The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Epoxy Adhesives Market.
It was estimated prior to this unanticipated outbreak that the Epoxy Adhesives Market was expected to grow at a CAGR of 4.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Epoxy adhesives are copolymers which are formed by the process of mixing a resin and a hardener together. Epoxy adhesives offer excellent features such as high strength, capacity to adhere to a wide variety of materials, and chemical and environmental resistivity, due to which they are the most widely used structural adhesives. These adhesives are available in different forms such as one-component, heat curing and two-component, and room temperature curing systems.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the type, the market is segmented as one-component epoxy adhesives, two-component epoxy adhesives, and other epoxy adhesives. One-component epoxy adhesives are estimated to witness the highest growth in the market during the forecast period. The solvent free and user-friendly features, and the quick curing time of one-component adhesives, makes them more effective and they are easier to control as compared to two-component epoxy adhesives.
Based on the end-use industry type, the epoxy adhesives market is segmented as building & construction, transportation, wind energy, electrical & electronics, automotive, marine, and other end-use industries. Wind energy is estimated to be the fastest-growing end-use industry of the market during the forecast period. There is an ongoing development process for making the blade lighter and taller. The continuous development in the blades structure and other turbine components is driving the growth of wind energy. Epoxy adhesives are dominantly used in manufacturing turbine blades and are the most effective solution for the adhesion of blade parts. The growing usage of renewable energy and installation of windmills in different areas is also fueling the growth of the epoxy adhesives market.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing epoxy adhesives market during the forecast period. The growth of the market is driven by the growth of various end-use industries, such as building & construction, transportation, wind energy, electrical & electronics, automotive, marine, and others, out of which, building & construction is majorly contributing to the rising demand for epoxy adhesives in the Asia-Pacific region. The investments in the infrastructure development for government and private-sectors is growing, which in turn, will give rise to the improvement of the building & construction industry in countries, such as India and China, driving the demand for epoxy adhesives in the region during the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in manufacturing epoxy adhesives are-