The key driving factors for the structural adhesives market are the increasing demand for such materials in the footwear industry and their rising consumption in infrastructure projects. As a result, the value of the industry will display a 5.2% CAGR during 2019–2024 (forecast period), to advance from $11,677.9 million in 2018 to $15,683.0 million by 2024. Such materials are used to join substrates or components of structures that are under high physical stress for long periods.

Epoxy, acrylic, polyurethane, cyanoacrylate, and others are the categories of the market, based on type. Among these, during the historical period (2014–2018), the market was led by the acrylic category, due to the high peel strength and sheer of acrylic structural adhesives. This is why such adhesives can join plastic and metallic surfaces in footwear, woodwork, building & construction, and do-it-yourself (DIY) applications. The epoxy category is expected to witness the fastest growth during the forecast period, owing to their rising usage in end-use industries, especially for riveting and welding.

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The growing infrastructure industry is the biggest driving factor for the structural adhesives market advance. Due to the population boom, the demand for houses, civic infrastructure, commercial spaces, and industrial settings is rising. This is driving construction activities around the globe, especially in China, the U.S., and India. Structural adhesives make the structures they are used on resistant to chemicals, heat, and humidity, which is why these materials are being widely used on bridges, buildings, railway infrastructure, and roads.

During the historical period, Asia-Pacific (APA) was the largest structural adhesives market, and the situation is set to remain unchanged till 2024. The construction industry in regional countries, especially India and China, is growing on a massive scale, as a result of the burgeoning population, a lot of which is now moving to cities. Additionally, structural adhesives are being widely consumed in the packaging, automotive, and manufacturing industries for joining plastic and metallic substrates.

Hence, as the focus shifts away from weaker adhesives and nuts and bolts, the demand for structural adhesives will rise further.

The soaring infrastructural development and construction activities in several countries is one of the major factors fueling the demand for structural adhesives across the globe. Structural adhesives are basically defined as the adhesives that are used for bonding joints and are capable of holding multiple substrates together under varying degrees of stress. These adhesives are widely used for repairing various infrastructural applications such as those pertaining to roads, railways, and bridges, mainly because of their high resistance toward temperature, chemical, and weather, and high strength.

Due to the lighter weights, aesthetics, eco-friendliness, and fuel economy of these adhesives, they are being increasingly preferred over the conventionally used fasteners in various automotive and transportation applications. Furthermore, the structural adhesives have a natural watertight barrier, a protective inert barrier between multiple potentially corrosive materials, and the capability to reduce the differential expansion rates. Due to the rising constraints for vehicular weights and the escalating need for higher fuel economy, the usage of structural adhesives is predicted to shoot-up in the transportation industry in the coming years. 

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Apart from the above-mentioned factors, the ballooning usage of these adhesives in the electrical and electronics sector, especially in various electrical systems and devices such as junction boxes, transformers, and transmission towers and in the footwear industry is also causing a sharp spike in the sales of these adhesives around the world. As a result, the global structural adhesives market generated a revenue of $11,677.9 million in 2018 and is expected to attain a value of $15,683.0 million in 2024. The market is also predicted to advance at a CAGR of 5.2% between 2019 and 2024.

The APAC region attained the largest share and fastest growth in the global structural adhesives market during the historical period, and it is expected to maintain the trend during the forecast period as well. This can be mainly attributed to the growth of the construction industry at a faster pace as compared to the historical period, owing to the increase in infrastructural investments. It results increased usage of these adhesives for bonding of plastics, metals, and ceramics in manufacturing, packaging, and automotive applications. Considering the future market scenario, China is expected to lead the APAC market, generating revenue worth $4,267.1 million in 2024. In addition, rapid industrial and infrastructural growth along with renovation projects is expect to incur huge spending in China, bolstering demand for composite materials as these composites are used to bond dissimilar materials.