Wilmington, Delaware, United States, March 13, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive adhesive market was valued at about US $ 7.2 billion in 2022. However, the market growth is estimated to take the valuation to US $ 11.1 billion by 2031 at a CAGR of 4.9%. This sluggish to moderate market advancement is subjected to the influence of various market forces.
The demand for lightweight vehicles manufactured by reinforcing carbon fiber with plastics or aluminum alloys is increasing. This improves the quality of the frame used to manufacture an automobile. For this reinforcement, high-quality adhesives that can withstand extreme conditions are required. Due to this, a surge in the requirements for automotive adhesives is observed, which acts as one of the market drivers driving the subject market.
The automobile sector has grown rapidly worldwide due to the increased demand for innovative automobiles. The rise of EVs is another reason for the growth of the automotive market. Consequently, this requires the joining, welding, and subsequent strengthening of different parts, possibly using other composites and adhesives. Therefore, this acts as another market driver.
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Governments make heavy investments in the research and development wings of the automobile sector. This results in the development and the growth of the subject market.
Key Findings from the Market Report
- The global automotive adhesive market can be segmented into various types, including the type of adhesive used, product type, the type of vehicle, sales channel, and the application of the adhesive in different wings.
- The structural adhesive is one of the important verticals of the adhesive type segment. It is generally used in load-bearing structures to bond two structures and distribute load equally within them.
- Solvent-based adhesive is another key market segment of the subject market. Due to its ability to create strong bonds between binding materials is used more in food packaging, tapes, and graphic industries.
- From the perspective of the application of adhesives, paint shops have wide applications, as a strong bond needs to be established between the substrate and the coating.
- Rubber-based anti-flutters, PVC, butyls, and many other passenger vehicle adhesives form important verticals in the passenger vehicle adhesives segment of the subject market.
- The automobile market in the Asia Pacific region has been increasing significantly due to technological developments. Various countries like Japan, China, and India have been significant contributors to the market; therefore, the automotive adhesive market is growing in these countries. Hence, Asia Pacific is the largest market shareholder in the global automotive market.
- North America is another significant contributor to the subject market as the technology infrastructure and the automobile market have grown in different countries.
- Like Asia Pacific, various European countries have also evolved in the automobile sector. Due to this, they are also significant contributors to the market.
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Key Developments in the Automotive Adhesive Market
- High-precision operations required for tape applications can be provided by 3M, which partnered with Innovative Automation Inc. in 2022. This partnership aims to deliver optimum solutions to the said problem.
- In 2023, an injectable thermal adhesive was introduced by Henkel. It was mainly introduced to fulfill the requirements of EV batteries. It provided thermal and structural bond strengths to different joints of EV batteries.
- In June 2023, Arkema S.A. acquired Glenwood Private Equity. This helps the said business diversify its product portfolio, thereby enhancing the application of its polymers.
Competitive Landscape
Various key players have been a crucial part of the competitive landscape of the global automotive adhesive market.
- Arkema S.A. is one of such key organizations known for its diversified adhesives. It also provides various technical fluids and acrylics, along with fluorochemicals.
- Henkel AG & Co. KGaA, is an important market player known for various industrial cleaners and adhesives. It also manufactures coatings.
- DuPont provides advanced painting solutions with different construction materials. It has also entered the electronic sector through its products.
- Henkel AG & Co. KGaA
- Arkema S.A.
- DuPont
- Huntsman International LLC
- Sika AG
- Jowat SE
- Dow
- 3M
- Ashland
- H.B. Fuller Company
- Franklin International
Market Segmentation
Adhesive Type
- Structural
- Tapes & Films
- Threadlocks & Retainers
- Liquid Gaskets
Product Type
- Solvent
- Water
- Hot Melt
- Reactive
- Others
Application
- BIW
- Glazing
- Powertrain
- Paint Shop
- Upholstery
- Others
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Sales Channel
- OEMs
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- South America
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Have a Look at More Valuable Insights of Automotive
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