Epoxy Adhesives Industry Overview
The global epoxy adhesives market size was valued at USD 6.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2028.
The growth in major end-use industries such as energy, construction, and automotive is expected to boost the demand for epoxy adhesives over the forecast period. Increasing focus on infrastructural developments to propel economic growth, coupled with growing investments in producing Electric Vehicles (EVs) and incorporation of lightweight materials in the automotive industry, is expected to benefit market growth across the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Epoxy Adhesives Market
The U.S. manufacturing sector was largely impacted in 2020 on account of the increasing spread of the coronavirus. Companies were compelled to suspend operations, thereby affecting the demand for raw materials. However, the market for epoxy adhesives is projected to pick up pace owing to growth in EVs and housing projects in the U.S. For instance, in November 2020, Pepper Construction began the construction of a new multi-family residential project in Wisconsin, U.S.
The emergence of the COVID-19 pandemic is an ongoing challenge for the industry, which led to a decline in market growth in 2020. A large number of industries have largely been impacted by the pandemic and witnessed a significant downfall in the first half of 2020. The crisis led to the emergence of new challenges for industries, which includes cost escalation of raw materials, disruption of the supply chain, production stoppages, and workforce minimal capacities.
The market scenario started recovering in the second half of 2020. However, with the continuing second and third waves of the virus, restrictions were seen in the first quarter of 2021. Demand from end-use industries but restrictions in transportation and minimal production led to an increase in prices of materials such as phenols, epichlorohydrin, and solvents, which are used in epoxy resins and curing agents.
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- Epoxy Resin Market - The global epoxy resin market size was valued at USD 22.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. Increasing demand for paints & coatings is anticipated to significantly drive the market growth during the forecast period.
- Lightweight Materials Market - The global lightweight materials market size to be valued at USD 225.3 billion by 2024 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% during the forecast period. A large number of automotive manufacturers are switching to products that reduce the weight of the vehicles owing to the increased awareness pertaining to fuel emissions, which in turn is anticipated to drive the global market.
Epoxy Adhesives Market Segmentation
Grand View Research has segmented the global epoxy adhesives market on the basis of technology, application, and region:
Epoxy Adhesives Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- One Component
- Two Component
- Others
Epoxy Adhesives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Automotive & Transportation
- Building & Construction
- Power & Energy
- Electrical & Electronics
- Others
Epoxy Adhesives Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- June 2021: Germany awarded 1,161 MW of onshore wind capacity, after the auction that took place on May 1, 2021.
- May 2021: Airbus announced its plan to increase the production of A320neo planes by 10% by the end of 2021.
- April 2021: Meridian Adhesive Group acquired Pacific Adhesive Systems (PAS), a Malaysia-based company offering high-performance adhesive and coating solutions. PAS has joined Meridian’s Electronic division comprising of Epoxy technology.
Key Companies profiled:
Some prominent players in the global epoxy adhesives market include
- 3M
- Ashland
- Bostik
- Dow
- H.B. Fuller Company
- Henkel AG & Co. KGaA
- Mapei S.P.A
- Parker Hannifin Corp
- Permabond LLC
- Sika AG
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