TAGS: Epoxy Adhesives
The global epoxy adhesives market size is estimated to be USD 7.2 billion in 2019 and projected to reach USD 9.6 billion by 2024, at a CAGR of 6.0 percent. Increasing urbanization and growing usage of composites, plastics, and other higher strength metals in the construction industry are driving the global epoxy adhesives market.
Highest Growth: One-component Segment
Epoxy adhesives are widely used in this industry due to their strong bonding characteristics, exceptional mechanical and electrical insulating properties, and chemical and heat resistance. Based on type, the epoxy adhesives market has been segmented into one-component, two-component, and others.
The one-component type is expected to grow at the highest CAGR, in terms of value. Owing to its quick curing time and solvent free and user-friendly characteristics, one-component epoxy adhesive is more efficient and easier to control than two-component epoxy adhesives.
Fastest Growth: Wind Energy Segment
Based on end-use industry, the epoxy adhesives market has been segmented into building and construction, transportation, marine, automotive, wind energy, electrical and electronics, and others.
The market in the wind energy industry is projected to grow at the highest CAGR, in terms of value, during the forecast period. This high growth is owed to the continuous improvements in the structure of blades and other wind turbine components.
There are developments going on for making the blade lighter and taller. Epoxy adhesives are the best solution for adhesion of blade parts and are dominantly used in the preparation of turbine blades. The increasing use of renewable energy and installation of windmills is expected to drive the epoxy adhesives market in the near future.
APAC is Expected to Witness Fastest Growth
The global epoxy adhesives market is segmented on the basis of region as APAC, Europe, North America, South America, and the Middle East and Africa. The epoxy adhesives market in the APAC region is projected to grow at the highest CAGR during the forecast period.
The building and construction industries are contributing to the growing demand for epoxy adhesives in the region. The region is witnessing rapid urbanization and there is increasing government and private-sector investments in infrastructure development. This will boost the building and construction industry in countries such as India and China, which will fuel the demand for epoxy adhesives in the APAC region during the forecast period.
Source: Markets and Markets