Epoxy Adhesives Market Size by Type (One-Component Epoxy Adhesives, Two-Component Epoxy Adhesives and Others)0, By End-User (Wind-Energy, Marine, Electrical & Electronics, Automotive, and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the epoxy adhesives market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the epoxy adhesives market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as type, end-user, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global
epoxy adhesives market
are LORD Corporation, H.B. Fuller Co., The Dow Chemical Company, 3M Company, Pidilite Industries Ltd., Sika A.G., Huntsman International LLC, Henkel AG & Co. KGaA, Ashland Global Holdings Inc., Bostik, Mapei S.P.A, Parker Hannifin Corp. among others. To achieve a substantial market share in the worldwide epoxy adhesives market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
An epoxy adhesive is an adhesive made up of a resin or epoxy polymer and a hardener that binds a range of surfaces together with a strong, permanent, and robust bond that can withstand the harshest conditions. There will be an increase in demand in the healthcare industry over the forecast period as more investment is made in healthcare around the globe. Epoxy resin-based adhesives are used in applications like assembly and bonding medical devices. The growth of the epoxy adhesives market is limited by stringent environmental regulations in the United States and Europe as well as its characteristic limitations. There are some factors which are hampering the growth of the market such as low construction in developed countries, stringent government regulations etc. Also, there are also potential restraints to the growth of the global epoxy adhesives market, including limited opportunities in developed countries and changing regulatory policies and standards. Moreover, as technologies advance, demand for non-hazardous, green, and sustainable adhesives increases, and untapped markets open up for growth which will create new growth opportunities arise. Epoxy adhesives are expected to grow due to growing construction activities and an increase in automotive sales following the COVID-19 pandemic across the region.
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Scope of Epoxy Adhesives Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Type, End-User, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||LORD Corporation, H.B. Fuller Co., The Dow Chemical Company, 3M Company, Pidilite Industries Ltd., Sika A.G., Huntsman International LLC, Henkel AG & Co. KGaA, Ashland Global Holdings Inc., Bostik, Mapei S.P.A, Parker Hannifin Corp. among others|
One-component epoxy adhesives are expected to be the fastest-growing segment in 2022.
The type segment includes one-component epoxy adhesives, two-component epoxy adhesives and others. The one-component epoxy adhesives segment is expected to witness the highest growth rate during the forecast period. In the forecast period, one-component epoxy adhesives are expected to grow at the highest rate. Since one-component epoxy adhesives are solvent-free and user-friendly, they are easier to control compared to two-component epoxy adhesives. They have a quick curing time and are more effective and user-friendly.
Wind energy is expected to be the fastest-growing segment in 2022.
The end-user segment includes wind energy, marine, electrical & electronics, automotive, and others. The wind energy segment is expected to witness the highest growth rate during the forecast period. A continuous development process is underway for making the blade lighter and taller, which is expected to lead to wind energy being the fastest-growing end-use industry in the market during the forecast period. Wind energy has grown as a result of the continuous development of wind turbine blades and other components. The most effective adhesive solution for glueing blade parts together is epoxy adhesive, which is used most frequently during the manufacturing of turbine blades.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the epoxy adhesives market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. A growing number of end-use industries are driving the growth of the epoxy adhesive market in Asia-Pacific during the forecast period. Of all the end-use industries in the Asia-Pacific region, building & construction is a major contributor to epoxy adhesives demand, as are transportation, wind energy, automobiles, and many others.
Germany's epoxy adhesives market size was valued at USD 0.81 billion in 2022 and is expected to reach USD 1.22 billion by 2030, at a CAGR of 5.3% from 2023 to 2030. Germany had the largest market share in Europe due to its strong automotive, joinery, and construction industries. As a result of recent research, green epoxy adhesives, made from soybean oil, have been developed. As a result of their sustainability properties, these adhesives are expected to be adopted more widely in the future, which in turn may lead to an increase in their demand.
China’s epoxy adhesives market size was valued at USD 0.90 billion in 2022 and is expected to reach USD 1.39 billion by 2030, at a CAGR of 5.6% from 2023 to 2030.
Considering the large presence of end-use industries in China, it is no wonder China accounted for a significant share of the epoxy adhesive market. China accounted for 32.5% of global vehicle production by 2020. Due to the pandemic, global vehicle production decreased by 16% between 2019 and 2020, while Chinese vehicle production decreased by 2%. This bodes well for Chinese markets to continue to grow.
India's epoxy adhesives market size was valued at USD 0.69 billion in 2022 and is expected to reach USD 1.05 billion by 2030, at a CAGR of 5.5% from 2023 to 2030.
During the forecast period, epoxy resin-based adhesives will be more widely used in the healthcare industry to assemble and bond medical device parts, which is due to the increase in healthcare investment worldwide.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand in the automotive sector.
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