Automotive Adhesives Market Scope
Market Research Future (MRFR) reveals in its new study that the automotive adhesives market was worth more than USD 3.5 Billion in the year 2018 and can thrive at a rate of 9% between 2020 and 2027 (analysis period).
Key Boosters and Barriers
The fast-evolving automotive sector is encouraging adhesive vendors to invest considerably on R&D activities. Adhesive is an indispensable component in the automobile sector and are therefore, constantly subjected to innovations so as to facilitate more weight reduction in vehicles. Automotive adhesives boast of excellent chemical, thermal, abrasion and impact resistance and as a result, note significant demand in the automotive industry, as it helps reduce the chances of an accident.
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Prominent firms in the global market for automotive adhesives include Akzo Nobel N.V. (the Netherlands), Bostik (US), BASF SE (Germany), DowDuPont (US) Sika AG (Switzerland), Henkel & Co. KGaA (Germany), H.B. Fuller Company (US), 3M (US), Illinois Tool Works Inc. (US), Solvay S.A (Belgium), PPG Industries (US), Jowat AG (Germany), and many more.
Companies are increasingly focusing on bolstering their manufacturing capacity. Escalating demand for weld bond adhesives is expected to be a significant trend in the market, as these adhesives elevate the strength and rigidity of the vehicle. Weld bond adhesives are generating substantial demand as these strengthen the vehicle’s single point joints.
Leading manufacturers are also focusing on introducing high performing adhesives that cater to the high excellence demand of the end-users. Expanding the production capacity via distribution agreements, partnership and acquisition is a major focus area for the players who aim to improve their market rankings. Top firms are also striving to foster the sales of tailored adhesives for caravans, buses and trucks.
Automotive Adhesives Market has been considered for resin type, technology, vehicle type, and application in the MRFR report.
Depending on resin type, the market can be categorized into acrylic, polyurethane (PU), silicone, epoxy, styrene block copolymer (SBC), polyamide (PA), and others.
The technologies covered in the report are water-based, solvent-based, pressure-sensitive, hot melt, and more.
Major vehicle types studied in the report include medium and heavy commercial vehicles (M/HCVs), light commercial vehicles (LCVs), passenger cars, and others.
The top applications of automotive adhesives are embedded system, powertrains, interior, body-in-white, engine, drivetrains, exterior, and others.
Automotive adhesives industry can be regionally split into Europe, Asia Pacific or APAC, MEA or Middle East & Africa, North America, as well as Latin America.
In 2018, the highest gainer in the global market was Asia Pacific, and the region displays the potential to capture the fastest growth rate in the coming years as well. The APAC market’s stunning growth is the result of the escalating demand for adhesives in the thriving automotive sector, especially in India, South Korea, Japan and China. As a result, these countries are touted to be the most lucrative markets in the region over the review timeframe. The Chinese government is largely focused on bolstering the sales and manufacturing of electric vehicles. As a result, the country is aiming to improve the production rate of EVs to nearly 2 million per year in the near future. These efforts on the part of government bodies across several countries in the region should be favorable for the automotive adhesives market in the ensuing years.
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The European market took the second lead in 2018, with Germany, Italy, the UK, Spain and France emerging as the key contributors. These countries have captured the highest share in the regional market, thanks to the fast-expanding automotive industries combined with the heightened product demand among major luxury car producers.
North America should experience a healthy growth trajectory in the coming years, given the amplified use of automotive adhesives in the region. The highest gaining market in the region is the US, in view of the escalating production as well as sales of various automobiles such as trucks, vans and more. The North America market also stands to profit from the low feedstock prices due to the shale gas boom, which has bolstered the profit margins for the manufacturers in the region.
The MEA market can expect substantial growth in the following years, thanks to the promising automotive sector in the region. Turkey along with South Africa will be top markets in the region, given the fact that automotive manufacturers are increasingly focusing on fostering the production as well as export of operations. These advances in the regional market are encouraged by the mounting number of incentives provided by the Automotive Production and Development Plan/APDP backed by the government
Avery Dennison Performance Tapes has added to its automotive product range, which now includes a new line of adhesive solutions for electric vehicles. The range provides bonding solutions as well as functional benefits including dielectric strength and flame retardance. These products have numerous applications, such as cell to cell bonding, compression pads and thermal runaway protection. The expanded portfolio helps the manufacturers to tailor the applications of adhesives as per the requirement, while preventing long cure periods as well as equipment needed with liquid adhesives.
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