Hyderabad, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The demand for automobiles has risen significantly in the last decade and further penetration of electric vehicles has increased. The COVID-19 has slowed down production due to supply chain issues, that resulted in shortage of electronic chips for automobiles. However, the industry has rebounded, and the trend is expected to continue, and the automotive epoxy adhesives market is expected to grow at a CAGR of 6.41% in terms of value during the period 2022-2028.
In 2022, Asia-pacific was the largest market and accounted for 45.3% of the global epoxy adhesives market in terms of volume. China, The United States, India, Germany and Japan constitute the largest epoxy adhesives market. Moreover, with the increasing environmental consciousness and technological developments, countries like China and India are expected to lead the growth of Electric Vehicles (EV), further increasing usage of epoxy adhesives.
In the near future, the usage of solvent borne epoxy adhesives is expected to grow higher than other technologies due to their high efficiency and performance helping automotive and aerospace manufacturers to increase the structural strength. Hareesh opines that the usage of epoxy solvent borne adhesives continues to be high in aerospace and automotive segments as the other technologies do not offer the high performance required in these applications.
Epoxy adhesives have been crucial in promoting the usage of adhesives in automotive, aerospace and medical end-user industries. With the advent of EVs the usage of epoxy adhesives has further increased in battery modules and controllers, as they are predominantly used in attaching cables and sensors. The growing EV market is further expected to aid usage of epoxy adhesives as the per kg usage of epoxy adhesive is highest in EVs.
Mergers and Acquisitions have been the go-to strategy for past few years for major players. The global players have increased the market share by acquisition of local players. Product innovation has been another strategy for companies to acquire market share although it is associated with high costs and dependence on market acceptance and trends. For example, H.B fuller introduced gorilla brand. Mapei and Huntsman have also launched innovative products.
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