Austin, Oct. 08, 2024 (GLOBE NEWSWIRE) -- According to the SNS Insider report, The Epoxy Adhesives Market has witnessed growth at a remarkable scale with applications reaching vast scales across various industries. Industries adopt epoxy adhesives with superior properties of bonding, heat, moisture, and chemical-resistant performance in a move to have superior performance for their products and enhanced sustainability. Currently, this is further boosting the demand for high-performance adhesive solutions by the growth of the construction sector and the advancement of technology. Epoxy adhesives are increasingly finding their way into construction and infrastructure projects where service strength is a prime requirement. This trend is likely to continue, advancing the scope of product innovation as well as presenting fresh market opportunities.
The automotive industry also appreciates epoxy adhesives very rapidly, primarily for their lightweight and strong bonding ability, which indirectly leads to fuel economy and improved performance of vehicles. Increasing electric vehicle adoption is also fueling the epoxy adhesives market since manufacturers are looking to adopt lighter weights without any compromise in strength and reliability. Furthermore, a growing requirement for lightweight components in the transport industry has also led to increased usage of epoxy adhesives. Epoxy adhesives have thus witnessed an improvement in their market presence during the last years.
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What is the growth of the Hydrogen Peroxide market?
The Epoxy Adhesives Market Size was valued at USD 9.6 billion in 2023 and is expected to reach USD 14.8 billion by 2032 and grow at a CAGR of 4.9% over the forecast period 2024-2032. The drivers for the global Epoxy Adhesives market are the growing use of Epoxy Adhesives in food sectors, rising interest in protein consumption & nutricosmetics, increased healthcare applications, and an increase in the use of Epoxy Adhesives-based biomaterials. As industries increasingly realize the benefits of epoxy adhesives used to enhance the performance and sustainability of their products, this market will continue with its upward trend.
Top 10 Companies Operating in the Epoxy Adhesives Industry Worldwide
- Henkel AG & Co. KGaA
- 3M Company
- H.B. Fuller Company
- Sika AG
- Huntsman Corporation
- Bostik SA
- LORD Corporation
- ITW Performance Polymers
- Momentive Performance Materials Inc.
- Dow Inc.
Which Segment Dominated the Epoxy Adhesives Market?
In 2023, the transportation segment dominated the Epoxy Adhesives Market and accounted for a revenue share of approximately 35% of the total market in 2023. This is mainly attributed to the increasing need for lightweight and durable materials in automotive manufacturing. As vehicles continue to become more energy-efficient, the demand for adhesives that are resistant to extreme environmental conditions and offer strong bonding in critical components has been a prime necessity. Epoxy adhesives gain more importance for vehicle assembly as well as vehicle repair, especially when electric vehicles coupled with innovative designs are joining the increasingly demanding market.
Key Segments:
By Type
- One-component
- Two-component
- Others
By End-use Industry
- Building & Construction
- Transportation
- Marine
- Automotive
- Wind Energy
- Electrical & Electronics
- Others
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What are the driving factors of the Hydrogen Peroxide market?
- Growing Demand in the Automotive Industry:
Epoxy adhesives are one of the biggest consumers of the automotive industry. The demands of this sector for lighter, yet tougher materials are continuously increasing. Epoxy adhesives will provide high-performance bonding solutions for various parts in an automobile, thus enhancing its efficiency and performance.
- Expansion in the Construction Sector:
Epoxy adhesives are increasingly in demand because of the continued active infrastructural projects undertaken around the world and because of sustainable construction practices. Its good bonding and durability make it relatively more appropriate for usage in construction fields, such as structural bonding and repair.
- Rising Healthcare Applications:
The growth in demand for epoxy adhesives in medical devices and equipment is driving the increased market size. They are strong, biocompatible, and suitable for use in medical applications, which ensures reliability and safety in medical products.
What are the opportunities for the Hydrogen Peroxide Market?
- Advancements in Biomaterials:
Biomaterials are gaining an increasing trend for most applications, thus opening up the possibility of new product development for manufacturers of epoxy adhesives, especially for biomedical applications, drug delivery systems, and tissue engineering.
- Emerging Markets:
Growth in developing regions through the development of increased industrialization is a major growth opportunity for this market. In those countries, advancing infrastructure and manufacturing mean demand for high-end adhesive solutions will increase.
Which Region Dominated in the Epoxy Adhesives Market?
Europe dominated the Epoxy Adhesives market with an approximate revenue share of about 30% in 2023. The European region, which includes Germany, France, the UK, Italy, Spain, and the Rest of Europe, has seen a growth in consumer awareness regarding the health benefits of epoxy adhesives. This has further led to the establishment of a well-established epoxy adhesive supplements industry, whereby many such products as drinks and food items infused with epoxy adhesive have begun to be popularized among different segments of consumers. Coupled with this factor is the increasing use of epoxy adhesives in a wide range of food items and beverages, combined with changing consumer preferences, which makes the growth rate in the market much faster. Significant growth in markets is being witnessed due to rising demand for epoxy adhesives used by biomedical industries in developed countries of Europe.
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Recent Developments:
February 2024: The Italian company Mapei acquired the company Bitumat. This move gave a boost to Mapei's internationalization, especially in the Middle East.
October 2023: Wessex Resins & Adhesives reaffirmed WEST SYSTEM Six10 Thickened Epoxy Adhesive, with distribution resuming after successful overcoming of supply issues. Live across Europe, the Middle East, and Africa, the distribution has now resumed.
Conclusion:
The growth of the Epoxy Adhesives market is expected to be significant in the near future mainly due to increased healthcare applications, technology advancement, and growing awareness from consumers toward sustainable products. The epoxy adhesives market already holds a large size market with a positive growth rate. Hence, demand for epoxy adhesives in major applications, such as building and construction, is still on an up rise. Companies in this industry are, therefore, in an ideal position to take maximum advantage of emerging opportunities-which indeed can be seen in the developing markets and the trend towards 'eco-friendly' products. Innovations in adhesive technologies and formulations that are in constant progress are also likely to add a new dimension to the market scenario, thereby making epoxy adhesives a vital constituent of global industrial growth.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Epoxy Adhesives Market Segmentation, by Type
8. Epoxy Adhesives Market Segmentation, by End-use Industry
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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