CHICAGO, January 28, 2019 /PRNewswire/ --
According to the new research report "Aerospace Adhesives & Sealants Market by Resin Type (Epoxy, Silicone, PU), Technology (Solvent-based, Water-based), End-use Industry (Commercial, Military, General Aviation), User Type (OEM, MRO), Aircraft Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Aerospace Adhesives & Sealants Market is projected to grow from USD 775 million in 2018 to USD 1,008 million by 2023, at a CAGR of 5.4%.
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Aerospace adhesives & sealants are used in the interior, exterior, and engine compartment of an aircraft. The market is driven by the rising demand for aerospace adhesives and sealants from OEMs and MROs in the commercial, military, and general aviation end-use industries.
The commercial segment is estimated to account for the largest market share, by end-use industry, during the forecast period.
Aerospace adhesives & sealants are used in various end-use industries such as commercial, military, and general aviation. The commercial segment is the largest end-use industry of aerospace adhesives & sealants. The current surge in demand for commercial aircraft globally bodes well for leading OEMs and their suppliers. Boeing and Airbus presently have combined orders of over 9,000 commercial aircraft. This demand drives the market of aerospace adhesives & sealants in the commercial end-use industry.
Epoxy is projected to be the fastest-growing resin type segment of the market during the forecast period.
The epoxy resin type is projected to be the fastest-growing segment of the Aerospace Adhesives & Sealants Market. Epoxy offers a unique combination of adhesion, chemical resistance, and other physical properties that provide outstanding protection against severe corrosive environments. These properties help drive the global epoxy Aerospace Adhesives & Sealants Market.
The Aerospace Adhesives & Sealants Market in APAC is projected to register the highest CAGR during the forecast period.
North America is estimated to account for the largest share, in terms of volume and value, of the overall Aerospace Adhesives & Sealants Market in 2018. However, the market in APAC is projected to witness the highest growth during the forecast period. The emerging middle-class population and rising disposable income levels are expected to further add to the demand in this region as people prefer traveling by air, leading to the rise in demand for newer aircraft and associated services. This will, in turn, drive the Aerospace Adhesives & Sealants Market in APAC.
The key players in the Aerospace Adhesives & Sealants Market are 3M (US), Henkel AG & Co. KGaA (Germany), Huntsman International LLC. (US), PPG Industries Inc. (US), and Cytec Solvay Group (Belgium).
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