NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, the APAC automotive adhesives and sealants market is projected to reach $4,938.0 million by 2023, the market growth is mainly driven by the increasing usage of lightweight materials in the vehicle manufacturing and increasing vehicle production in APAC.
On the basis of type, the APAC automotive adhesives and sealants market is segmented into epoxy, acrylics, polyurethanes, rubber, PVC, silicones, and hot melts. Among all types, epoxy is expected to be the fastest growing category in terms of volume sales, witnessing a CAGR of 4.6% during the forecast period. It also held the largest share in the market, attributed to its superior properties, over other types, such as excellent dimensional stability, surface hardness, high temperature stability, good heat-resistance, cost-effectiveness, fire-resistance, and very low flammability.
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Based on application, the APAC automotive adhesives and sealants market is categorized into body in white (BIW), under-the-hood (UTH) and power train, paint shop, and assembly. BIW application accounted for more than 30.0% volume share in the APAC market in 2017. The largest share of the application is attributable to the high consumption of epoxy, polyurethane, and acrylics during the manufacturing process of cars.
China was the largest revenue generating country, with a share of more than 50.0% in the APAC automotive adhesives and sealants market in 2017. The country is an emerging economy and is largest in terms of purchasing power parity, the second-largest economy in terms of nominal GDP, and one of the largest exporters of adhesives and sealants to many countries.
Due to the rising environmental concerns, the companies are developing bio-based adhesives and sealants to replace chemical based adhesives and sealants. In order to enhance the sustainability efforts without compromising performance, the companies are developing bio-based adhesives and sealants. For example, DowDuPont Inc. developed RENUVA technology for adhesives and sealants, which offers benefits that covers various applications in the adhesives and sealants marketplace, including improved water resistance, high flexibility, and good adhesion on a variety of substrates. Hence, it is expected to create opportunities for the industry players operating in the APAC automotive adhesives and sealants market.
Browse report overview with 90 tables and 34 figures spread through 116 pages and detailed TOC on "APAC Automotive Adhesives and Sealants " at:https://www.psmarketresearch.com/market-analysis/apac-automotive-adhesives-and-sealants-market
Some of the major players in the APAC automotive adhesives and sealants market are Henkel AG & Co. KGaA, DowDuPont Inc., Sika AG, PPG Industries Inc., 3M Company, Permatex, Bostik SA, DIC Corporation, Huate Bonding Material Co. Ltd., Mitsui Chemicals Inc., and Shin-Etsu Chemical Co. Ltd.
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