Global Epoxy Adhesives Market: Overview
Epoxy adhesives are industrial adhesives formed around the epoxy molecule. The global epoxy adhesives has become a key part of the industrial sector in recent years due to the diversity of substrates that can be attached with epoxy adhesives. They display equal adhesive qualities in a variety of substrates, which has made them popular across a large number of industries. The rising use of modern alternative materials has also driven the demand for epoxy adhesives market.
Among others, the key application sectors for the global epoxy adhesives market are the aerospace sector and the automotive industry. The aerospace sector, in particular, has been a vital contributor to the global epoxy adhesives market due to the rising number of enterprises entering the space aviation sector following the sustained success of private companies such as SpaceX. The increasing production of drones, due to the rapid adoption of drones in the air forces of several countries as well as the growing realization of the commercial and recreational utility of drones, is likely to remain a key driver for the global epoxy adhesives market in the coming years. Commercial aviation has also been boosted by the rising disposable income of consumers and is likely to remain a key contributor to the global epoxy adhesives market in the coming years.
The automotive industry is likely to remain a leading application segment for the global epoxy adhesives market due to the rising demand for vehicles in developing economies and the rising use of alternative materials in automotive design. The demand for personal as well as commercial transportation has grown in developing regions such as Southeast Asia and Latin America due to rapid urbanization, and has thus driven the demand for new vehicles, creating a steady demand avenue for the epoxy adhesives market.
Epoxy adhesives are adhesives or glues whose base polymer is formed by a chemical group known as epoxy. These adhesives possess high strength and load resistance due to which they are used for adhesion of numerous substrates such as wood, metals, plastics, glass, and stones. Epoxy adhesives are formed by the polymerization of resin and hardener which causes the covalent bond formed between the epoxide group of the resin and the amine group of the hardener to produce the cross-linkage of the polymer and thereby dictate the rigidity and strength of the epoxy. Epoxy adhesives stick to a wide variety of materials, and their properties are dependent upon the specific chemistry of the system and the nature of the cross-linking available. A few important performance requirements include exceptional chemical and heat resistance, excellent adhesion and water resistance, as well as satisfactory mechanical and electrical insulating properties.
Global Epoxy Adhesives Market: Segmentation
Based on type, epoxy adhesives can be classified into the one-component and two-component varieties. One-component epoxies can be used straight from the tube without requiring any mixing, metering, or degassing. These epoxies need heat to initiate their function. Two-component epoxies are commonly used epoxy adhesives which do not involve heating for curing. Mixing the resin and hardener suffices. Hardeners trigger the polymerization required for curing. Two-component epoxy adhesives are commonly used; however, demand for one-component epoxy adhesives is anticipated to rise rapidly due to their excellent properties including quick curing time, a solvent-less system, and consumer-friendly nature.
Epoxy adhesives find extensive application in the aerospace, automotive, building & construction, and semiconductor industries. Building & construction held a major share in the epoxy adhesive market in terms of volume, followed by the automotive sector. Aerospace and semiconductor also constituted a decent share in the market. The developments in the aerospace industry is a key driver of the market. Due to the superior mechanical properties of epoxy adhesives, such as their resistance to sustained load and temperature & pressure variations, they are the adhesives of choice for the aerospace industry. The semiconductor industry is expanding exponentially due to the increasing usage of electronic gadgets, which is driving the market for epoxy adhesives.
Asia Pacific dominates the global epoxy adhesives market. China is a major market for epoxy adhesives in the region. However, India and Thailand are rapidly growing as well, while South Korea and Japan are among the large-scale manufacturers of epoxy resins. The market is expected to advance considerably during the forecast period. Demand for the product is also likely to rise in North America and Europe. Germany, the U.S, and the U.K are major consumers of epoxy adhesives. Latin America and Middle East & Africa exhibit a steady need for epoxy adhesives for the building & construction industry.
Global Epoxy Adhesives Market: Key Players
Key players operating in the epoxy adhesives market include Henkel AG & Co. KGaA, Huntsman Corporation, 3M Company, Ashland Inc., Sika A.G., The Dow Chemical Company, Lord Corporation, and Permabond LLC.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.