INDUSTRY TRENDS AND TECHNOLOGY DISRUPTION INFLUENCING THE EPOXY ADHESIVES MARKET.

Epoxy adhesives are in high demand due to their strong bonding and high chemical & heat resistance. They have found commercial success in demanding industries such as building & construction, aerospace, automotive, wind energy, and electrical & electronics. The ease of application of epoxy adhesives has also encouraged their commercialization in the do-it-yourself segment.

Increased demand for ultralight aircraft, future urban mobility, development of new-generation aircraft, automotive, and consumers’ imperatives are prone to change the future of the manufacturers of epoxy adhesives. Manufacturing optimization through new technologies, battery-operated electric vehicles (EVs), autonomous vehicles, and the growing demand for Unmanned Aerial Systems (UAS) are some of the reasons expected to fuel the growth of end-use industries and, thereby, the epoxy adhesives market.

TRENDS IN THE AUTOMOTIVE & AEROSPACE INDUSTRY

• Automotive

The operating costs and rising concerns over carbon emissions from different means of commuting are significant factors for the growth of the EVs market. Automobile manufacturers are expanding their geographical presence and investing in developing innovative EVs and charging facilities. The shift to electric, autonomous, and shared vehicles is a crucial industry trend expected to benefit the automotive industry in the future.

EVs have emerged as the most appropriate solution to reduce gas emissions by Internal Combustion Engine (ICE) vehicles. Initially, high production costs, limited drive range, and long charging time were the key obstacles in the EVs market. However, advancements in technology have helped manufacturers overcome these obstacles. For example, Tesla introduced innovative superchargers that can charge EV batteries up to 80% in less than 30 minutes. Owing to the changing climatic conditions, developed regions such as Europe and North America and a few countries in the Asia Pacific region are adopting stringent emission norms and promoting EV sales.

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Almost all the established and new auto OEMs, such as Tesla, Mercedes, BMW, VW, Daimler, GM, TATA, and others, are currently working on developing EVs. According to the International Energy Agency, electric car sales powered through 2021 and remain strong in 2022. According to the Global Electric Vehicle Outlook, in 2021, sales of electric cars (including fully electric and plug-in hybrids) doubled to a new record of 6.6 million, with more units sold each week than the total sale in 2012. Despite strains along global supply chains, sales of electric cars kept rising strongly into 2022, with 2 million electric vehicles sold worldwide in Q1, up by threequarters from the same period a year earlier. Such trends are expected to drive demand for epoxy adhesives in the EV industry. 

• Aerospace

Market growth for lightweight composites is growing at a CAGR of around 10%, driven by the demand for composites from aircraft manufacturers such as Boeing and Airbus to meet backlog orders of more than 1,200 aircraft of B787 and A350. This change will also impact epoxy adhesives manufacturers, as adhesives are extensively used for bonding and mounding parts in aerospace applications.

In the aerospace industry, there is a demand for fuel-efficient, technologically advanced aircraft with rapidly aging fleets. It is estimated that around 40% of all new aircraft deliveries (Source: Boeing and Airbus) will be replaced in the next 20 years. Extended periods of depressed fuel prices may encourage aircraft operators to defer the replacement of fuel-guzzling aircraft without incurring higher operation costs. Nevertheless, Airbus SE delivered more than 600 commercial aircraft to 88 customers in 2021, indicating resilience and recovery with progress on ramp-up plans. In 2021, Airbus almost doubled its overall order compared to the previous year, with 771 new sales (507 net) across all programs and market segments, demonstrating the strength of the company’s complete product range and signaling renewed market confidence.

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In addition, the demand for the ultralight and light aircraft market is expected to maintain a stable growth rate owing to the development of electric propulsion systems and the introduction of bio-fuel propulsion systems in the aerospace industry. Technological evolutions such as shifting preferences from gas turbines to turbo electric propulsions and from hydraulic landing gear to electric landing gear are expected to create opportunities for the growth of the global ultralight and light aircraft market. Likewise, UAS or drones are increasingly being adopted for various missions and applications. Current applications for UAS include search and rescue, weather forecasting, law enforcement, border patrol, firefighting, disaster response, precision farming, commercial fisheries, scientific research, aerial photography, communications relay, infrastructure monitoring, and emergency management. The growth of the aerospace industry is expected to fuel the demand for epoxy adhesives.

TRENDS IN THE ELECTRONIC INDUSTRY

New technologies are focused on augmenting the processing capabilities of machines for human-like intelligence (e.g., robotics, natural language processing, and speech recognition). The innovation of new intelligent technologies, the rise of the Internet of Things (IoT), wearable technologies, and the increased use of digital interaction have shifted the world from an analog to a digital one. In the coming days, the market for devices that are connected to IoT is expected to be twice as big as the market for computers, smartphones, tablets, connected cars, and wearables combined. IoT can lead to the emergence of new organizations and services. One example is the automotive industry; through the introduction of telematics services, car manufacturers are now offering subscription-based services, turning them into service providers.

Epoxy adhesives are specially designed and intended to use in smart devices, smartphones, laptops, automotive, consumer electronics, wearable devices, etc., which are subjected to extreme temperature ranges; adhesives play a crucial role in potting & sealing electrical components, relays & switches, sensors, etc. for instance, epoxy adhesives play a vital role in the development of vehicle electrification technology, hybrid electric vehicles, battery cells, packs, modules, and other components.

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• Artificial Intelligence

New technologies are focused on augmenting the processing capabilities of machines for human-like intelligence (robotics, natural-language processing, and speech recognition). Cognitive analytics can enhance the accuracy of forecasts and the performance of tasks in terms of efficiency and degree of automation. It can support and add to human cognition by providing suggestions that a human mind may not have taken into consideration. Cognitive analytics is especially valuable for companies eager to enhance their capabilities to predict, sense, and react since they combine extensive data analysis with practical decision-making support. Such innovative trends impact the overall electronics industry.

• Augmented reality

Augmented Reality (AR) is a technology that provides a digitally enhanced view of the real world. This technology layers digital information (for example, graphics, sound, or feedback) on top of the physical environment for easy understanding for users. Users can experience their physical surroundings through computer-generated inputs (for example, video, sound, and GPS data). These sensory inputs augment items from the real world to make them look realistic, even though they may be in totally different surroundings. For example, Copenhagen Airport introduced a pilot project in which an application guides the user through the airport. Users could be navigated with a 3D tool embedded in mobile or wearable AR devices. This device will map passengers through the triangulation of Wi-Fi access spots at terminals and guide them through the airport. Such revolutions are driving the digital industry’s market growth for epoxy adhesives.