The North America Composite Adhesive Market would witness market growth of 4.1% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 174.26 Kilo Tonnes, showcasing a growth of 3.3% (2019-2022).
The composite adhesive market has arisen as a pivotal participant, propelling progress and novel ideas throughout numerous industries. As industries increasingly seek lightweight, durable, and high-performance materials, these have witnessed a surge in adoption due to their unique properties and versatile applications. This market's growth is propelled by various factors, including the expanding aerospace and automotive industries, the push for sustainable and eco-friendly solutions, and continuous research and development efforts to enhance adhesive technologies.
Composite adhesives have increased steadily in various sectors, including construction, marine, aerospace, and automotive. One of the primary drivers behind this surge in adoption is the growing demand for lightweight materials with superior strength and durability. With its unique challenges of corrosion, moisture, and salt exposure, the marine industry benefits from the superior bonding capabilities of these adhesives. These adhesives assemble boat components, ensuring structural integrity while withstanding harsh marine environments. As the marine industry seeks lightweight solutions without compromising strength, these have become integral to manufacturing.
Canada has a robust aerospace industry with companies involved in manufacturing aircraft, space systems, and components. Notable players include Bombardier, Boeing Canada, and various smaller enterprises contributing to the supply chain. The Canadian government has historically supported the aerospace sector through initiatives aimed at research and development, innovation, and skills training. These efforts are designed to enhance the competitiveness of Canadian aerospace companies on the global stage. As per the data from the Government of Canada, with a total budget of $250 million over three years (until March 31, 2024), the Aerospace Regional Recovery Initiative (ARRI) was delivered by Canada’s regional development agencies (RDAs). Hence, North America's rising automotive and aerospace sectors will help expand the regional market.
The US market dominated the North America Composite Adhesive Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $707.7 Million by 2030. The Canada market is experiencing a CAGR of 6.5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 5.6% during (2023 - 2030).
Free Valuable Insights: The Composite Adhesive Market is Predict to reach USD 4.6 Billion by 2030, at a CAGR of 5%
Based on Product, the market is segmented into Epoxy, Acrylic, Polyurethane, Cyanoacrylate, and Others. Based on Application, the market is segmented into Aerospace & Defense, Automotive & Transportation, Electrical & Electronics, Construction & Infrastructure, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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