Market Research Report
Automotive Adhesives and Sealants Market by Type, by Application, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013 - 2023
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||666059|
|Published||Content info||141 Pages
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|Automotive Adhesives and Sealants Market by Type, by Application, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013 - 2023|
|Published: May 1, 2018||Content info: 141 Pages||
Global automotive adhesives and sealants market is projected to reach $11,871.6 million by 2023,
The market growth is mainly driven by growing demand for lightweight vehicles, vehicle safety standards and regulations, and increasing vehicle production worldwide. Automotive adhesives and sealants are the substances that are used for various bonding and sealing applications in the automotive industry. These materials help in improving comfort, performance, reliability, and safety of vehicles.
On the basis of type, the automotive adhesives and sealants market is categorized into epoxy, acrylics, polyurethanes, rubber, polyvinylchloride (PVC), silicones, and hot melts. Silicones are expected to be the fastest growing type in the market, advancing at a CAGR of 6.0% in terms of volume, during the forecast period. Its fastest growth is attributed to the properties of silicones-based material in reducing vibrations and have high heat and temperature-resistance properties. Hence, these are widely used in the UTH and power train applications.
Based on application, the automotive adhesives and sealants market is segmented into body in white (BIW), under-the-hood (UTH) and power train, paint shop, and assembly. During the forecast period, the market is expected to witness the highest growth for assembly applications, with CAGR of 6.5%, to reach $4,958.8 million by 2023. This is attributed to the increasing vehicle manufacturing across the world, driven by the increasing purchasing power of consumers.
Automotive adhesives and sealants market to witness the fastest growth in Asia-Pacific (APAC) during the forecast period
APAC is expected to continue being the largest and fastest-growing automotive adhesives and sealants market in the coming years. APAC is one of the major regions where the sales of vehicles is growing at a rapid pace. According to the Economic Times, the region's GDP growth rate will be between 6.0% and 6.5% in 2019. Owing to the growing GDP and per capita income, the sales of vehicles have witnessed high growth over the past few years. Such increase in demand for vehicle production is driving the market growth in the region.
In terms of volume, Europe held the second-largest share, of more than 25.0%, in the automotive adhesives and sealants market, in 2017. The growth for adhesives and sealants in the region is driven by growing domestic demand for automobiles in countries such as Germany, U.K., France, and Italy. Adhesives and sealants are widely used in automotive applications, such as in gaskets placing, sealing of core plugs, and bonding of automotive hose. With the ongoing rise in the production of automobiles, the demand for automotive adhesives and sealants in the region is expected to rise during the forecast period.
Increasing development of bio-based adhesives and sealants expected to provide growth opportunities in the market
Due to the rising environmental concerns, companies are developing bio-based adhesives and sealants to replace chemical based adhesives and sealants. In order to enhance the sustainability efforts without compromising performance, the companies are developing these bio-based adhesives and sealants. For example, DowDuPont Inc., has developed RENUVA technology for adhesives and sealants, which offers benefits that covers various applications in the adhesives and sealants marketplace, including improved water resistance, high flexibility, and good adhesion on a variety of substrates. Hence, it is expected to create ample opportunities for the industry players operating in the automotive adhesives and sealants market.
Some of the major players operating in the global automotive adhesives and sealants market are Henkel AG & Co. KGaA, DowDuPont Inc., Sika AG, PPG Industries Inc., 3M Company, H.B. Fuller Company, Permatex, Bostik SA, Illinois Tool Works Inc., EFTEC AG.