Portland, OR, March 08, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive adhesives market generated $4.7 billion in 2020, and projected to reach $8.4 billion by 2030, with a CAGR of 5.9% from 2021 to 2030.The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in sales of automotive adhesives owing underlying strength in vehicle sales, technological advancements in manufacturing of automobiles, and adoption of smart cars drive the growth of the global automotive adhesives market. However, rise in raw material prices and effect of recession on end-use industries restrain the growth to some extent. On the other hand, growth in demand for automotive adhesives in Asia-Pacific present new opportunities in the upcoming years.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic impacted the growth of the global automotive adhesives market negatively.
- The pandemic implemented restrictions on import & export activities. It also disrupted the supply chain, due to which the prices of raw materials to produce adhesives experienced a sharp incline.
- However, the market is expected to revive soon.
The report offers detailed segmentation of the global automotive adhesives market based on product resin type, technology, application, and region.
Based on resin type, the polymide segment held the highest market share in 2020, holding nearly one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the acrylics segment is estimated to register the highest CAGR of 7.1% from 2021 to 2030.
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Based on technology, the water based segment held the largest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the solvent based segment is projected to register the highest CAGR of 6.7% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the global automotive adhesives market, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 6.5% during the forecast period.
Leading players of the global automotive adhesives market analyzed in the research include Henkel & Co. KGaA, Bostik S.A., 3M Company, The DOW Chemical Company, Sika AG, H.B. Fuller, PPG Industries, Jowat AG, Illinois Tool Works Corporation, and Solvay S.A.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
