Chicago, March 13, 2023 (GLOBE NEWSWIRE) -- The global Automotive Adhesives Market was valued at USD 6.6 billion in 2020 and is projected to reach USD 9.3 billion by 2026, growing at a CAGR 5.9% from 2021 to 2026, as per the recent study by MarketsandMarkets™. The growing trend for lightweight and low carbon-emitting vehicles and the high demand for automotive adhesives from APAC are the drivers in the market. The major growth opportunities in the automotive adhesives market are in India, China, Brazil, Mexico, and other emerging economies. Automotive adhesives improve the aesthetic appeal of end products as bolts, rivets, and welds are not required to be used, and thus making these viable for numerous applications involving assembly line, body in white, and others.
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Browse in-depth TOC on “Automotive Adhesives Market”
262 - Market Data Tables
57 - Figures
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List of Key Players in Automotive Adhesives Market:
- Henkel (Germany)
- Arkema (Bostik) (France)
- 3M (US)
- Dupont (US)
- H.B. Fuller (US)
- Sika (Switzerland)
- Huntsman (US)
- Others
Drivers, Restraints, and Opportunities in Precious Metals E-Waste Recovery Market:
- Driver: High demand for automotive adhesives from APAC
- Restraint: Volatility in raw material prices
- Opportunities: Scope for growth of autonomous EVs
- Challenges: Stringent and time-consuming regulatory policies
Key Findings of the Study:
- Polyurethane resins are expected to lead the automotive adhesives market during the forecast period
- Body in white is the largest application in the automotive adhesives market.
- APAC is expected to account for the largest market share during the forecast period.
- Mexico is the fastest-growing market for the automotive industry in North America
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The stringent regulatory norms in North America and Europe are among the reasons for the limited growth of PU and solvent acrylics. This, in turn, is expected to boost the demand for SMP, which is categorized as a low-VOC resin type. The current regulatory structure in the APAC region is not much stringent, but it is expected to be raised to the North American and European standards in the near future. Apart from reducing harmful VOC emissions, adhesive producers also need to adhere to the flammability and easier cleanup and disposal norms.
Based on applications, the assembly segment in the automotive adhesives market is projected to grow at the highest CAGR during the forecast period, 2021 to 2026. The assembly segment is expected to grow at a higher rate due to the increasing demand for increasing sensors, infotainment systems, interior trims. Automotive adhesives offer excellent adhesion, superior durability, chemical & temperature resistance, and lower shrinkage in bonding wind turbines.
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APAC is expected to be the largest and fastest-growing market for automotive adhesives, in terms of value and volume, during the forecast period. APAC encompasses a diverse range of economies with different levels of economic development and multiple industries. Many adhesive manufacturers are setting up or expanding their manufacturing bases in this region to take advantage of the low manufacturing costs. For instance, Bostik, the Specialty Adhesives business line of Arkema, continues to expand its manufacturing capacities with the opening of a new facility in Gujarat. Together with its existing plant in Bangalore, the new plant will serve the fast-growing demand in India for adhesives in industrial markets. APAC provides many growth opportunities to the global automotive adhesive manufacturers in the backdrop of an overall slowdown in global economic development.
Major companies are focusing on strengthening their R&D facilities to provide eco-friendly products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the automotive adhesives market over the next five years.
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