$ 10.5 Billion Epoxy Adhesives Market Size by 2028: Grand View Research, Inc.
SAN FRANCISCO, November 4, 2021 / PRNewswire / – The World epoxy adhesives market size is expected to reach $ 10.5 billion by 2028, according to a new report from Grand View Research, Inc. The market is expected increase at a CAGR of 5.6% from 2021 to 2028. The increasing investments in electric vehicles (EVs) and solar and wind power industries are the main factors attributed to the market growth during the projected period.
Main lessons and findings:
By technology, the two-component segment dominated the market and was estimated to be $ 2.9 billion in 2020. Two-component epoxies have excellent shear strength due to different curing characteristics and have the added benefit of room temperature curing, making it easier to consume.
By application, the automotive and transportation segment dominated the market with a revenue share of over 42.0% in 2020. The growth of the electric vehicle industry and the increase in the consumption of adhesives compared to mechanical fasteners in vehicles are expected to drive the market growth.
The power and power segment is expected to register the highest CAGR of 7.1%, in terms of revenue, during the forecast period. Adhesives are used to protect and bond sensitive mechanical and electrical components such as solar panels, charge controllers and wind turbine blades in the power industry
Asia Pacific dominated the market and held the largest revenue share of over 45.0% in 2020. The increased investment in the region’s energy and automotive industries is expected to further propel the market growth in the region. during the forecast period.
Read the 111-page market research report, “Epoxy Adhesives Market Size, Share and Trend Analysis Report by Application (Automotive & Transportation, Building & Construction), Technology, Region and Segment Forecast, 2021-2028“, by Grand View Research
The industry is expected to experience significant growth due to the increasing importance given to the incorporation of lightweight materials in the automotive and transportation industries. The use of adhesives offers a reduction in the weight of the final product, which has become a crucial factor in the aerospace and automotive industries in recent years. In addition, epoxy adhesives are also used in various other industries, such as medicine, sports tools, defense, electrical and energy.
The increasing attention to sustainable solutions and the increasing use of mass timber in the construction industry is expected to boost the consumption of adhesives which is further expected to provide lucrative growth opportunities for the market. Additionally, an increase in DIY activities was seen during the COVID period as people spent more time at home. Thus, large-scale applications in various industries make the market more lucrative.
The COVID-19 pandemic has affected various business and industrial sectors, causing new investments to stop, resulting in lower global revenues. In addition, with the continuation of the second and third waves of the virus, restrictions were also observed in the first quarter of 2021. During the pandemic, the prices of raw materials increased due to rising logistics costs, unavailability of raw materials and adverse weather conditions. It also had a negative impact on end-use industries that remained closed during the pandemic.
Grand View Research has segmented the global epoxy adhesives market on the basis of technology, application, and region:
Epoxy Adhesives Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
Epoxy Adhesives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
Regional Epoxy Adhesives Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
List of key players in the epoxy adhesives market
Browse Grand View Research’s coverage on Global advanced interior materials industry:
Epoxy Resin Market–The global epoxy resin market size was $ 7.99 billion in 2015. Growing end-use industries including transportation, marine coatings, aerospace, electrical and electronic laminates, composites and decorative powder coatings are expected to increase global demand for epoxy resins.
Epoxy Composites Market–The global epoxy composites market size has been estimated at $ 28.40 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028.
Epoxy Coating Market–The global epoxy coatings market size has been estimated to be $ 21.52 billion in 2015, with a CAGR of 7.8% from 2016 to 2024.
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About Grand View Search
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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SOURCE Grand View Research, Inc.