MMA Adhesives Market Comprehensive Study 2022| Illinois Tool Works Inc, Arkema, SCIGRIP, Scott Bader, Lord Corporation and Others
The market size of MMA adhesives is estimated at USD 1.09 billion in 2018 and is projected to reach USD 1.56 billion by 2023, at a CAGR of 7.5%. The increasing demand for lightweight and low carbon-emitting vehicles, the superior performance of MMA adhesives, and increasing demand from the automotive and marine end-use industries are expected to drive the MMA adhesives market during the forecast period.
Composite is the fastest-growing substrate owing to the growing demand for MMA adhesives for bonding composite components, such as deflectors, bumpers, roofs, composite tanks, blades, car seats, interior body panel structures, and instrument panels of trucks, cars, rails, buses, and tanks. For instance, components such as front and rear end caps, roofs, rear bumpers, floor panels, and luggage door frames of a truck fabricated from either SMC or FRP can be bonded using MMA adhesives.
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Automotive & transportation is the fastest-growing end-use industry of MMA adhesives. This is due to the increasing penetration of MMA adhesives as a technology for bonding composites to metals and metals to metal components. Also, several leading manufacturers of commercial vehicles such as Siemens, Maxitrans, Bombardier, NAIB, Optare, Casalini, Leisure Travel Vans Ltd., Volvo, and Virgin have begun the use of structural adhesives for bonding several components.
The key players in the market include Illinois Tool Works Inc. (US), Arkema (France), SCIGRIP (UK), Scott Bader (UK), Lord Corporation (US), Henkel (Germany), Permabond LLC (US), Parsons Adhesive Inc. (US), Huntsman Corporation (US), and 3M (US). The MMA adhesives market report analyzes the key growth strategies adopted by leading market players, between 2014 and 2018, which include new product launch, investment & expansion, and merger & acquisition.
Illinois Tool Works is a major manufacturer of MMA adhesives. The company through its ITW Engineered Polymers business segment manufactures adhesives, sealants, coatings, lubrication, grout, and cutting fluids for the industrial, construction, and consumer applications. The company has established a strong foothold in the MMA adhesives through the strategies of new product launch and merger & acquisition. In March 2015, ITW Plexus launched a new product, MA515, which is used for bonding small and medium-sized composite and thermoplastic assemblies. It is used to eliminate the problems associated with the bonding of materials such as carbon fiber, polyamide, and poly-dicyclopentadiene (PDCPD). This development is expected to help meet the demand for MMA adhesives, globally.
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Henkel has majorly adopted the strategies of investment & expansion and merger & acquisition to grow in the MMA adhesives market. In June 2016, the company opened Henkel Adhesives Innovation Center (HAIC) in Shanghai, China. With this, the company targets to expand its R&D capabilities for adhesives and provide innovative market-driven solutions to local customers of APAC, thereby strengthening its foothold in the MMA adhesives market. In October 2015, Henkel acquired all the shares of The Bergquist Company (US). This acquisition strengthened the position of Henkel as a leading solution provider for adhesives, sealants, and functional coatings, globally.
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