Press release
Epoxy Adhesive Market Analysis, Opportunities, Developments and Demand Forecast Report, 2022-2030
Top Key Players in the Market Are:
1- Henkel AG & Co. KGaA
2- 3M Company
3- Sika A.G.
4- Ashland Global Holdings Inc.
5- The Dow Chemical Company
6- H.B. Fuller Co.
7- Huntsman International LLC
8- Pidilite Industries Ltd.
9- LORD Corporation
Based on end user, the building and construction sector ruled the epoxy adhesive market with revenue of approximately $2.3 billion in 2021. This can be attributed to the adaptability of the adhesives in the construction and building sector. Their dominance can be justified by their varied application in surface repair, gap filling, and lamination. Their application can be extended to stainless steel, bricks, ceramics & porcelain, cellular PVC, and fiberglass. Hence, with the growth in the construction of residential, industrial, and commercial spaces, the consumption of these bonding agents is booming.
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Moreover, the epoxy adhesive demand in the automotive and transportation sector will experience significant growth, at a 6% CAGR, from 2021 to 2030. This can be credited to the stiff bonding properties and heat aversion features that improve vehicles' construction integrity. As per the OICA, worldwide auto sales reached beyond 71 million units in 2021, compared to just over 67 million units in 2020, since most of the COVID-19 restrictions have been lifted, manufacturing plants have reopened, and people have witnessed relative financial stability.
Based on type, the epoxy adhesive market can be bifurcated into one component and two-component. The one-component category holds the larger share because of the enhanced features of these variants, including solvent-free mixture and fast curing. Since no mixing is required in this variant, it is more appropriate for assembly lines as it uncomplicates the manufacturing process and makes it effortless. However, there will be an increasing requirement for two component-based epoxy adhesives in the forecast period, especially in construction activities.
APAC dominates the epoxy adhesive market, attributed to its massive electrical, electronics, & semiconductor; automotive, and construction industries. China is the highest revenue generator in this region because it is among the biggest exporters of sealants and adhesives, home to all important market players' manufacturing units because of economical labor, and the largest country in terms of purchasing power parity. In addition, India will also witness growth due to the rising count of consumers, cheap labor, and expanding automotive industry.
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The second-highest revenue generator in the 2021 epoxy adhesive market was Europe. This can be credited to the surging need for adhesives in the aerospace and automotive sectors. Germany was the market leader in Europe, accounting for around 303% of the cars produced in this region. Numerous automotive manufacturing units and an influx of German automobiles in other countries will drive this market in the country in the coming years.
Hence, epoxy adhesive demand is burgeoning across the globe due to the growth of the automotive and construction industries.
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About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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