Home > Pressrelease > 2K Epoxy Adhesives Market size to exceed $14 billion by 2030
2K Epoxy Adhesives Market size to exceed $14 billion by 2030
- Published Date: September 5, 2022
2K Epoxy Adhesives Market size is anticipated to reach over USD 14 billion by 2030, as per a new study published by Global Market Insights Inc.
Robust residential and non-residential construction activities across developed economies, such as the U.S. and Canada, will be a major factor driving the demand for 2K epoxy adhesives. In recent years, these countries have demonstrated a significant rise in disposable income and a dramatic shift in consumer preference for self-owned houses. For instance, the per capita disposable income in the U.S. has surpassed USD 47 thousand by 2020. This represents a strong potential for consumer spending across the construction, automotive, electronics, and healthcare sectors.
Due to weather-resistant capabilities, 2K epoxy adhesives are extensively used in the construction sector, which is currently witnessing continuous developments and constant public investments for new infrastructure. These adhesives are mainly used to bind different raw materials such as metals, wood, cement, and plastics used in construction activities. They are also suitable for outdoor construction activities, floorwork, and repairing tiles.
Increasing transportation activities to boost 2K epoxy adhesives market demand
In terms of volume, the 2k epoxy adhesives industry share from transportation applications is expected to exceed 20 kilo tons by 2030, says the study. The demand for 2K epoxy adhesives has increased in the transport sector owing to properties like improved toughness, flexibility, and ease of use. Compared to other welding joints and fixtures, these adhesives are lighter in weight and are used in roof bonding, panel bonding, frame assembly, and interior components assembly for commercial & public buses, trucks, railways, and heavy-duty trucks.
Given these characteristics, 2K epoxy adhesives manufacturers have witnessed greater demand in the transportation sector for the past few years. With an increase in public spending, the demand for railways and public buses has surged at a notable pace. For instance, the European Union has put considerable focus on strengthening its railways sector, to help achieve the regional 2050 emission reduction goals. In June 2022, the EU confirmed that it will spend more than USD 5 billion toward 135 transport infrastructure projects, which will also include some railway development projects.
Browse key industry insights spread across 200 pages with 92 market data tables & 9 figures & charts from the report, “2K Epoxy Adhesives Market Size, By End Use (Building & Construction, Transportation, Automotive, Aerospace OEM, Wind Energy, Marine, Electronics, Others), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Need for lightweight glues to boost North America industry outlook
The new report states that North America 2K epoxy adhesives market size is expected to witness over 3% CAGR from 2022 to 2030, on account of increasing focus on technological innovation to enhance efficiency, overall performance, and adhesion capabilities. Leading market players are ramping up production and research & development activities for manufacturing advanced lightweight glues. The region is also home to a massive aerospace sector that is seeking to develop lightweight and fuel-efficient components, fostering lucrative scope for 2K epoxy adhesive manufacturers.
During 2021, the aerospace industry in Canada contributed over USD 18 billion to the nation’s GDP, indicating the significant demand for raw materials and compounds such as adhesives. Besides, as the aviation, marine and automotive sectors recover post-coronavirus outbreak from 2021, the consumption of 2k epoxy adhesives in North America will expand at a steady rate.
Business expansion strategies to enhance 2K epoxy adhesives market development
Some of the major 2K epoxy adhesives companies discussed in the report include Henkel AG, H.B. Fuller Company, 3M, DuPont, Arkema Corporation, Huntsman Corporation, Sika Corporation, Panacol-Elosol GmbH, Arkema Corporation, Cemendine Co., Ltd., Weicon GmbH & Co. KG, Three-Bond Co., Ltd, Permabond LLC, Parson Adhesives Inc, Uniseal Inc, Illinois Tool Works Inc (ITW), Lord Corporation, Valtech Corporation, Mapei S.p.A and Master Bond In. The competitive market showcases substantial efforts to strengthen supply networks through new agreements with distributors and dealers.
For instance, in August 2021, Arkema announced the acquisition of Ashland’s Performance Adhesives business. Ashland specializes in the field of high-performance adhesives catering to the industrial sector in the United States.