The aerospace adhesives & sealants market size is estimated at USD 775 million in 2018 and is projected to reach USD 1,008 million by 2023, at a CAGR of 5.4%. The demand for aerospace adhesives & sealants is driven by the focus of OEMs to manufacture lightweight and fuel-efficient aircraft. Moreover, the growth of the aerospace industry due to the increasing air traffic in the emerging economies is driving the demand for aerospace adhesives & sealants.
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 operating in the aerospace adhesives & sealants market include 3M (US), Henkel AG & Co. KGaA (Germany), Huntsman International LLC. (US), PPG Industries Inc. (US), and Cytec Solvay Group (Belgium). The key growth strategies adopted by these companies include investment & expansion, merger & acquisition, and new product launch.
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3M (US) and Huntsman International LLC. (US) are the two Major Players in the Aerospace Adhesives & Sealants Market. These two players have majorly adopted merger & acquisition and investment & expansion as key strategies for growth.
3M is one of the important players in the aerospace adhesives & sealants market due to its global distribution capabilities and strong financial background to strengthen its product portfolio and market position. The company strategically focuses on organic growth to drive efficiencies of the adhesives business. In May 2017, the company invested USD 40 million in the expansion of its operations in Missouri, US. Through this expansion, the company produces industrial adhesives and tapes for the aerospace industry and other heavy industrial customers, globally. It also focuses on technological advancement to provide custom solutions and develop new products.
Huntsman International LLC. holds a strong position for its strong product portfolio and new product launches. It mainly focuses on organic growth strategies. In November 2017, the company inaugurated a campus of downstream formulations facility for its polyurethanes business in Shanghai, China. This development has helped the company to enhance innovation in polyurethane-based adhesives for various application in APAC. In May 2017, the company merged with Clariant (Switzerland) to enable the development of new products as well as to deliver superior returns and drive shareholder value.
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