Epoxy Adhesives Market Growth & Trends
The global epoxy adhesives market size is expected to reach USD 10.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2021 to 2028. Increasing investments in electric vehicles (EVs) and solar and wind energy industries are the prominent factors attributed to the market growth during the projected period.
The industry is projected to experience significant growth owing to the growing emphasis on the incorporation of lightweight materials in the automotive and transportation industry. The usage of adhesives offers a reduction in the weight of the final product, which has become a crucial factor in the aerospace and automotive industries in recent years. Moreover, epoxy adhesives are used in various other industries as well, such as medical, sports tools, defense, and power and energy.
Epoxy Adhesives Market Report Scope
Report Attribute | Details |
Market size value in 2021 | USD 7.2 billion |
Revenue forecast in 2028 | USD 10.5 billion |
Growth Rate | CAGR of 5.6% from 2021 to 2028 |
Base year for estimation | 2020 |
Historical data | 2017 - 2019 |
Forecast period | 2021 - 2028 |
A growing focus on sustainable solutions and increasing usage of mass timber in the construction industry is expected to bolster the consumption of adhesives, which is further anticipated to offer lucrative growth opportunities for the market. Furthermore, a surge in DIY home improvement activities has been witnessed during the COVID period, as people were spending more time at home. Thus, wide-scope applications in various industries make the market more lucrative.
The COVID-19 pandemic has impacted various commercial and industrial sectors, which led to a halt in new investments resulting in a downfall in global revenue. Moreover, with the continuing second and third waves of the virus, restrictions were seen in Q1 2021 as well. During the pandemic, the prices of raw materials have increased owing to a rise in logistic costs, unavailability of raw materials, and unfavorable weather conditions. It also adversely impacted the end-use industries which remained shut down during the pandemic.
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Epoxy Adhesives Market Report Highlights
- By technology, the two component segment dominated the market and was estimated at USD 2.9 billion in 2020. The two component epoxies have excellent shear strength owing to different curing characteristics and provide an additional advantage of getting cured at room temperature, which aids to its consumption
- By application, the automotive and transportation segment dominated the market with a revenue share of over 42.0% in 2020. Growth in the EV industry and increasing consumption of adhesives over mechanical fasteners in vehicles is anticipated to boost the market growth
- The power and energy segment is anticipated to register the highest CAGR of 7.1%, in terms of revenue, during the forecast period. Adhesives are used to protect and bond sensitive mechanical and electrical components such as solar panels, charge controllers, and wind turbine blades in the energy industry
- Asia Pacific dominated the market and held the largest revenue share of over 45.0% in 2020. Increasing investments in the energy and automotive industries of the region are anticipated to further propel market growth across the forecast period
Access Press Release@ https://www.grandviewresearch.com/press-release/global-epoxy-adhesives-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
- US.
- Canada
- Mexico
- Europe
- Germany
- France
- UK.
- Italy
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Central & South America
- Brazil
- Middle East & Africa
- GCC
List of Key Players of Epoxy Adhesives Market
- 3M
- Ashland Global Holdings, Inc.
- Bostik
- Dow
- B. Fuller Company
- Henkel AG & Co. KGaA
- Mapei S.P.A
- Parker Hannifin Corp
- Permabond LLC
- Sika AG
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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