Epoxy Adhesives Market Anticipated to Reach $11.7 Billion by 2027
The global epoxy adhesives market is projected to grow from USD 9.2 billion in 2022 and is projected to reach USD 11.7 billion by 2027, at a CAGR of 5.0%, between 2022 and 2027 period. The growth opportunities in the epoxy adhesives market are increasing due to growing high-performance requirements, such as bonding dissimilar materials.
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Asia Pacific is the largest and fastest-growing market for epoxy adhesives. It is projected to register the highest CAGR during the forecast period and offer significant growth opportunities for the epoxy adhesives producers. In order to take advantage of the low manufacturing cost, some industries such as building & construction, transportation, and wind energy are setting up or expanding their manufacturing bases in this region. The rising labor costs in China have forced various end-use industries to relocate and establish their manufacturing bases in the ASEAN countries, such as Vietnam and Indonesia, where the labor cost is low. This relocation is expected to increase the epoxy adhesive demand in the ASEAN countries. India has an enormous pool of low-cost labor, which can provide significant opportunities for firms to invest. Initiatives, such as ‘Make in India’ and young entrepreneur development by the current government may open up additional opportunities in the industrial and infrastructure construction segments. These factors are expected to drive the market in the Asia Pacific region.
Europe is the second-largest consumer of epoxy adhesives, globally. The market in Europe is heavily regulated with REACH (Registration, Evaluation, Authorisation, and Restrictions of Chemicals), closely monitoring and issuing guidelines to ensure high levels of protection for the environment and human health from the risks that can be posed by chemicals. The stringent regulatory framework adopted by REACH has resulted in a steady decline in the use of high VOC emitting adhesives, which has forced the German adhesives industry to grow in terms of technology both in the European as well as international markets.
The key players following the strategies between 2018 to 2021 are Henkel AG & Co. KGaA (Germany), Sika Group (Switzerland), 3M (US), H.B. Fuller Company (US), DuPont (US). The companies are majorly following new product launch, merger & acquisitions, and investment & expansion as the strategy to grow and expand the market.
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Henkel AG & Co. KGaA operates with a well-balanced and diversified portfolio globally. It manufactures and distributes and adhesive products, cosmetics, homecare, and laundry. The company operates through four main business segments: Adhesive Technologies, Laundry & Home Care, Beauty Care, and Corporate. Epoxy adhesives are produced under the adhesive technologies segment. Adhesive technologies cater to the needs of different business areas such as packaging & consumer goods, construction & professional, electronics & industrial, and craftsmen businesses. In July 2018, Henkel AG & Co. KGaA has acquired Aislantes Nacionales S.A., a private company manufacturing and marketing of products used in building materials. This acquisition will strengthen the product portfolio by adding an attractive Chilean building materials market. It will also strengthen the position in Latin America.
A specialty chemical company, Sika is a leading developer and producer of systems and products for bonding, sealing, damping, reinforcing, and protecting in the building and motor vehicles industry. It offers a line of one- and two-component plastic adhesives for a variety of applications. The company has subsidiaries in 101 countries around the world and over 300 manufacturing facilities. It has a strong customer base, and business operations in Europe, North America, Asia Pacific, South America, Africa, and the Middle East. In December 2021, Sika Group opened new technology center and manufacturing plant for high-quality sealants and adhesives in Pune, India. This plant mainly has three new production lines that manufacture products for construction.
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