Wilmington, Delaware , March 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Metal Epoxy Putty Market by Type (Underwater Putty, and Surface-dwelling Putty), Application (Industrial, Marine, Automotive, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global metal epoxy putty market generated $317.5 million in 2022, and is anticipated to generate $455.8 million by 2032, witnessing a CAGR of 3.7% from 2023 to 2032.
Prime Determinants of Growth
The increasing demand for durable repair solutions in industries such as shipbuilding, automotive, and manufacturing is boosting the growth of the metal epoxy putty market. However, the rising adoption of advanced polymers and composite materials is posing a competitive challenge and restraining the growth of the market during the forecast period. On the other hand, increasing demand for durable, efficient, and versatile materials in the expanding automotive and manufacturing industries is poised to unlock lucrative market growth opportunities in the future.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $317.5 million |
| Market Size in 2032 | $455.8 million |
| CAGR | 3.7% |
| No. of Pages in Report | 295 |
| Segments covered | Type, Application, and Region |
| Drivers | Surge in shipbuilding activities driven by expanding maritime trade, navy upgrades, and leisure boating industry Technological advancements in metal epoxy putty formulations to improve performance |
| Opportunities | Growing reliance on metal epoxy putty in the manufacturing industry for repairing, bonding, and sealing metal parts Increasing demand for metal epoxy putty in the automotive industry |
| Restraints | Economic slowdowns impacting demand for metal epoxy putty from end-use sectors |
COVID-19 Scenario:
- The COVID-19 pandemic significantly impacted the global metal epoxy putty market. The pandemic significantly disrupted the global market, primarily impacting industries such as automotive, marine, construction, and machinery repair.
- Lockdowns and restrictions on movement led to disruptions in supply chains, causing raw material shortages and increasing production costs. Moreover, economic slowdowns resulted in a decrease in demand from end-use sectors, driving a decline in market growth.
- However, the crisis spurred innovation and adaptation within the market, with manufacturers accelerating the shift towards digitalization and improving online sales channels. Additionally, the pandemic highlighted the importance of flexibility and diversification in operations, driving companies to explore new markets and applications for metal epoxy putties.
Type: Underwater Putty Sub-Segment to Hold Leading Market Share by 2032
This sub-segment is expected to hold a leading market share of 51.5% by 2032. This growth is mainly due to underwater putty’s unique properties and versatile applications, making it a preferred choice for underwater repair and maintenance activities. Its effective adherence to metal surfaces, even in submerged conditions, has made it vital for industries operating in underwater environments.
Application: Marine Industry Sub-Segment to Hold Highest Market Share by 2032
This sub-segment is expected to hold a dominating market share of 36.8% by 2032. The growth of the sub-segment is mainly because of metal epoxy putty's efficacy and reliability in addressing specific challenges within the marine sector. Its ability to adhere to different metal surfaces, withstand harsh marine environments, and provide durable repairs makes it indispensable for shipbuilding, vessel maintenance, and offshore infrastructure development.
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By Region: Asia-Pacific to Hold the Significant Market Share in Forecast Period
The Asia-Pacific region dominated the global metal epoxy putty market in 2022, holding a major share of 42.1%. This is mainly due to rapid industrialization, infrastructure development, and a surge in shipbuilding and automotive activities, driving demand for metal epoxy putty. The region's dynamic economic landscape, coupled with investments in research and development, further bolsters market growth.
Leading Players in the Metal Epoxy Putty Market:
- ITW
- 3M
- Dampney Company Inc.
- Henkel
- Belzona
- Jenolite
- AW Chesterton Co.
- SealXpert Products
- Aremco
- United Resin Corporation
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/metal-epoxy-putty-market/purchase-options
The report provides a detailed analysis of the key players of the global metal epoxy putty market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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