Epoxy adhesives market size is expected to grow at an appreciable rate during the forecast timeline of 2022-2028. Epoxy adhesives are versatile products as they have robust applications in a wide range of sectors, including construction, automotive, aerospace, and electrical & electronics, among others. They can become flexible or rigid, depending upon their use in different products. Since epoxy adhesives have several advantages, such as high strength, great adhesion, and strong resistance to harsh chemicals and external factors, they will be highly demanded by end-users in various sectors.
Epoxy adhesives are also gaining precedence due to increasing technological innovations to enhance their efficiency, adhesion capabilities, and overall performance. Companies dealing in the production of epoxy adhesives are intensifying their research and development activities to manufacture lightweight glues. These efforts are being taken as the aerospace sector requires lightweight and fuel-efficient components.
The introduction of these technologies has added to the benefits of epoxy adhesives, such as improved peel strength & toughness, greater resistance to water & various harsh chemicals, and increased capability of surviving high-temperature environments. Moreover, the shelf life of epoxy adhesives has improved to a great extent, which will further bolster their use.
Epoxy adhesives market size from the building and construction sector applications is likely to record a strong CAGR over 2022-2028. Epoxy adhesives are also known as structural or engineering adhesives as they are being widely used in a variety of structural applications, such as making laminated woods that can be used for walls, decks, and roofs.
Epoxy adhesive is used as a bonding agent to strengthen the bond to different substrates, like increasing bonding to wood or concrete. Since epoxy adhesives can adhere to a variety of materials, such as metal, glass, wood, plastics, and stone, they will find extensive use in the construction sector.
On the basis of type, one-component epoxy adhesives are projected to capture a considerable share of the market during the forecast period of 2022-2028. One-part epoxy adhesives consist of latent hardeners that are mixed into the epoxy resin.
They have low reactivity in room temperature and contain boast of several other benefits, such as excellent resistance to chemical, environment, & temperature, and great impact, shear, & peel strength. They are also a better and cost-effective alternative to brazing or welding. One-component epoxy adhesives can also be used in heavy wear-and-tear applications, which may favor their demand across many industrial sectors.
North America epoxy adhesives market share is set to grow at a steady rate due to the developments in the construction and aerospace sectors. Rapid urbanization has led to an increased demand for an advanced public infrastructure, thereby augmenting the construction activities in the region.
On the other hand, end-users in the aerospace sector are demanding lightweight interior and exterior components, such as engines, overhead lockers, wing spars, door moldings, and many others. The need for durable yet safe glues will accelerate the use of epoxy adhesives in the aerospace sector.
Renowned organizations involved in the production of high-quality epoxy adhesives across the globe include, 3M Company, Illinois Tool Works Incorporation, Sika AG, Henkel, Ashland, Permabond, The DOW Chemical Company, and Weicon, among others. Companies are manufacturing advanced one and two-component epoxy adhesives for end-users in construction, automotive, aerospace, electrical & electronics, energy, and marine, among other sectors.
They are also signing partnerships and merger & acquisition deals with other firms to enhance their market presence, expand their customer base and diversify their product & service portfolios. For example, Swiss multinational specialty chemical company, Sika AG, in November 2021, announced the acquisition of Germany-based MBCC Group for an estimated value of $6 billion. The aim behind the agreement is to help Sika AG widen its product and service portfolio in four out of five core technologies and various target markets of the company.
The COVID-19 pandemic negatively impacted the growth of epoxy adhesives market share during the initial stages as the operations in several sectors, including construction and aerospace almost came to a complete standstill. The manufacturing plants were forced to shut down and international borders were sealed off to contain the spread of the virus.
These factors severely affected the production of raw materials and components required in various sectors, which eventually reduced the demand for and production of epoxy adhesives. However, with the situation gradually improving and the sectors reopening for business, the demand for epoxy adhesives is set to boost in the coming years.