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The Business Research Company's Epoxy Adhesives Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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How Has the Epoxy Adhesives Market Grown in 2024 and What is the Growth Rate?
The epoxy adhesives market has witnessed robust growth in recent years. The market size is projected to grow from $8.35 billion in 2023 to $8.87 billion in 2024, demonstrating a compound annual growth rate CAGR of 6.3%. This growth during the historical period can be attributed to factors such as industrial and construction growth, increasing repair and maintenance needs, growing demand in consumer electronics, automotive lightweighting, and smart manufacturing.
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What is the Forecast for the Epoxy Adhesives Market Growth?
Going forward, the epoxy adhesives market is expected to witness impressive growth. The epoxy adhesives market size is predicted to reach $11.27 billion by 2028, growing at a CAGR of 6.2%. The forecasted growth can be linked to growing environmental concerns, an increase in electric vehicle manufacturing, advancements in renewable energy infrastructure, the expansion of aerospace, and interest in advanced composite materials. Technological advancements, sustainable formulations, bio-based epoxy adhesives, miniaturization and microelectronics, and hybrid epoxy systems are expected to emerge as major trends.
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What Will Drive the Future Growth of the Epoxy Adhesives Market?
One significant driver of future growth for the epoxy adhesives market is the global rise in urbanization. Urbanization increases the population of cities, driven largely by people moving from rural to urban areas. This increase will result in increased growth of epoxy adhesives, which are widely used in various sectors, including building and construction, automotive transportation, maritime, electrical, and electronics industries. For example, The World Bank, an international financial institution providing loans and grants for capital projects in developing countries, states that more than 50% of the world's population resides in cities in 2022. The urban population is projected to more than double to six billion by 2045, potentially driving the growth of the epoxy adhesives market.
Who are the Major Players in the Epoxy Adhesives Market?
The major companies operating in the epoxy adhesives market include 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, and others.
Are there any Key Innovations in the Epoxy Adhesives Market?
Innovation is a key trend gaining traction in the epoxy adhesives market. Numerous companies are prioritizing the development of new and innovative products to maintain their market position. For instance, Toyo-Morton Ltd., a Japan-based adhesives manufacturer, launched a laminating adhesives portfolio in June 2022. The portfolio features food-safe products free of epoxy silanes and organic tin compounds.
How is the Epoxy Adhesives Market Segmented?
The epoxy adhesives considered in this report are divided into several segments -
1 By Type: One Component, Two Component, Other Types
2 By Distribution Channel: Online, Offline
3 By End User: Building and Construction, Transportation, Marine, Automotive, Wind Energy, Electrical and Electronics, Other End Users
What are the Regional Insights on the Epoxy Adhesives Market?
Asia-Pacific was the largest region in the epoxy adhesives market in 2023. The region is also anticipated to be the fastest growing for the epoxy adhesives market during the forecast period. The regions covered in this report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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