The growing requirement for lightweight vehicles is fueling the demand for automotive adhesives and sealants. To maximize power and speed, several automobile manufacturing companies are making huge investments in research and development (R&D) projects for developing lightweight vehicles. In recent times, many automakers have focused on replacing conventional steel fixtures, such as bolts and nuts, with structural adhesives that provide excellent bonding. The use of these adhesives allows automakers to avoid the utilization of heavy steel fixtures, which, in turn, helps them develop lightweight vehicles.
As lightweight vehicles provide excellent fuel efficiency, their popularity is soaring across the globe. Furthermore, the implementation of strict vehicle safety regulations and standards by the governments of several countries is also propelling the progress of the automotive adhesives and sealants market. Moreover, the growing requirement for greater vehicle safety, on account of the rising incidence of road accidents, is also pushing up the demand for automotive adhesives and sealants, as these materials improve the strength of vehicle parts.
Additionally, these adhesives can easily absorb the impact of accidents and head-on collisions. Mastics, which are basically rubber compounds utilized in various non-structural application areas, assist in filling the vacuum in an automobile, thereby aiding in shock absorption and improving the safety of passengers. Owing to these factors, the value of the automotive adhesives and sealants market is predicted to grow from $6,414.1 million in 2020 to $11,643.5 million by 2030.
Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/global-automotive-adhesive-and-sealant-market/report-sample
Furthermore, the market will exhibit a CAGR of 6.1%from 2020 to 2030, as per the estimates of the market research company, P&S Intelligence. Rubber, epoxy, polyurethanes, acrylics, hot melts, silicones, and polyvinylchloride (PVC) are the most widely used types of automotive adhesives and sealants. Out of these, the demand for epoxy adhesives and sealants was found to be the highest during the last few years, and this trend is expected to continue in the upcoming years as well.
This is credited to the growing use of epoxy adhesives in the automotive industry, owing to their beneficial traits, such as the ability to enhance the structural strength of the automobile. Across the globe, the sales of automotive adhesives and sealants are expected to soar in the Asia-Pacific region in the coming years. This will be because of the growing investments being made by various European automakers for expanding their presence in Southeast Asian countries. In addition, the booming automobile sales, on account of the growing disposable income of people in developing countries, such as India, Thailand, Indonesia, and China, are also creating lucrative growth opportunities for the players operating in the APAC automotive adhesives and sealants market.
Thus, it can be safely said that the demand for automotive adhesives and sealants will rise sharply in the coming years, mainly because of the growing requirement for lightweight vehicles and greater vehicular safety, owing to the rising prevalence of road accidents all over the world.
Automotive Adhesives and Sealants Market Size Breakdown by Segments
By Type
- Epoxy
- Acrylics
- Polyurethanes
- Rubber
- Polyvinylchloride (PVC)
- Silicones
- Hot Melts
By Application
- Body-In-White (BIW)
- Structural
- Epoxy
- Acrylics
- Polyurethanes
- Non-Structural
- Rubber
- Polyvinyl chloride (PVC)
- Under-The-Hood (UTH) and Power Train
- Silicones
- Acrylics
- Paint Shop
- PVC
- Acrylics
- Silane (Silicones)
- Assembly
- Polyurethanes
- Hot melts
- Silicones
By Vehicle
- Passenger Car
- Light Commercial Vehicle (LCV)
- Heavy and Medium Commercial Vehicle (HMCV)
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Spain
- Russia
- Italy
- Slovakia
- Czech Republic
- Asia-Pacific
- China
- India
- Japan
- Indonesia
- South Korea
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- Turkey
- Iran
- South Africa
Top Trending Reports in Chemical Industry
Specialty Chemicals Industry – Globally, the Asia-Pacific specialty chemicals market is predicted to grow massively in the coming years, on account of the growing use of these chemicals in heavy automotive and construction applications for extending machinery life, increasing the productivity of equipment by mitigating wear and tear of engine components, especially during extended heavy-duty operations, and reducing operating costs.
Paints and Coatings Industry – Geographically, the Asia-Pacific paints and coatings market accounted for the largest share in 2020, and it is also projected to record the highest CAGR during the forecast period.
Media Contact
Company Name: P&S Intelligence
Contact Person: Abhishek
Email: Send Email
Phone: +918887787886
Address:Noida Sector 2
City: Noida
State: UP
Country: India
Website: https://www.psmarketresearch.com/market-analysis/global-automotive-adhesive-and-sealant-market