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Global Epoxy Adhesive Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
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The Global Epoxy Adhesive Market is projected to register a CAGR of 6.40%. Key Highlights. Largest Segment by End User Industry - Automotive : Automotive is the dominant end-user industry owing to the wide range of adhesive applications for structural bonding and assembly operations.
New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Epoxy Adhesive Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381326/?utm_source=GNW
Largest Segment by Technology - Reactive : Reactive is the largest technology type in the market owing to its wide range of applications across major end-user industries, including automotive, woodworking & joinery, and building & construction.
Largest Segment by Region - Asia-Pacific : Asia-Pacific, mainly driven by India, China, South Korea, and Japan, is a major consumer of epoxy adhesive owing to its usage in several end-user segments.
Fastest-growing Segment by Region - Asia-Pacific : Due to the increasing population and rapid urbanization in countries such as China, India, South Korea, and Japan, the Asia-Pacific region is projected to be the fastest-growing regional segment during the forecast period.
Automotive is the largest segment by End User Industry.
Epoxy resin-based adhesives are widely used in the construction industry because of their applications in the construction industry, such as for flooring, roofing, wooden components joinery, etc. The construction industry globally is expected to grow at 3.5% per annum up to 2030. China, India, the United States, and Indonesia are expected to account for 58.3% of the overall construction growth globally. As a result, construction sealants account for a nearly 18% share of the global epoxy adhesive market share by value.
Epoxy resin-based adhesives are widely used in the automotive industry because of their applicability to surfaces such as glass, metal, plastic, painted surfaces, etc., and their features are helpful in the automotive industry, such as for strong bonding, durability, and long-lasting. These products are used in engines and car gaskets. The electric vehicles segment of the automotive industry is expected to record a CAGR of 17.75% globally in the forecast period because of the increased demand for the same in growing economies. This is expected to increase the demand for automotive epoxy adhesives in the forecast period.
Epoxy adhesives are widely used for electronics and electrical equipment manufacturing as they can be used for sticking sensors and cables. The global electronics and household appliances industries are expected to record CAGRs of 2.51% and 5.77%, respectively, which is expected to lead to an increase in demand for epoxy adhesives in the forecast period 2022-2028.
Epoxy resin-based adhesives are used in the healthcare industry for applications such as assembling and bonding medical device parts. The increase in healthcare investments worldwide will lead to an increase in their demand in the forecast period.
Asia-Pacific is the largest segment by Region.
Epoxy adhesives are made up largely of epoxy resin and a curing agent. Two-component epoxy adhesives are made by separately packaging the epoxy and curing agent components. They cure quickly after combining the two components. Almost all two-component room-temperature cure epoxy adhesives are available. All formulated components, including epoxy resin and curing agent, are mixed in advance to make one-component epoxy adhesives. Epoxy adhesives adhere well to various substrates and can be used to attach metals, glass, concrete, ceramics, wood, and many polymers. Curing shrinkage is extremely minimal. The cross-linked chemical structure of cured epoxy resin is strong and rigid, making it appropriate for structural bonding applications. Various epoxy adhesives for diverse uses have been developed by combining various epoxy resins and curing agents.
Asia-Pacific is the top consumer of epoxy adhesives globally, holding a share of about 47%, followed by North America, Europe, Middle East and Africa, and South America, with shares of 25%, 23.5%, 3.3%, and 3.1%, respectively. Growing construction activities and the rising production of automotive vehicles due to an increase in sales after the COVID-19 pandemic across the region is expected to be the major factor driving the growth of epoxy adhesives.
Across all the end-use sectors, automotive is the leading consumer of epoxy globally, holding a share of about 30.7%, followed by building and construction, healthcare, aerospace, and woodworking, with shares of about 19.2%, 10.2%, 7%, and 6.6%, respectively. The other end-use industries segment holds about 28%. The rising adoption of EVs to increase sustainability is expected to boost the demand for epoxy adhesives globally.
The Global Epoxy Adhesive Market is moderately consolidated, with the top five companies occupying 47.36%. The major players in this market are 3M, Arkema Group, H.B. Fuller Company, Henkel AG & Co. KGaA and Sika AG (sorted alphabetically).
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