Epoxy Adhesives Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global epoxy adhesives market is estimated to grow at a CAGR of 5.72%, over the forecast period, 2018 to 2023 (henceforth referred to as the forecast period).
Growing Demand from Automotive Industry is Set to Propel Growth
In the automotive industry, epoxy adhesives are often used together with another joining technique. The epoxy adhesive, together with point welding of car bodies, ensures a desirable distribution of the weight, thus maintaining a high resistance to aging and corrosion. For current automotive metal bonding applications, more than 95% of the applied adhesives are based on epoxy adhesives. This is due to the combination of various advantageous characteristics, such as oil absorption capacity, durability, and outstanding mechanical characteristics, across a wide temperature range. Basically, there are two types of epoxy adhesives, i.e., toughened (flexible) epoxy adhesives, and glassy matrix (stiff) epoxy adhesives, which are found in automotive applications. The growth in the global automotive industry is expected to drive the studied market.
Electrical & Electronics Segment to Contribute Significant Demand to the Market
Epoxy adhesives, the most widely used structural adhesives, are an integral part of the electronics industry. The semiconductor industry uses epoxy adhesives in manufacturing the printed or integrated circuit boards, due to their thermal conductivity, electrical insulation, and high durability in extreme temperatures. These qualities allow the manufacturing of faster and smaller microprocessors and data storage devices. These adhesives are available in one-component and two-component types and provide excellent chemical, water, and heat resistance, along with the advantage of adherence to nearly all types of substrates used in the electronics industry. Epoxy adhesives find application in a myriad of operations in the electronics industry, including circuit and electronic assembly, heat sinking, hybrids microelectronics, PCB and semiconductor manufacturing, solder replacement and wafer level packaging.
United States to dominate the Epoxy Adhesive Market
According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037 from 7,039 in 2016, owing to the growth in air cargo. In addition, the US mainline carrier fleet is expected to increase at a rate of 54 aircrafts per year due to the existing fleet getting older. Construction spending in the country fluctuated in the last year. However, it is increasing gradually this year compared to the previous year. With the growing construction industry in the country, there is an increase in the number of new homes and public buildings. Owing to this, the use of adhesives is increasing at a higher pace and is expected to boost the demand for epoxy adhesives, during the forecast period.
Major Players -3M Company, Mapei SpA, Huntsman Corporation, Pidilite Industries Ltd and Arkema Group (Bostik SA) among others.
Reasons to Purchase the Report
- To understand the impact of increasingly stringent regulations regarding VOCs on the market
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- To understand the dominating end-user in the market
- Countries expected to witness the fastest growth during the forecast period
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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