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Epoxy adhesives market Future Challenges and Industry Growth Outlook 2024

Author : Rahul Varpe | Published Date : 2019-03-19 

Epoxy adhesives market demand from building & construction applications may witness significant gains over the forecast timeframe. Global construction market was over USD 8 trillion in 2016 and is likely to reach over USD 10 trillion up to 2024 owing to huge government spending in commercial & residential infrastructure facilities in Philippines, Malaysia, Vietnam and Indonesia. Growing urbanization along with improving economic conditions and high construction activities in Asian region will drive product demand. Epoxy adhesives provide various superior properties such as stable structural bonding properties, high tensile strength and ability to sustain in constant loads thereby accelerating industry growth.
 
Two component epoxy adhesives market size may witness an uptrend over the forecast period owing to its ability to withstand a constant load over an extended period of time along with their high resistance to chemical & physical influences. Two component systems are highly versatile, and can be used for coating, bonding, sealing and encapsulation across wide variety of industries mainly aerospace and electronics. These systems provide excellent tendency to absorb moisture, and good adhesion to steel, aluminium and various plastics thereby enhancing product demand.

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Growing epoxy adhesives market demand from aerospace applications owing to increasing need for FST (flame, smoke and toxicity) and FR (flame retardant performance) in high humid environments. Glues are used in various interior aerospace applications such as panel joining, reinforcement and insert potting offering high compressive strength. Global aerospace industry market size was valued at over USD 480 billion in 2016 and is expected to witness steady gains in the forecast period owing to robust passenger and cargo demand in Middle East and Asia Pacific regions along with lowering commodity prices such as crude oil.

Epoxy Adhesives Market size may register favourable gains during the forecast period due to its wide usage in construction & manufacturing, transportation, marine, wind energy, electrical & electronics, semiconductors and aerospace industries. Epoxy adhesives are rigid glues which possess high strength and load resistance which are formed by mixing together a resin and a hardener.

Increasing composite penetration along with growing trend for lightweight and low carbon emitting vehicles will drive epoxy adhesives market demand. Global epoxy market size was valued at over USD 8 billion in 2016 and is poised to exceed USD 10 billion up to 2024, with gains at over 6%. Epoxy glues are used for adhesion to a wide variety of substrates such as plastics, metals, wood, stones and glass. The excellent water and chemical resistance makes the product suitable for harsh environmental conditions and provides high strength structural bonding.

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North America epoxy adhesives market demand, driven by the U.S. and Canada should register steady gains owing to construction and aerospace sectors. Favourable government schemes in infrastructure spending and high growth in residential construction should accelerate regional growth. High economic conditions along with improving standard of living will drive epoxy adhesives market size in the region.
 
Europe led by UK, France, Italy, and Germany epoxy adhesives market demand may register significant gains over the foreseeable timeframe. Major automobile giants such as Audi, BMW and Mercedes have manufacturing plants in Europe which is likely to propel industry demand. Germany alone exported over 4.5 million passenger vehicles in 2015 and generated revenue over USD 90 billion in the same year. Rapid urbanization and industrialization coupled with growing demand for sustainable and green adhesives will propel regional product demand.

Asia Pacific led by India, Japan and China epoxy adhesives market size may expect steady gains over the forecast period. Global transportation industry market size was valued at over USD 4.5 trillion in 2016 owing to rapid urbanization, growth in business travel activities and huge investments in road infrastructure. Epoxy adhesives are used in aircraft and aerospace, railways, buses and trucks for wide range of rigid substrates including ceramics, metals, wood and rubber providing high strength and flexibility along with high thermal, electrical and mechanical properties.

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Key raw materials, polyamides, glycol ethers, additives, aliphatic amines, and bisphenol-a are used for epoxy adhesives manufacturing process. Volatility in raw material cost may hinder industry profitability and may affect epoxy adhesives market price trend. However, increasing R&D spending by manufacturers along with technological advancements will accelerate the overall industry growth.

Global epoxy adhesives market share is moderately consolidated with major industry participants such as 3M Company, Ashland, Henkel, The DOW Chemical Company, Illinois Tool Works Incorporation, Permabond, Sika AG and Weicon. These companies are focusing for further consolidation in the form of partnerships and strategic acquisitions to enhance their product portfolio and global reach.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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