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Epoxy Adhesives Market - By Type (One Component, Two Component), By Technology (Reactive, Solvent Borne, UV-cured Adhesives, Water Borne), By Application (Building & Construction, Electrical & Electronics, Aerospace, Packaging), & Forecast, 2023 - 2032
- Report ID: GMI2454
Epoxy Adhesives Market size exceeded USD 8 billion in 2022 and is poised to grow at a CAGR of 5% through 2032. According to requirement of various applications, they can either become flexible or stiff. Epoxy adhesives are in high demand across a variety of industries as they offer several benefits including high strength, excellent adhesion, and good resistance to harsh chemicals and environmental variables. These adhesives are used as bonding agents to improve adhesion; hence, they are used extensively in the construction industry in a wide range of materials including metal, glass, wood, and plastic.
The growing technological advancements to further enhance the overall performance & properties of epoxy adhesives are propelling epoxy adhesives market demand. The growing need for lightweight adhesives in the aerospace sector is positively impacting the market expansion. The growing electric vehicle industry will also impact the market share. These new technologies have enhanced the properties of epoxy adhesives such as their peel strength, toughness, resistance to water & other harsh chemicals, and capacity to withstand high temperatures. Moreover, epoxy adhesives now have a significantly longer shelf life, increasing their demand.
The two-component segment is forecast to show a tremendous growth trend throughout the assessment timeline. The ability of two-component epoxy adhesives to exhibit shining after polishing has increased their demand in the automotive sector, and the demand is set to increase further owing to the high demand for good aesthetic automobiles around the globe. The two-component type has high thermal stability, and this property of two components is favoring its use in the construction segment. The two-component type of adhesives is used for various repairing & maintenance applications in marine, automobile, HVAC, plumbing, etc.
The developing electric vehicle industry is also expected to amplify the demand from the automotive application segment. Various governments in developing countries are promoting the use of electric vehicles due to the environmental concerns regarding air pollution coupled with the increasing need for lightweight vehicles, positively impacting the epoxy adhesives market growth. The automobile industry is changing, and the growing adoption of epoxy adhesives will lead to the higher demand for the product from the automobile sector. The growing demand for epoxy adhesives in the aerospace application is carrying the segmental demand.
The increasing demand for new aircraft for both commercial & military usage will drive market expansion. Numerous variables including the requirement for newer aircraft designs will result in the extensive use of adhesives in the aerospace industry. With the entry of various players in the aerospace sector, the product demand is expected to increase in the future. The increasing production of commercial aircraft for various uses will further augment the aerospace industry expansion, positively influence epoxy adhesives market growth.
The Asia Pacific region will account for a considerable market share. The increasing demand from the region can be attributed to rapid urbanization; this trend is anticipated to continue over the forecast timeframe to user in unique demographic & economic modifications. Rising urbanization will further increase the requirement for epoxy adhesives for use in various construction activities.
Sika AG, Henkel Corporation, 3M, Arkema, H.B. Fuller Company, and DOW Chemical Company are the major players involved in the epoxy adhesives market. The companies are involved in global expansion and strategic partnerships to gain a competitive advantage. For instance, in February 2022, H.B. Fuller Company acquired Fourny NV, a construction adhesives provider. This helped the company to expand its market presence.