Partnerships and new product launches were the key strategies adopted by industry players to achieve growth in the composite adhesives market. The key players, such as Henkel AG & Co. KGaA (Germany), 3M Company (U.S.), LORD Corporation (U.S.), and Sika AG (Switzerland) have adopted these strategies to develop their businesses globally. Increasing demand for lightweight and low carbon-emitting vehicles, pent-up demand for composite adhesives from the residential housing market and infrastructure market, and the use of composite adhesives in wind energy blades have led to a rise in the demand for composite adhesives.
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Henkel AG & Co. KGaA is one of the major players in the global composite adhesives market. The company’s wide range of business segments provides an added advantage to the company’s profit margin, which enables the company to compensate for the loss from low performing business segments and invest in strategic expansions and R&D activities. The adhesive technology business segment of the company accounted for 48% of its total revenue in 2016. The company follows a capacity expansion strategy to support the growing demand and improve product cost competitiveness and product portfolio by investing in R&D activities in new applications to cater to the market. In April 2015, the company acquired Novamelt GmbH (Germany) to enhance its leadership in providing adhesive solutions.
3M Company is another major player in the global composite adhesives market. The industrial and consumer business segments of the company manufacture adhesives & sealant products for various applications. These business segments together earned around 48% of the total revenue in 2016. Among countries, the U.S. accounted for 41% of the overall company revenue in 2016. The company’s business strategy mainly revolves around its targets for increasing its global footprint and revenues as well as launching innovative products. As a part of its growth strategy, the company plans to establish new production facilities and expand its existing plant capacities that would enable the company to strengthen its position in the high growth composite adhesives market. In October 2013, 3M launched Scotch-Weld Low Odor Adhesives, DP8805NS and DP8810NS, offering performance benefits of higher productivity, performance, cost savings, and health & safety concerns. These adhesives are fast-curing adhesives, which also have a higher impact resistance on plastics and metals. They can be used for several applications, such as transportation, metalworking, plastics/composites, and manufacturing, among others.
Apart from the above mentioned market players, Ashland Inc. (U.S.), Permabond LLC. (U.K.), Scott Bader Company Ltd. (U.K.), SCIGRIP (U.S.), Masterbond Inc. (U.S.), Royal Adhesives & Sealants, LLC (U.S.), Parson Adhesives, Inc. (U.S.), L&L products (U.S.), DELO Industrial Adhesives, LLC (Germany), Dymax Corporation (U.S.) are the other important players in this market