Epoxy Adhesives Market Future Demand, Growth, Share and Analysis with forecast 2024
Epoxy adhesives are industrial adhesives formed around the epoxy molecule. The global epoxy adhesives has 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.
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Among others, the key application sectors for the global epoxy adhesives market are the aerospace sector and the automotive industry. The aerospace sector, in particular, has been a vital contributor to the global epoxy adhesives market due to the rising number of enterprises entering the space aviation sector following the sustained success of private companies such as SpaceX. The increasing production of drones, due to the rapid adoption of drones in the air forces of several countries as well as the growing realization of the commercial and recreational utility of drones, is likely to remain a key driver for the global epoxy adhesives market in the coming years. Commercial aviation has also been boosted by the rising disposable income of consumers and is likely to remain a key contributor to the global epoxy adhesives market in the coming years.
The automotive industry is likely to remain a leading application segment for the global epoxy adhesives market due to the rising demand for vehicles in developing economies and the rising use of alternative materials in automotive design. The demand for personal as well as commercial transportation has grown in developing regions such as Southeast Asia and Latin America due to rapid urbanization, and has thus driven the demand for new vehicles, creating a steady demand avenue for the epoxy adhesives market.
Epoxy adhesives are adhesives or glues whose base polymer is formed by a chemical group known as epoxy. These adhesives possess high strength and load resistance due to which they are used for adhesion of numerous substrates such as wood, metals, plastics, glass, and stones. Epoxy adhesives are formed by the polymerization of resin and hardener which causes the covalent bond formed between the epoxide group of the resin and the amine group of the hardener to produce the cross-linkage of the polymer and thereby dictate the rigidity and strength of the epoxy. Epoxy adhesives stick to a wide variety of materials, and their properties are dependent upon the specific chemistry of the system and the nature of the cross-linking available. A few important performance requirements include exceptional chemical and heat resistance, excellent adhesion and water resistance, as well as satisfactory mechanical and electrical insulating properties.
Based on type, epoxy adhesives can be classified into the one-component and two-component varieties. One-component epoxies can be used straight from the tube without requiring any mixing, metering, or degassing. These epoxies need heat to initiate their function. Two-component epoxies are commonly used epoxy adhesives which do not involve heating for curing. Mixing the resin and hardener suffices. Hardeners trigger the polymerization required for curing. Two-component epoxy adhesives are commonly used; however, demand for one-component epoxy adhesives is anticipated to rise rapidly due to their excellent properties including quick curing time, a solvent-less system, and consumer-friendly nature.
Epoxy adhesives find extensive application in the aerospace, automotive, building & construction, and semiconductor industries. Building & construction held a major share in the epoxy adhesive market in terms of volume, followed by the automotive sector. Aerospace and semiconductor also constituted a decent share in the market. The developments in the aerospace industry is a key driver of the market. Due to the superior mechanical properties of epoxy adhesives, such as their resistance to sustained load and temperature & pressure variations, they are the adhesives of choice for the aerospace industry. The semiconductor industry is expanding exponentially due to the increasing usage of electronic gadgets, which is driving the market for epoxy adhesives.
Asia Pacific dominates the global epoxy adhesives market. China is a major market for epoxy adhesives in the region. However, India and Thailand are rapidly growing as well, while South Korea and Japan are among the large-scale manufacturers of epoxy resins. The market is expected to advance considerably during the forecast period. Demand for the product is also likely to rise in North America and Europe. Germany, the U.S, and the U.K are major consumers of epoxy adhesives. Latin America and Middle East & Africa exhibit a steady need for epoxy adhesives for the building & construction industry.
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Key players operating in the epoxy adhesives market include Henkel AG & Co. KGaA, Huntsman Corporation, 3M Company, Ashland Inc., Sika A.G., The Dow Chemical Company, Lord Corporation, and Permabond LLC.