Global Epoxy Adhesives Market by Type (One Component, Two Component, and Others), By Application (Automotive And Transportation, Building And Construction, Power And Energy, Electrical And Electronics, and Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: Dec 2023
- Report ID: 28378
- Number of Pages: 203
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Report Overview
The Epoxy Adhesive Market size is expected to be worth around USD 14.9 billion by 2033, from USD 8.8 billion in 2023, growing at a CAGR of 5.4% during the forecast period from 2023 to 2033.
Epoxy adhesive will be in high demand over the projection period due to the rise of main end-use sectors such as energy, construction segment, and automotive. Increased focus on infrastructure development to fuel economic growth is likely to boost market growth. Growing investments in the production of Electric Vehicles (EVs) and the adoption of lightweight materials into the automotive sector will also be part of this.
*Actual Numbers Might Vary In The Final Report
Key Takeaways
- Market Growth and Size: The epoxy adhesives market is expected to grow significantly, reaching a value of around USD 14.9 billion by 2033 from USD 8.8 billion in 2023, with a projected CAGR of 5.4%.
- Segmentation by Type: Two-component epoxy adhesives dominated the market in 2023, holding over 63.1% of the market share due to their versatility and effectiveness in various applications. Meanwhile, one-component adhesives, though holding a smaller share, are favored for their simplicity and quick application.
- Application Areas: Automotive and transportation industries led in the use of epoxy adhesives, followed by building and construction, power and energy, and electrical and electronics sectors. Their significance in these sectors lies in providing strong, durable bonds and ensuring structural integrity.
- Industry Drivers: Epoxy adhesives play a critical role in weight reduction strategies in the automotive industry, aiding in increased fuel economy and reduced pollution emissions. They’re pivotal in helping manufacturers comply with stringent environmental regulations while maintaining performance and safety standards.
- Opportunities: The surge in demand for green adhesives presents an opportunity for manufacturers to create eco-friendly solutions with lower VOC levels, in line with global sustainability trends.
- Market Challenges: Environmental regulations, particularly in mature markets, pose significant challenges to epoxy adhesive manufacturers. Compliance with strict standards necessitates a shift towards eco-friendly adhesive solutions without compromising performance.
- Regional Analysis: Asia Pacific holds the largest share, driven by rapid economic growth and rising disposable incomes. China, specifically, dominates the market due to its wide usage across industries. Europe, on the other hand, is seeing growth in lightweight materials due to emission standards.
- Key Players: Major players like 3M, Dow, Henkel AG & Co. KGaA, among others, focus on regional expansion, mergers, acquisitions, and developing bio-based adhesives, aligning with stringent environmental regulations.
By Type
In 2023, the Two Component epoxy adhesive type took a leading stance in the market, securing over 63.1% of the share. This dominance was fueled by its versatility and effectiveness in various applications, offering a blend of resilience and bonding strength crucial in diverse industries.
Component epoxy adhesives, while holding a substantial position, trailed behind the two-component variety. Their ease of use and quicker application made them favorable for specific applications, although they commanded a smaller market share compared to their two-component counterparts.
Two-component epoxy adhesives’ stronghold was primarily due to their superior performance in demanding industrial settings, where their ability to deliver strong bonds and withstand varying environmental conditions played a pivotal role. These adhesives are known for their high bonding strength, making them preferred choices in sectors such as construction, automotive, and electronics.
Meanwhile, One Component epoxy adhesives found their niche in applications requiring rapid curing and convenience in usage. Their simpler application process and quick drying properties made them suitable for specific uses across industries, albeit with a relatively smaller market share compared to the two-component variety.
The epoxy adhesive market’s segmentation based on component types delineates the varied preferences across industries, where the superior bonding strength and adaptability of Two Component adhesives have positioned them as the market leaders, while the ease of use of One Component adhesives caters to specific niche requirements. Both segments contribute uniquely to the market’s diversity, ensuring a spectrum of options to meet different industry needs.
Application Analysis
In 2023, the Automotive and transportation segment took the lead in the epoxy adhesive market, securing over 47.6% of the share. Its dominance stemmed from the extensive use of epoxy adhesives in vehicle assembly, where these adhesives play a vital role in bonding and reinforcing various components, ensuring structural integrity and performance.
Following closely behind, the Building & Construction sector held a substantial position in the market. Epoxy adhesives are integral in this industry for their ability to provide strong and durable bonds in construction materials like concrete, metal, and plastics, contributing to the robustness of structures.
Power & Energy was also prominently represented in the epoxy adhesive market. Epoxy adhesives play a pivotal role here by bonding materials used for power generation equipment, transmission lines, and renewable energy installations – thus guaranteeing reliability and efficiency in these installations.
Epoxy adhesives were an integral component of the Electrical and electronics industry, providing insulation, protection, and bonding of electronic devices and components. Their ability to offer strong adhesion in delicate electronic applications only served to underscore their significance within this sector.
Additionally, epoxy adhesives found application in various other industries, contributing collectively to the market’s diversity. These adhesives were utilized in sectors like aerospace, healthcare, and consumer goods, showcasing their versatility across a wide range of applications.
The segmentation of the epoxy adhesive market by application underscored the widespread use and significance of these adhesives across diverse industries. As industries continue to prioritize durability, efficiency, and performance, the demand for epoxy adhesives is expected to persist, driving innovation and market growth in the years to come.
*Actual Numbers Might Vary In The Final Report
Кеу Маrkеt Ѕеgmеntѕ
By Type
- One Component
- Two Component
- Others
By Application
- Automotive & Transportation
- Aerospace Sector
- Building & Construction Sector
- Power & Energy
- Electrical & Electronics
- Others
Drivers
Epoxy adhesives have become indispensable components in automotive manufacturing, contributing significantly to both aesthetics and performance of vehicles. Beyond traditional lamination/bonding duties, epoxy adhesives play an invaluable role in supporting weight reduction strategies critical for increasing fuel economy while decreasing pollution emissions.
Automotive engineering’s focus on weight reduction has long been recognized as essential to improving fuel economy and decreasing environmental impact. Adhesives were once mostly utilized for interior component assembly, but nowadays adhesives play a much more strategic role in assisting Original Equipment Manufacturers (OEMs) with weight-reduction strategies while simultaneously meeting stringent environmental regulations with lower carbon emission demands.
Epoxy adhesives play a pivotal role in this landscape, helping OEMs significantly lighten vehicle weight without compromising structural integrity or safety. Their exceptional bonding capabilities enable manufacturers to use lighter materials and designs; replacing traditional mechanical fasteners in certain instances for improved weight reduction as well as increased performance and durability of vehicles.
Epoxy adhesives play an invaluable role in meeting environmental regulations, helping manufacturers craft vehicles that comply with emission standards while still offering optimal performance and safety. This convergence has opened new growth avenues for adhesive manufacturers while spurring innovation within adhesive technology specifically tailored for automotive use.
Automotive manufacturers’ emphasis on sustainability, fuel efficiency and compliance with stringent regulations has caused demand for advanced epoxy adhesives to surge – providing manufacturers with an attractive growth opportunity as automotive companies require ever more sustainable production practices and higher standards of regulation compliance. This trend provides manufacturers an incentive to continue research and development efforts tailored specifically for this sector of the economy.
Restraints
Environmental regulations have become a significant hindrance for manufacturers dealing with chemicals and petroleum-based products such as epoxy adhesives in both Europe and North America. Regulators such as the Epoxy Resin Committee (ERC) and European Commission (EC) exert rigorous oversight, setting stringent rules governing production of solvent-based products within these regions.
These regulatory measures have put undue stress on manufacturers, impacting production capacities and operational strategies. Compliance with stringent environmental regulations has become essential, prompting manufacturers to reevaluate production processes and product formulations accordingly. Furthermore, adhering to environmentally conscious practices has proven a challenge for these regions, necessitating an increase in eco-friendly adhesive production.
Regulators impose numerous constraints on manufacturing operations. From restrictions on certain chemical ingredients to stringent emission standards, manufacturers face difficulty meeting regulatory compliance while meeting production capacity goals effectively.
However, this regulatory landscape has led to an active response within the industry. Manufacturers are shifting their attention towards developing eco-friendly alternatives that meet environmental standards without compromising adhesive performance – not only do these eco-friendly adhesives satisfy regulatory compliance but they also meet consumer preference for sustainable products.
Environmental regulations present challenges for adhesive producers; yet their stringency has spurred innovation within this industry. More manufacturers are investing in research and development for sustainable adhesive solutions that meet regulatory standards; marking an exciting step towards more eco-friendly production practices in adhesive production.
Opportunities
Environmentally-friendly products have created an unprecedented market opportunity in epoxy adhesives. There has been an upsurge in demand for green adhesives with low Volatile Organic Compound (VOC) levels across various applications due to stringent regulations from bodies like USEPA (United States Environmental Protection Association), REACH in Europe (Registration, Evaluation Authorization Restrictions of Chemicals), LEED (Leadership in Energy and Environmental Design) or regional authorities.
These regulatory bodies’ mandates have led adhesive manufacturers to focus on creating eco-friendly adhesive solutions with lower VOC standards in line with today’s global emphasis on sustainability and eco-conscious practices. This effort coincides with global trend toward sustainable practices.
The surge in green building construction has created an increased need for eco-friendly adhesive solutions in the global epoxy adhesives market. Green adhesive solutions consist of renewable resources like renewable, recycled or biodegradable materials in order to promote health- and environment-friendly compositions.
Challenges
Mature and developed countries such as the US, Germany, the UK, Japan and Western European nations boast well-developed infrastructure across public, commercial and transport sectors – creating challenges for epoxy adhesive market expansion opportunities in these developed regions. Structures built to withstand time are likely designed for durability rather than immediate construction activity; consequently reducing demand for new projects in these mature regions.
Due to these established markets’ steady and mature economies, significant increases in epoxy adhesive demand tend to be limited. Renovation and maintenance projects often take precedence over large-scale new construction projects in these regions; as a result, this has resulted in relatively stable or moderate epoxy adhesive demands within these nations in the short term.
Manufacturers operating in mature markets must enact a strategic shift to maintain growth opportunities. To meet this challenge, they should innovate and diversify product offerings to capture emerging markets such as medical, agriculture and healthcare applications – an opportunity that may bring expansion.
Manufacturers face the daunting challenge of expanding and sustaining their business within mature markets by targeting and penetrating new sectors that traditionally do not utilize epoxy adhesives. Adapting to changing market dynamics and consumer needs becomes crucial to remaining competitive and driving growth within established but relatively stagnant markets; innovation, diversification, and strategic expansion into unconventional sectors all become effective strategies to navigate through limited growth opportunities in mature markets.
Regional Analysis
Asia Pacific (APAC) had the largest revenue share at over 46.1% in 2023. Potential growth opportunities are available in the automotive industries, construction industries, and aerospace industries. The region’s demand for epoxy adhesive will benefit from key factors such as rapid economic growth and rising disposable incomes.
China holds the largest share of the epoxy adhesive market share is due to its wide range of use in the end-user industry. China was the country with 32.3% of global vehicle production in 2023. In 2023, Europe accounted for the second-largest revenue share in the epoxy adhesive market. Lightweight materials are seeing strong growth in Europe due to the focus on reducing CO2 emissions by implementing Euro 6d emission standards for 2023.
In the next few years, there will be greater demand for adhesives within Europe’s automobile industry. Market growth is further supported by investments in Europe’s energy sector. Germany, for example, is Europe’s largest energy consumer and is therefore encouraging projects to meet this growing demand. After the May 1st, 2023 auction, Germany awarded 1,161 MW to Germany for onshore wind energy capacity. This was in June 2023.
*Actual Numbers Might Vary In The Final Report
Key Regions and Countries
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of South America
- MEA
- GCC
- South Africa
- Israel
- Rest of the Middle East & Africa
Key Players Analysis
Маrkеt Кеу Рlауеrѕ
- 3M
- Ashland
- Bostik
- Dow
- H.B. Fuller Company
- Henkel AG & Co. KGaA
- Mapei S.P.A
- Parker Hannifin Corp
- Permabond LLC
- Sika AG
Recent Development
July 2022: Mapei started the construction of its third manufacturing facility in Kosi, Mathura, to cater to the demand generated from Northern India.
May 2022: ITW Performance Polymers announced a distribution partnership with PREMA SA in Poland for its Devcon brand.
February 2022: H.B. Fuller announced the acquisition of Fourny NVto strengthen its Construction Adhesives business in Europe.
Report Scope
Report Features Description Market Value (2023) USD 8.8 Billion Forecast Revenue (2033) USD 14.9 Billion CAGR (2023-2032) 5.4% Base Year for Estimation 2023 Historic Period 2017-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, Competitive Landscape, Recent Developments Segments Covered By Type(One Component, Two Component, Others), By Application(Automotive & Transportation, Aerospace Sector, Building & Construction Sector, Power & Energy, Electrical & Electronics, Others) Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape 3M, Ashland, Bostik, Dow, H.B. Fuller Company, Henkel AG & Co. KGaA, Mapei S.P.A, Parker Hannifin Corp, Permabond LLC, Sika AG Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is epoxy adhesive?Epoxy adhesives are strong, versatile, and high-performance bonding agents used in various industries. They consist of epoxy resin and a hardening agent that, when mixed together, create a durable and strong bond.
In which industries are epoxy adhesives commonly used?Epoxy adhesives find applications in industries like construction, automotive, aerospace, electronics, marine, healthcare, and manufacturing for bonding, sealing, and encapsulation purposes.
What is the future outlook for the epoxy adhesive market?The market is expected to grow due to increasing demand in construction, automotive lightweighting, electronics miniaturization, and ongoing research and development for enhanced formulations meeting specific industry requirements.
How does epoxy adhesive compare to other bonding methods?Compared to traditional mechanical fastening or other adhesives, epoxy adhesives offer superior bonding strength, resistance to environmental factors, and the ability to bond dissimilar materials effectively.
- 3M Company Company Profile
- Ashland Global Holdings Inc. Company Profile
- Bostik
- Dow
- H.B. Fuller Company
- Henkel AG & Co. KGaA
- Mapei S.P.A
- Parker Hannifin Corp
- Permabond LLC
- Sika AG
- Nestlé S.A Company Profile
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