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.
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.
Related Press Release@ Epoxy Adhesives Market Report
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
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Grand View Research, Inc. is a U.S. based market research
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in San Francisco. The company provides syndicated research reports, customized
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relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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