Market Research Report
Global Automotive Adhesives & Sealants Market - 2019-2026
|Published by||DataM Intelligence||Product code||812800|
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|Global Automotive Adhesives & Sealants Market - 2019-2026|
|Published: March 1, 2020||Content info:||
Global Automotive Adhesives & Sealants Market Overview
The adhesives and sealants industry includes two chemically similar but functionally different groups of formulated products. Adhesive products are used to create a bond between two similar or different materials whereas sealants are used to create an impenetrable barrier to moisture or gas. Adhesives and sealants are made from precise blends of synthetic rubber elastomers, resins, and agents or additives used to enhance specific characteristics, depending on the end use. Industries that typically use adhesives and sealants include consumer products, assembly, automotive, construction, labeling, and packaging.
The global automotive adhesives sealants market was worth USD XX billion in 2018 and is forecasted to reach USD XX billion by 2026, growing at a CAGR of XX% during the forecast period (2019-2026).
Global Automotive Adhesives & Sealants Market- Market Dynamics
Expansion of manufacturing operations by domestic and global automotive brands is increasing demand for materials, including adhesives sealants. These are some of the factors propelling market growth. The companies are focused on business expansion to expand their product portfolio and strengthen the business position. For instance, in October 2016, PPG Industrial Inc. completed its first phase of automotive adhesives and sealants manufacturing expansion project at its facility in Tepotzotlan, Mexico.
Similarly, the adoption of the latest innovations in adhesive technologies is having a surge effect on market growth. For instance, in September 2018, Henkel has built the new global innovation center of its Adhesive Technologies business in Dusseldorf, Germany. However, increasing raw material prices is one of the key restraints hampering the growth of this market.
Global Automotive Adhesives & Sealants Market- Segmentation Analysis
On the basis of resin type, the global automotive adhesives and sealants market is segmented into epoxy, acrylic, polyurethane, silicone, and others. Polyurethane dominates the market in terms of versatility and popularity. Polyurethane adhesives has an excellent bonding and vibration resistance for both exteriors (such as bumpers) and interior (such as carpet, trim) components. Owing of its bond strength and ease of application, polyurethanes are a sealant material for automobile window installation. All of these factors are anticipated to propel the market during the forecast period. New techonological development in polyurethane adhesive would propel the market growth for the segment. For instance, in August 2018, Lord Corporation launched fast cure polyurethane adhesive for bonding composites parts produced at high production rates, as in the automotive industry.
Global Automotive Adhesives & Sealants Market- Geographical Analysis
Geographically, the global automotive adhesives sealants market is segmented into North America, South America, Europe, Asia Pacific, and Middle East and Africa. Asia Pacific dominates the market due to the increasing focus of automotive manufacturers on technological advancements and lower production costs are a major trend of the market. The rising automotive sales in leading Asian countries such as China and India is positively influencing the growth prospects of the regional market. According to statistics published by International organization of Motor Vehicle Maunufacturers (OICA), the automotive sales witnessed a rise of 3.9% in China and 9.49% in India in 2018, compared to the sales figures in 2017.
Global Automotive Adhesives & Sealants Market- Competitive Analysis
The global automotive adhesives sealants market is highly fragmented with the presence of several local and international vendors. Wacker Chemie AG, Henkel Corporation, PPG Industries, Inc., LORD Corporation., and Bostik SA are few of the prominent players in the global automotive adhesives sealants market. PPG Industries, Inc. is one of the major companies and is enhancing the market through acquisition. For instance, in December 2018, PPG Industries, Inc. acquired U.S.-based SEM Products, Inc., manufacturer of repair and refinish products used primarily for automotive applications. Most of the key companies in the market are also strongly focusing on the formation of business partnerships as part of their business strategy to enhance market positioning. For instance, in September 2017, PPG announced its business partnership with automotive giant Renault-Nissan Alliance to deliver tailor-made structural adhesives to more than one million Renault, Nissan and Samsung cars across Asia, Europe, North America, and South America.