PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258801
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258801
According to Stratistics MRC, the Global Epoxy Adhesives Market is accounted for $9.2 billion in 2022 and is expected to reach $13.8 billion by 2028 growing at a CAGR of 7.0% during the forecast period. Epoxy glue is a thermosetting adhesive that can tolerate high stress and harsh weather conditions and is used to connect or join a range of surfaces. Epoxy glue is made of a resin, often known as an epoxy polymer, and a hardener. Adhesive refers to anything that sticks, whether it's to anything or a surface. Epoxy adhesives are the most widely used industrial adhesives and the most adaptable structural adhesives.
According to The World Bank, a US-based international financial institution that provides loans and grants to the governments of low- and middle-income countries to pursue capital projects, in 2022 more than 50% of the world's population reside in cities. The number of people living in cities would be more than double to 6 billion by 2045.
One of the main sectors using epoxy adhesives is the automotive industry. Adhesives are crucial in improving the appearance and functionality of automobiles. Vehicle weight reduction is the key to increasing fuel efficiency and reducing pollution emissions. In the past, adhesives were utilised to laminate, bond, and assemble interior vehicle parts. Modern adhesives are essential in helping original equipment manufacturers reduce the weight of automobiles while also adhering to strict environmental rules by reducing carbon emissions. Manufacturers of adhesives now have a fresh potential for expansion as a result.
Environmental laws rigorously control the manufacture of chemical and petroleum-based products in Europe and North America. Government organisations like the European Commission (EC) and the Epoxy Resin Committee (ERC) regulate the production of items containing solvents in these areas. The manufacturing capacities of businesses in North America and Europe are being impacted by this. Manufacturers are being forced to concentrate on manufacturing environmentally friendly adhesives by the strict environmental laws.
Green adhesives or those with low VOC content are becoming more and more popular as consumers want eco-friendly or green materials for a variety of uses. Manufacturers have been forced to produce eco-friendly adhesives with low VOC levels by strict regulations. A growing tendency for eco-friendly or green buildings is present in the worldwide epoxy adhesives market as a result of these regulatory rules, which presents a chance for the creation of environmentally benign and long-lasting adhesive solutions. These environmentally and hygienically safe green adhesive options are created with renewable, recycled, remanufactured, or biodegradable components.
Infrastructure for the public, commercial, and transportation sectors is well-established in developed nations like the US, Germany, the UK, Japan, and other Western European nations. Although civil constructions are created to endure a lifetime, the developed infrastructure in these nations indicates minimal prospects for new construction operations. Due to the fact that short-term renovations and maintenance can only be anticipated from industrialised countries, there is less potential for large demand for epoxy adhesives. As a result, maintaining and growing a firm is extremely difficult for manufacturers in mature markets.
The epoxy adhesives market was slightly negatively impacted by the COVID-19 pandemic. Supply networks were severely impacted by the pandemic due to a lack of epoxy resins. Lack of supplies and rising raw material prices drove up manufacturers' overall manufacturing costs. The demand for epoxy adhesives decreased as a result of several rules and standards to stop the spread of the coronavirus. Nonetheless, automotive trends like the increase in interest in electric vehicles and consumer preference for smart homes will support industry growth in the years to come.
The two component segment is estimated to have a lucrative growth, due to benefits including dimensional stability, simplicity of application, strong adherence to various substrates, tolerance to thermal cycling, vibration and shock resistance, consistent stress distribution, and tolerance to vibration and shock. The structural adhesives known as two component epoxies are frequently employed in situations that call for great strength.
The building and construction segment is anticipated to witness the fastest CAGR growth during the forecast period, due to their great performance, epoxy adhesives are employed as structural adhesives. They are adaptable, long-lasting, and highly heat resistant, making them ideal for bonding a variety of materials, such as stone, metal, plastic, and wood. They are used in walls, roofing, laminated wood for decks, and other building materials as well as for fastening concrete elements and other materials as well as for attaching countertops to substrates.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the development of numerous end-use sectors, including building & construction, transportation, wind energy, electrical & electronics, automotive, marine, and others, is driving the market's expansion. Among these, building & construction is significantly boosting the demand for epoxy adhesives in the Asia-Pacific region. The demand for epoxy adhesives in the region will increase during the forecast period as a result of increasing investments in infrastructure development for both the public and private sectors.
Europe is projected to have the highest CAGR over the forecast period. A significant growth potential for lightweight materials is being created in the region as a result of the focus on lowering CO2 emissions in Europe through the implementation of Euro 6d emission regulations. Over the next few years, it is projected that the emphasis on lightweight materials would increase demand for adhesives in Europe's automotive sector. Moreover, market expansion is predicted to be facilitated by investments in Europe's energy industry.
Some of the key players profiled in the Epoxy Adhesives Market include: Mapei S.P.A, Ashland, H.B. Fuller Company, 3M, Bostik, Parker Hannifin Corp, Dow, Henkel AG & Co. KGaA, Sika AG, Permabond LLC, KGaA, Huntsman Corporation, RPM International Inc., Illinois Tool Works Incorporation, LORD Corporation, DuPont de Nemours, Inc., Hexel Corporation and American Chemical, Inc.
In June 2019, Henkel invested USD 39.4 billion and opened a new European hub for high-performing aerospace solutions in Spain. This expansion has helped to provide high-performance epoxy adhesive solutions for the constantly growing demand and concentrate on the key trends in the global aerospace industry such as light-weighting, fuel efficiency, and automation.
In April 2019, Henkel opened a new OEM application center in Connecticut to deliver innovative solutions and design customized applications, technologies, and production processes to better serve its customers.
In March 2019, H.B. Fuller established an engineering adhesives business in Japa. This expansion has strengthened its engineering adhesive (EA) businesses in Japan by focusing on high-performance epoxy adhesives, including reactive adhesive chemistries and applications.
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