Epoxy Adhesives Global Market Report 2024

Epoxy adhesive is a synthetic compound comprising an epoxy polymer or resin and a hardener. This adhesive is utilized to join various surfaces, providing a robust, durable, and thermosetting bond capable of withstanding high pressure and challenging weather conditions. Epoxy adhesives find applications in bonding metals, glass, concrete, ceramics, wood, and various polymers, showcasing strong adhesion across diverse substrates.

The primary types of epoxy adhesives include one component, two components, and others. One component resin, known as epoxy resin adhesives, undergo heating curing and is employed for bonding, casting, and joint sealing. These adhesives are distributed through online and offline channels, reaching end-users in building and construction, transportation, marine, automotive, wind energy, electrical and electronics, and other industries.

The epoxy adhesives market research report is one of a series of new reports that provides epoxy adhesives market statistics, including epoxy adhesives industry global market size, regional shares, competitors with epoxy adhesives market share, detailed epoxy adhesives market segments, market trends, and opportunities, and any further data you may need to thrive in the epoxy adhesives industry. This epoxy adhesives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The epoxy adhesives market size has grown strongly in recent years. It will grow from $8.35 billion in 2023 to $8.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to the expansion of industrial and construction activities, increased demand for repair and maintenance services, growth in the consumer electronics sector, the trend towards automotive lightweighting, and the adoption of smart manufacturing practices.

The epoxy adhesives market size is expected to see strong growth in the next few years. It will grow to $11.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increasing focus on sustainability and environmental concerns, the expanding electric vehicle (EV) market, development of renewable energy infrastructure, growth in the aerospace sector, and the adoption of advanced composite materials. Major trends in the forecast period include ongoing technological advancements, the use of sustainable formulations, the emergence of bio-based epoxy adhesives, trends in miniaturization and microelectronics, and the utilization of hybrid epoxy systems.

The epoxy adhesive market is anticipated to experience growth propelled by increasing urbanization. Urbanization involves the migration of more people into urban areas, leading to a rise in city populations and the expansion of urban regions. Epoxy adhesives, utilized in diverse industries such as building and construction, automotive, transportation, marine, electrical, and electronics, are expected to see increased demand due to this urbanization trend. As reported by The World Bank in 2022, over 50% of the global population resides in cities, and projections indicate that this number will more than double to reach 6 billion by 2045. This surge in urbanization is expected to be a key driver for the growth of the epoxy adhesive market.

The growth of the construction industry is identified as another factor propelling the epoxy adhesive market. Epoxy adhesives play a crucial role in the construction sector, providing robust and durable bonding solutions that support structural integrity and concrete repair. In August 2023, based on data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, privately owned housing units authorized by building permits exhibited a 6.9% increase over the revised July rate. Additionally, home completions in August 2023 were 5.3% higher than the July estimate. These statistics underscore the significance of epoxy adhesives in construction projects and their contribution to the growth of the epoxy adhesive market.

A noteworthy trend in the epoxy adhesive market is the emphasis on technological innovation by major companies. These companies are committed to developing new and innovative epoxy adhesive products to enhance their market positions. For example, Toyo-Morton Ltd., a Japan-based manufacturer of laminating adhesives, introduced a laminating adhesives portfolio in June 2022, featuring food-safe products free of epoxy silanes and organic tin compounds. The updated portfolio includes both solvent-based TOMOFLEX and solvent-free ECOAD families of laminating adhesives, suitable for various applications in multilayer flexible packaging, including dry food, liquid pouches, and high-performance retorts. This innovation aligns with the industry trend of adopting advanced technologies to meet evolving market demands and sustainability requirements.

Major players in the epoxy adhesive market are strategically focusing on the development and introduction of robust and durable adhesives, exemplified by Permabond's TA4230, to secure a competitive advantage. Permabond, a China-based adhesives company, launched TA4230 in May 2023. This 2-part, 1:1 mix ratio, toughened acrylic adhesive is characterized by its high-strength and fire-retardant properties. Positioned as a superior performer, TA4230 is specifically engineered for various applications, providing efficient and rapid bonding operations. Notably, it stands out as the toughest and fastest-curing adhesive in its class. The fire-retardant feature enhances its suitability for applications where fire safety is a critical consideration. TA4230 excels in shear strength on multiple substrates with minimal surface preparation, ensuring a strong and durable bond.

In line with industry trends, Meridian Adhesives Group, a US-based chemical manufacturing company specializing in adhesives and sealants, made a strategic move in April 2021 by acquiring Pacific Adhesive Systems, a Malaysia-based firm. This acquisition, undertaken for an undisclosed amount, positions Meridian Adhesives Group to elevate its capabilities in cutting-edge adhesive solutions. Pacific Adhesive Systems is recognized for providing high-performance epoxy-based adhesive and coating solutions catering to industries such as semiconductor, medical, and electronics. This acquisition aligns with the broader industry focus on enhancing product portfolios and expanding market reach through strategic mergers and acquisitions.

Major companies operating in the epoxy adhesives market include 3M Company, Ashland Inc., Bostik SA, H B Fuller Company, Henkel AG, Mapei SPA, Sika AG, DuPont de Nemours Inc., Permabond LLC, Lord Corporation, Illinois Tool Works Incorporation, DELO Industrie Klebstoffe GmbH & Co. KGaA, RPM International, Huntsman Corporation, Hubei Huitian New Materials Co. Ltd. Parker Hannifin Corp, Panacol-Elosol GmbH, Parson Adhesives Inc., The Dow Chemical Company, Uniseal Inc., Weicon GmBH & Co., Hernon Manufacturing Inc., Masterbond Inc., Pidilite Industries Limited, Helmitin Adhesives, Hexcel Corporation, Arkema Group, Jowat Corporation, Flamemaster Corporation, Collano AG, Benson Polymers Limited., Arkema Group, Adhesives Technology Corporation, Alteco Chemical Pte Ltd., Chemence Inc., Dymax Corporation, Epoxy Technology, ITW Polymers Adhesives, J-B Weld Company, Kukdo Chemical Co. Ltd., L&L Products, Resin Designs LLC, SCIGRIP Smarter Adhesive Solutions

Asia-Pacific was the largest region in the epoxy adhesives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the epoxy adhesives market during the forecast period. The regions covered in the global epoxy adhesives market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the epoxy adhesives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The epoxy adhesive market consists of sales of resin and hardener. Values in this market are ‘resin’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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