Building and Construction Industry Steering Market Growth
Epoxy adhesives find number of applications in the building and construction sector owing to its properties such as high abrasion resistance, lower shrinkage volume post curing, enhanced mechanical strength, and many more. A large volume of the product finds its usage in many construction applications such as lamination of woods for decks, walls, and roofing. Therefore, the growth of building and construction sector is anticipated to remain a key driver for the market growth over the forecast period.
Construction industry of Asia Pacific region is likely to play a key role in pushing overall construction output over the coming years. Strong construction spending in regional countries such as India, China, Thailand, and Vietnam is expected to drive this overall construction growth. For instance, as per the stats released by the Oxford Economics, construction sector of India is projected remain fastest growing regional country in terms of construction output by 2030. In addition, government of India is pushing for major infrastructural reforms and development. The government of India allocated nearly USD 92.2 billion for the infrastructure sector development in its union budget of 2018-2019. Therefore, strong growing construction sector of Asia Pacific region is likely to drive the demand for epoxy adhesives over the predicted timeline.
Rising Technological Innovation Pushing Market Growth
Epoxy adhesives are observing rapid technological innovations in order to comply with evolving standards and specifications. The product adheres to wide variety of materials and thus is largely used across construction and electronics industry. The evolution in electronics industry and rising demand for miniturization of circuit boards is likely to push the market growth over the forecast period. The products is derived via reaction between two components each of which consists of epoxy resin and curing agent. This provides high strength and durability to withstand harsh climatic conditions while offering enhanced bonding strength
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On the basis of product, the market is bifurcated into one component and two component. Within this category, one component based epoxy adhesives is likely to observe swift growth while dominating the over all market share over the coming years. The product segment has numerous advantages as compared to its counterpart. The properties of the product segment such as reduced curing time coupled with user-friendly characteristics is expected to push its inception in various end-use sectors over the coming years.
On the basis of end-use, the market is segmented into construction, automotive & transportation, electrical & electronics, energy & power, and others. Within this segment, construction industry is expected to dominate the market share over the forecast period. The growth of the construction sector is primarily driven by the increasing demand for affordable housing. Many governments around the globe are working towards to provide affordable housing to its citizens. For instance, government of India initiative to provide housing for all by 2022 is likely to push the construction sector of the country. Thereby, providing huge support for the growth of epoxy adhesives over the coming years.
The automotive & transportation segment is likely to observe stagnant growth over the forecast period. The declining production trend of automotive vehicles in North America and European region is expected to hamper the market growth of epoxy adhesives in the aforementioned regions. However, the production trend is expected to rebound as the regional governments focus on developing strategies to promote electric vehicles over the coming years.
Energy & power industry is expected to witness swift growth over the forecast period. The rising popularity of wind energy as the primary source of electricity generation is expected to drive the demand for epoxy adhesives over the forecast period. The product is widely used in assembly of wind blades and turbine assembly. The product offers great strength to the components of blade while minimizing the weight. The growing wind energy installations in China is likely to fuel the market growth over the coming years. For instance, wind energy installations in China increased from 96,819 megawatts to 184,696 megawatts from 2014 to 2018.
The key vendors of the industry are Permabond LLC, Mapei S.p.A., Huntsman Corporation, Lord Corporation, RPM International, Ashland, 3M, Sika AG, DuPont, Henkel AG, H.B. Fuller, and Illinois Tool Works Incorporation.
The industry vendors are focused on developing effective sales channel and developing strong network of distributors to enhance their market presence. The participants are investing heavily in research and development to develop effective products.
Epoxy adhesives are chemically formulated glue which is based out of epoxy resin.
Global Epoxy Adhesives Market Segmentation
-Energy & Power
-Automotive & Transportation
-Electrical & Electronics