CHICAGO, Jan. 24, 2020 /PRNewswire/ -- According to the new market research report "Epoxy Adhesives Market by Type (One-Component, Two-Component, And Others), End-Use Industry (Building & Construction, Transportation, Automotive, Wind Energy, Marine, Electrical & Electronics, And Others), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Epoxy Adhesives Market size is projected to grow from USD 7.2 billion in 2019 to USD 9.6 billion by 2024, at a CAGR of 6.0%. Increasing urbanization and growing usage of composites, plastics, and other higher strength metals in the construction industry is driving the global epoxy adhesives market. Epoxy adhesives offer the ability to adhere strongly, with exceptional mechanical & electrical insulating properties and chemical and heat resistance.
One-component type is expected to witness the highest growth during the forecast period.
The one-component based epoxy adhesives market is estimated to grow at the highest CAGR from 2019 to 2024, in terms of volume. The excellent properties of the one-component type adhesives such as, quick curing time, a solvent-less system, and consumer friendly usage, is driving the demand in this segment.
Building & construction is projected to be the largest end user of epoxy adhesives.
The building & construction industry accounted for the largest share of the overall epoxy adhesives market, in terms of volume, followed by the automotive industry. The building & construction industry started using epoxy adhesives with the increasing usage of composites, plastics, and other higher strength metals. Growing urbanization is fueling the growth of the construction sector, which is driving the epoxy adhesives market.
Epoxy adhesives market in APAC is projected to witness the highest CAGR during the forecast period.
APAC is projected to be the fastest-growing epoxy adhesives market during the forecast period. China is the largest market for epoxy adhesives in the region. However, India and Thailand are the fastest-growing markets for epoxy adhesives in the region. Owing to increased government investments in developing countries for infrastructure, such as public utilities, commercial, and entertainment structures, and housing demands to cater to the steadily growing population, the demand for epoxy adhesives in this region is expected to growth significantly.
The major players in the epoxy adhesives market include Henkel AG (Germany), Sika AG (Switzerland), 3M Company (US), H.B. Fuller (US), DuPont (US), Illinois Tool Works Incorporation (US), Ashland (US), RPM International (US), Lord Corporation (US), and Huntsman Corporation (US).
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