On 11th March 2024, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions.Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2024. The report also considers the impact the impact of COVID-19 on global Epoxy Adhesive Market in the upcoming years.
According to a new report published by Fast.MR titled, “Epoxy Adhesives Market by Product and End-Use: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global epoxy adhesives market was estimated at around USD 898.5 million in 2019 and is expected to grow with the CAGR of 4.0% during forecast period 2024-2027. The growth of the construction sector is the key driver for the market growth over the forecast period.
The construction industry is the dominant end-user 9f epoxy adhesives. Thus, the growth of the construction sector is likely to remain as a key driver for the growth of epoxy adhesives market. As per the stats published by Oxford Economics, the global construction output is anticipated to reach nearly USD 17.5 trillion by 2030 with countries such as India, China, and the U.S. being the top contributor. Therefore, steady growth of the global construction industry is likely to positively influence the market growth over predicted timeline.
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However, with the recent outbreak of coronavirus, the global construction sector is expected to observe short term decline as the governments around the globe have imposed shutdowns. This has halted major construction activities around the globe. Although, this is likely to remain as a short term trend and sector is likely to rebound with full potential as tge situation due to global pandemic normalizes.
Asia Pacific region is expected to remain key regional market for the epoxy adhesives owing to the economic powerhouses like China and Japan. Both countries economic prowess can be determined by their construction output indicators which have shown strong growth over the last one decade. Emergence of other economic powers in the region such as India and Thailand is likely to further boost the market growth for epoxy adhesives over the coming years.
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.
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