Epoxy Adhesives Market

Epoxy Adhesives Market Size and Growth (2023-2028):

The Epoxy Adhesives Market is likely to grow at a CAGR of 6% owing to its high demand in the construction industry from 2023-2028

Drivers and Restraints of the Epoxy Adhesives Market:

Epoxy adhesives are having a huge call in the construction sector, especially for concrete repair and anchoring.  They are also used in industries such as woodworking and carpentry applications to improve the strength of adhesion with wooden surfaces in construction. Epoxy adhesives are usually used to bond steel, reinforcing plates or carbon laminates, and strengthen beams and columns. In addition to this, they are also used for bonding segments in bridges and viaducts, where they may completely substitute metal screws or bolts, providing an effective resistance to the continuous load on the road and the various temperature ranges.

The rapid expansion of the global construction sector due to private and government funding is igniting the demand for Epoxy adhesives used in the cement & aggregate industry for the repair and maintenance of conveyor belts, pulleys, and rollers. Consequently, increasing demand for Epoxy Adhesives from different industry verticals such as cement, aggregate, and mining-quarrying industries is expected to boost the global Epoxy Adhesives market during the outlook period.

EPOXY ADHESIVES MARKET REPORT COVERAGE:

Market Segmentation:

Epoxy Adhesives Market-By Type:

• One Component

• Two-Component

The one-component type is expected to grow at the highest CAGR, in terms of value because of its quick curing time and solvent-free and user-friendly features, one-component epoxy adhesive is more efficient and easier compared to two-component variants.

Epoxy Adhesives Market-By Application:

• Building and Construction

• Transportation

• Automotive

• Marine

• Wind Energy

• Electrical and Electronics

The market in the wind energy industry is projected to grow at the highest CAGR during the forecasted period of 2020 to 2025, in terms of value. This high growth is attributed to the perennial improvements in the structure of blades and other wind turbine components. There are developments going on for making the wind turbine blades lighter and taller which improves the overall efficiency of the turbine. Epoxy adhesives are the best solution for the adhesion of blade parts and are dominantly used in the preparation of turbine blades. The increasing use of renewable energy and the installation of windmills is expected to drive the epoxy adhesives market in the near future.

Epoxy Adhesives Market-By Region:

• North America

• Europe

• Asia Pacific

• Latin America 

• Middle East and Africa 

Asia Pacific region (APAC) is expected to dominate the global Epoxy Adhesives market in terms of value during the forecast period of 2020 to 2025. Previously, it led the Epoxy adhesives market due to the presence of established mining & quarrying, automotive, and transportation end-use industries in the region. The above-mentioned industries utilize Epoxy adhesives for a variety of their products. The epoxy adhesives market in APAC is led by the nations of China, Japan, India, and Australia. Amidst the incessant technological growth, the demand for high-performing Epoxy adhesives is increasing. This has led to developments in the APAC Epoxy adhesives market.

The North America region is also a huge market for Epoxy adhesives. In North America, the USA is supposed to dominate the market. It has become one of the production powerhouses of the world and is one of the strongest economies. The automotive and transport sectors in the region are planning huge investments in the Epoxy industry in the upcoming years which will augment its demand.

Epoxy Adhesives Market Key Market Players:

• HB Fuller

• Arkema Group

• Henkel AG & Co.

• Sika AG

• 3M

Impact of COVID-19 on the Epoxy adhesives Market:

Coronavirus has exposed severe challenges to the coatings market by impacting end-user sectors. Major economies around the world are affected due to the COVID-19 pandemic. The Epoxy adhesives market saw diminutive growth in this period owing to the increased demand for the packaging industry. However, decreased transportation and manufacturing activities have resulted in low demand which has negatively impacted the industry. More investments are being made toward bio-based Epoxy adhesives to reduce the harmful environmental effects of their synthetic counterparts. Post the pandemic, the market is likely to grow at a similar rate if not more at a CAGR of 4-5%.