Epoxy Adhesives Market size is forecast to reach $10.5 billion by 2025, after growing at a CAGR of 3.5% during 2020-2025. Epoxy adhesives are industrial adhesives formed around the epoxy molecule. The global epoxy adhesives have become a key part of the industrial sector in recent years due to the diversity of substrates that can be attached with epoxy adhesives. They display equal adhesive qualities in a variety of substrates, which has made them popular across a large number of industries. The rising use of modern alternative materials has also driven the demand for epoxy adhesives market.
By Type Industry – Segment Analysis
One component segment held a significant share in epoxy adhesives market in 2019. Owing to its quick curing time and solvent free and user-friendly characteristics, one-component epoxy adhesive is more efficient and easier to control than two-component epoxy adhesives. Two component systems are highly versatile, and can be used for coating, bonding, sealing and encapsulation across wide variety of industries mainly aerospace and electronics. These systems provide excellent tendency to absorb moisture, and good adhesion to steel, aluminum and various plastics thereby enhancing product demand.
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By End-User Industry – Segment Analysis
Wind Energy segment held a significant share in epoxy adhesives market in 2019 growing at a CAGR of XX% during the forecast period. This high growth is owed to the continuous improvements in the structure of blades and other wind turbine components. There are developments going on for making the blade lighter and taller. Epoxy adhesives are the best solution for adhesion of blade parts and are dominantly used in the preparation of turbine blades. The increasing use of renewable energy and installation of windmills is expected to drive the epoxy adhesives market in the near future. The building & construction segment is also expected to have a significant growth rate during the forecast period.
Epoxy adhesives are used in construction applications, majorly for concrete repair and anchoring purposes. They are also used in woodworking and carpentry applications to increase the strength of adhesion with wooden surfaces in constructions. Epoxy adhesives are widely employed in public infrastructures, such as bridges for joining precast materials. They are also used for bonding of steel reinforcement components and carbon laminates for columns and slabs. Anchoring of bolts and steel bars in concrete and joining the ends of concrete or metal pipes for sewage systems are other applications that involve the usage of epoxy adhesives.
Construction sector, which was already reeling with multiple challenges from lack of capital and credit avenues to insolvencies, multiple frauds and regulatory burden under the Environment Laws and the Real Estate (Regulation and Development) Act, 2016, is now marred by the Covid 19 pandemic, with no likely relief in sight.
Geography- Segment Analysis
Asia Pacific dominated the epoxy adhesives market with a share of more than 48%, followed by North America and Europe. China’s construction industry developed rapidly, due to the central government’s push for infrastructure investment as a means to sustain economic growth. Also, the Chinese automotive manufacturing industry is the largest in the world. Furthermore, the Indian government has been taking initiatives to attract FDI in the automotive industry, allowing 100% FDI under the automatic route. The government also has plans to introduce a new Green Urban Transport Scheme, with central assistance of about USD 3,600 million, in order to boost the growth of urban transport along the low-carbon path, with an aim to reduce air pollution substantially. Such factors are boosting the demand for the epoxy adhesives market in APAC region.
Drivers – Epoxy Adhesives Market
Increasing usage of various end use industries
In the aerospace industry, the blades of the aircraft are connected by using epoxy adhesives. The epoxy adhesives possess properties such as temperature and pressure variations and resistance to creep under sustained load hence it is widely used in aerospace industry. In the semiconductor industry, epoxy adhesives are used for manufacturing of integrated circuits and transistors and printed circuit boards. The increase in the industries that consume epoxy adhesives has grown considerably thus fueling the market growth. Epoxy adhesives provide impressively strong bonds for construction, consumer, and manufacturing industries. The post-cured characteristics of these adhesives show excellent resistance to high temperatures and minimal shrinkage. In addition, advanced technology is used to make adhesives safer for humans which in turn opens up new growth opportunities.
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Challenges – Epoxy Adhesives Market
Raw material prices
Key raw materials, polyamides, glycol ethers, additives, aliphatic amines, and bisphenol-a are used for epoxy adhesives manufacturing process. Volatility in raw material cost may hinder industry profitability and may affect epoxy adhesives market price trend. Toxic fumes are emitted during the application of epoxy adhesives which restrains the global epoxy adhesives market growth to some extent.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the epoxy adhesives market. In 2019, the market of epoxy adhesives has been consolidated by the top five players accounting for xx% of the share. Major players in the epoxy adhesives market are Masterbond, Permabond, MG Chemcials, Powerblanket, Henkel, Epotek, The Gorilla Glue Company, 5M, 3M, MAPEI and Ardex. among others.
Product Launch/ Expansion
In June 2019, Henkel invested USD 39.4 billion and opened a new European hub for high-performing aerospace solutions in Spain. This expansion has helped to provide high-performance epoxy adhesive solutions for the constantly growing demand and concentrate on the key trends in the global aerospace industry such as light-weighting, fuel efficiency, and automation.
In April 2019, Henkel opened a new OEM application center in Connecticut to deliver innovative solutions and design customized applications, technologies, and production processes to better serve its customers.
In March 2019, H.B. Fuller established an engineering adhesives business in Japa. This expansion has strengthened its engineering adhesive (EA) businesses in Japan by focusing on high-performance epoxy adhesives, including reactive adhesive chemistries and applications.
In July 2018, Henkel added four new epoxy adhesives in its LOCTITE’s bonding range – LOCTITE HY 4090, LOCTITE HY 4080, LOCTITE HY 4070, and LOCTITE HY 4060 GY, using the patented hybrid technologies. These adhesives are expected to meet the rising demands in assembly design and maintenance repair applications.
New product developments and increasing investments in research and development of epoxy adhesives are expected to drive the growth of this market.
Among end users, wind energy segment is projected to lead the epoxy adhesives market during the forecast period.
Asia Pacific dominated the epoxy adhesives market.
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