin is used widely in aerospace applications due to its properties such as high tensile and shear strength and chemical resistance. It also offers protection against corrosion and can sustain high temperature and pressure environment.
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North America is expected to continue its leading position in the aerospace adhesives & sealants market.
North America is likely to account for the largest share within the global aerospace adhesives & sealants market by 2023. The presence of a firmly established aerospace industry and the increasing demand for commercial aircraft. The demand for commercial aircraft is growing significantly with the growth of the airline sector in Asia Pacific and other emerging regions. The key aircraft manufacturers, such as Boeing and Bombardier, are headquartered in North America, catering to a large share of the demand for aircraft.
The major players in the aerospace adhesives & sealants market are 3M (US), H.B. Fuller (US), Henkel AG & Co. KGaA (Germany), Huntsman International LLC. (US), Hexcel Corporation (US), DowDuPont (US), PPG Industries Inc. (US), Illinois Tool Works Inc. (US), Arkema (France), and Cytec Solvay Group (Belgium).
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