The global epoxy adhesive market is projected to generate $13,483.9 million revenue in 2030, advancing at a CAGR of 5.7% during 2021–2030. The surging demand for these adhesives in the building & construction, automotive & transportation, energy, mining, and manufacturing industries is expected to propel the market growth.
The market is categorized into one-component and two-component epoxy adhesives, based on type. Of these, the one-component category held the dominating share in the market in 2021. This is because of the easy application of one-component epoxies, which has boosted their demand in the construction, aerospace, automotive, and semiconductor industries.
Further, the market is categorized into building & construction, automotive & transportation, aerospace, semiconductor, electrical & electronics, wind energy, and others, based on end user. Among these, the building & construction category accounted for the dominating revenue share in the market in 2021. The surging construction and maintenance activities around the globe are projected to propel the use of epoxies to bond different construction materials together. Moreover, their heat- and water-resistant properties also make them more acceptable in the construction sector.
Furthermore, the automotive & transportation category holds the second-largest share in the market. This is attributed to the increasing popularity of high-performance adhesives for the assembly application of vehicles, which helps in minimizing overall weight, thereby saving fuel consumption. Moreover, during the forecast period, the category is expected to witness significant growth, propelling at a CAGR of over 5%, during 2021–2030.
However, the wind energy category is expected to grow at the highest growth rate during the forecast period. The growing installation of wind energy infrastructure globally, compounded with cohesive strength, flexibility, and resistance to chemicals and heat properties of epoxy adhesives are responsible for the surging demand for these adhesives from the wind energy sector.
Geographically, APAC accounted for the majority of revenue share in the epoxy adhesive market in 2021. With the increasing usage of various types of substrates, such as aluminum and carbon fiber, in the manufacturing and construction industries, the demand for epoxy-based adhesives is expected to increase during the forecast period in the region. Further, the presence of major manufacturing and automotive companies coupled with key adhesive producers in APAC will boost the regional market growth.
Key players in the market have been involved in mergers and acquisitions and facility expansions to improve their market share and position. For instance, in April 2021, Sika AG acquired Hamatite, the adhesives business of The Yokohama Rubber Co. Ltd.
Furthermore, in June 2020, H.B. Fuller Company announced the opening of a new business office in Johannesburg, South Africa, and three warehouses across the country, to support its growth plans in the MEA region.
Key players in the epoxy adhesive market include Henkel AG & Co. KGaA, 3M Company, Sika A.G., Ashland Inc., The Dow Chemical Company, H.B. Fuller Co., Huntsman Corporation, Pidilite Industries Ltd., and Lord Corporation.