Epoxy Adhesives Market to Develop Rapidly by 2024
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.
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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.
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.
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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.
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