PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401790
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401790
Automotive Adhesives & Sealants Market size was valued at USD 7,300 Million in 2022, expanding at a CAGR of 7.1% from 2023 to 2030.
Plastic and composite pieces can be joined with ease using automotive adhesives and sealants. Nowadays, acrylics, vinyl acetate monomer, epoxide resins, polyester resins, ethylene, amine-based resins, and propylene are among the raw materials used in most of the synthetic adhesives used in the automotive industry.
Automotive Adhesives & Sealants Market- Market Dynamics
Increasing demand for biobased and environment-friendly adhesives to propel market demand
Vinyl acetate monomer, acrylics, polyester resins, epoxide resins, amine-based resins, ethylene, and propylene are among the raw materials used in most of synthetic adhesives used in the automotive industry. Further, significant players in the market are developing novel products with bio-based and renewable feedstock more frequently. Manufacturers now have more options to create quickly curing, environmentally friendly adhesives using renewable and biobased materials, which should lead to industry expansion. The demand for automotive adhesives and sealants in the region has been greatly influenced by the growing trend of "bonding instead of welding." Because automakers are constantly coming up with new ideas to make cars lighter to increase fuel economy and lower CO2 emissions, bumpers and adhesives for plastic roofs are used.
Automotive Adhesives & Sealants Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.1% over the forecast period (2023-2030)
Based on Product segmentation, polyurethane (PU) was predicted to show maximum market share in the year 2022, owing to high investment in PU development.
Based on Application segmentation, interiors segment was the leading type in 2022, mainly due to high demand for sealant is vehicle internal engine systems.
Based on Vehicle Type segmentation, passenger cars was the leading type in 2022, mainly due to growing demand for adhesives and sealants in cars and SUVs.
On the basis of region, Asia Pacific was the leading revenue generator in 2022, owing to growing demand countries like China, India, Australia, Japan, etc.
The Global Automotive Adhesives & Sealants Market is segmented on the basis of Product, Application, Vehicle Type, and Region.
The market is divided into six categories based on Product: acrylic, PVA, polyurethane, epoxy, EVA, and others. The polyurethane segment dominates the market. The increased demand for PU is due to its high durability and flexibility in plastic and metal bodies.
The market is divided into five categories based on Application: exterior, interior, powertrain, body-in-white, others. The powertrain segment dominates the market and is likely to maintain its dominance during the forecast period. This is mainly due to high demand for sealants use in powertrain of vehicles.
The market is divided into three categories based on Vehicle Type: passenger cars, light commercial vehicles, and heavy-duty commercial vehicles. The passenger cars dominate the market and is likely to maintain its dominance during the forecast period. Light commercial vehicle segment is anticipated to grow at substantial rate due to high demand LCV in urban areas which is boosting the market growth.
Automotive Adhesives & Sealants Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The automotive adhesives and sealants market is highly fragmented among the large businesses who are present in multiple countries. Multinational corporations that currently compete in the business are anticipated to face challenges from the growing number of small and medium-sized competitors entering it. Growing product and technology innovation is anticipated to propel automotive industry expansion as businesses look to strengthen their positions and diversify their offerings.
In May 2023, Henkel introduced a novel injectable adhesive Loctite TLB 9300 APSi for electric vehicle battery structures. This injectable adhesive delivers structural and thermal conduction in batteries.
In March 2022, Bostik's parent business Arkema developed Ashland's performance adhesive business division to expand their reach in the global market.
The scope of this report covers the market by its major segments, which include as follows: