The worldwide epoxy market is expected to grow by over $5 billion by 2030, according to a new report that said the industry is highlighting new areas of focus in response to environmental concerns.
"Due to the rising environmental concerns, companies are developing bio-based adhesives and sealants to replace chemical-based adhesives," said the report, which was released in May by P&S Intelligence. "Also, in order to enhance sustainability efforts without compromising performance, the companies are developing advanced technologies for these bio-based products."
Breakthroughs, like the development of circular economy programs for adhesives and sealants, have been shown to offer adhesives and sealants that feature improved water resistance, flexibility, and quality adhesion on a plethora of substrates.
Circular economy programs are models of production that include reusing and recycling existing materials for reuse in other products.
According to the report, the development of sustainable models in the epoxy adhesive space is "expected to create ample opportunities for players operating in the epoxy adhesive market in the coming years."
Increased global construction activity has been a driver for growing the epoxy market and the construction industry accounted for roughly $2.3 billion of the global market, which was worth over $8.2 billion in 2021, according to P&S Intelligence.
The construction market "generated the highest revenue" for the epoxy adhesive industry, a data point that " is attributed to the versatility of the adhesives in building and construction applications."
Market growth for the epoxy adhesive sector is expected to increase at a compound annual growth rate of well over 5 percent, the report said.
"This is ascribed to the surging demand for these adhesives from the cement, construction, automotive, manufacturing, woodwork, plastic, and marine industries," the report stated.
The report said market players in the epoxy adhesive space have been increasing production capacity on a global scale to keep up with increased demand. Silka AG, which opened a new production facility in Dubai in 2020 to keep up with rising demand in the U.A.E., is cited as an example of a company that has expanded operations to keep up with demand.
"Two component-based epoxy adhesives are expected to observe a high-volume requirement for building and construction applications in the coming years," the report said.
Click here to browse the findings of the P&S Intelligence report.