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Epoxy Adhesives Market Growth Drivers, Opportunities, Share Report And Forecast To 2033
Epoxy Adhesives Market Growth
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According to The Business Research Company's, The epoxy adhesives market size has grown strongly in recent years. It will grow from $8.35 billion in 2023 to $8.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to industrial and construction growth, repair and maintenance needs, consumer electronics demand, automotive lightweighting, smart manufacturing.
The epoxy adhesives market size is expected to see strong growth in the next few years. It will grow to $11.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to sustainability and environmental concerns, electric vehicle (ev) growth, renewable energy infrastructure, aerospace expansion, advanced composite materials. Major trends in the forecast period include technological advancements, sustainable formulations, bio-based epoxy adhesives, miniaturization and microelectronics, hybrid epoxy systems.
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Market Drivers and Trends:
The rising urbanization is expected to propel the growth of the epoxy adhesive market going forward. Urbanization is the process of more people moving into urban areas. Urbanization results in an increase in the population of cities and the size of urban regions are mostly caused by people moving from rural to urban areas. The rise in urbanization will lead to the growth of epoxy adhesives which are used in building and construction, automotive and transportation, marine, electrical, and electronics industries. For instance, according to The World Bank, a US-based international financial institution that provides loans and grants to the governments of low- and middle-income countries to pursue capital projects, in 2022 more than 50% of the world's population reside in cities. The number of people living in cities would be more than double to 6 billion by 2045. Therefore, the rising urbanization in the epoxy adhesive is expected to drive the growth of the epoxy adhesive market.
Technological innovation is the key trend gaining popularity in the epoxy adhesives market. Major companies operating in the epoxy adhesives market are focused on developing new and innovative products to sustain and strengthen their market position. For instance, in June 2022, Toyo-Morton Ltd., a Japan-based manufacturer of laminating adhesives launched a laminating adhesives portfolio with food-safe products that are free of epoxy silanes and organic tin compounds. Both the solvent-based TOMOFLEX and the solvent-free ECOAD family of laminating adhesives are part of the updated portfolio, and both are appropriate for a variety of applications for multilayer flexible packaging, including dry food, liquid pouches, and high-performance retorts. In multilayer flexible packaging constructions, epoxy silane is frequently used as an adhesion promoter to strengthen the bond between layers and lengthen the shelf life of the packaged goods.
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Major Key Players of the Market:
3M Company, Ashland Inc., Bostik SA, H B Fuller Company, Henkel AG, Mapei SPA, Sika AG, DuPont de Nemours Inc., Permabond LLC, Lord Corporation, Illinois Tool Works Incorporation, DELO Industrie Klebstoffe GmbH & Co. KGaA, RPM International, Huntsman Corporation, Hubei Huitian New Materials Co. Ltd. Parker Hannifin Corp, Panacol-Elosol GmbH, Parson Adhesives Inc., The Dow Chemical Company, Uniseal Inc., Weicon GmBH & Co., Hernon Manufacturing Inc., Masterbond Inc., Pidilite Industries Limited, Helmitin Adhesives, Hexcel Corporation, Arkema Group, Jowat Corporation, Flamemaster Corporation, Collano AG, Benson Polymers Limited., Arkema Group, Adhesives Technology Corporation, Alteco Chemical Pte Ltd., Chemence Inc., Dymax Corporation, Epoxy Technology, ITW Polymers Adhesives, J-B Weld Company, Kukdo Chemical Co. Ltd., L&L Products, Resin Designs LLC, SCIGRIP Smarter Adhesive Solutions
Epoxy Adhesives Market 2024 Key Insights:
• The epoxy adhesives market size is expected to see strong growth in the next few years. It will grow to $11.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Urbanization Fuels Epoxy Adhesive Market Growth Across Diverse Industries
• Advancements In Technology Driving Evolution Of The Epoxy Adhesives Market
• Asia-Pacific was the largest region in the epoxy adhesives market in 2023
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