Dublin, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The "Global Automotive Adhesive Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The global automotive adhesives market is set to witness a substantial growth rate of 4.7% during the forecasted period from 2024 to 2032
This growth is primarily propelled by the increasing demand for lightweight and fuel-efficient vehicles, advancements in electric and hybrid vehicle technologies, and a heightened focus on vehicle safety and crashworthiness.
Market Segmentation and Regional Insights
In 2023, water-based adhesives commanded the highest revenue within the market, reflecting the industry’s response to environmental concerns and stringent emissions regulation. Looking forward, reactive adhesives are expected to exhibit the highest CAGR, signifying their critical role in meeting the fast-paced, dynamic needs of modern vehicle manufacturing.
The Asia-Pacific region remains the dominant market contributor, with significant production outputs in countries like China and India. Europe is anticipated to display the highest growth rate going forward, consequent to its strong environmental regulations and the increasing shift towards electric and hybrid vehicles that require specialised adhesive solutions.
Driving Forces and Market Dynamics
The push for lightweight vehicles to achieve better fuel efficiency and reduce emissions has been pivotal in driving growth in the automotive adhesives market. Major automotive industry players have integrated structural adhesives into their manufacturing to bond lightweight materials, maintaining vehicle structural integrity and managing cost.
The innovations in the electric and hybrid vehicles sector are also stimulating the market for adhesives tailored to their specific needs, such as thermal conductivity for battery applications. Additionally, the continual pursuit of enhanced safety and crashworthiness in the automotive industry has surged the need for structural adhesives that improve bonding and contribute to vehicle durability in critical areas.
Challenges and Strategic Approaches
Despite robust market dynamics, solvent-based adhesives face challenges due to environmental and health concerns. To overcome these, key market players persist in their efforts to develop more eco-friendly adhesive alternatives like water-based and hot melt technologies. In conclusion, the automotive adhesives industry stands as a vital aspect of vehicle manufacturing, with its growth being shaped by technological advancements, regulatory landscapes, and changing consumer preferences. As the push for sustainability converges with the need for advanced vehicular technologies, automotive adhesives are poised to play an increasingly critical role in the global automotive market.
Companies Featured
- 3M
- Henkel
- Dow
- Sika
- H.B. Fuller
- Arkema Group
- Dupont
- Huntsman
- PPG Industries
- Jowat AG
- Illinois Tool Works Corporation
- Solvay S.A.
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