The global Automotive Adhesives Market size is anticipated to reach USD 6.5 billion by 2025, exhibiting a CAGR of 4.4%, according to a new report by Grand View Research, Inc. Increasing demand for lightweight vehicles and shifting preference of consumers toward sustainable adhesives are projected to favor the market growth.
The usage of adhesives helps in reduction of weight of vehicles, which further boosts the fuel efficiency and overall performance of vehicles. This has resulted in rapid adoption of adhesives over mechanical fasteners in automotive industry. Also, they are increasingly being used in electric vehicles, which is anticipated to fuel the market growth further.
Adhesives including acrylic, polyurethane, epoxy, and rubber are widely used in body in white, exterior, and interior applications. Body in white is the raw framework of the vehicle, which utilizes a major quantity of adhesives. The product enhances the strength of the body frame while reducing the use of spot welding.
Polyurethane is the most widely used adhesive in the automotive industry, followed by acrylic and rubber. As compared to epoxy and acrylic, polyurethane adheres to a wider range of substrates. In terms of revenue, acrylic segment is anticipated to register a growth rate of 4.8% over the forecast period.
The product consumption is increasing extensively in developing economies with the growth in the production of heavy commercial vehicles. HCV & MCV segment is expected to register the fastest growth rate of 5.6%, in terms of revenue, over the forecast period owing to their increasing production in the Americas and Asia Pacific. Initiation toward adoption of electric vehicles, technological innovation, and developments in the manufacturing industry are further projected to boost the product demand. For instance, in February 2019, the Government of India approved the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME)-II scheme for funds worth USD 1.39 billion from 2020 to 2022.
The automotive adhesives market is competitive owing to the presence of significant players such as 3M, Bostik, H.B. Fuller, Henkel, Sika AG, and Wacker Chemie AG, among other regional players. Mergers & acquisitions, development of new technologies, and capacity expansions are the various strategic initiatives adopted by industry players to maximize their growth.
For instance, in April 2019, PARKER HANNIFIN CORP entered into an agreement to acquire LORD Corporation for USD 3.68 billion. The acquisition was aimed at fulfilling the company’s objective to invest in profitable and growing businesses such as engineered materials.
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Further key findings from the report suggest:
- NVH constituted a volume share of 36.5% in 2018 with the growing consumer preference for comfortable driving experience
- The bonding segment held a revenue share of 47.4% in 2018 owing to the growing demand for adhesives over mechanical fasteners
- Hot melt technology segment is anticipated to register a growth rate of 6.1%, in terms of revenue, over the forecast period due to its properties such as superior bonding and heat resistance
- Interior application segment is anticipated to witness growth in demand owing to the introduction of sustainable adhesives in the industry
- Increasing raw material prices are expected to affect the manufacturing cost, thereby resulting in an increase in product prices. For instance, H.B. Fuller North America increased the prices of its adhesives by 4% to 10% in October 2018.
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Grand View Research has segmented the global automotive adhesives market report on the basis of technology, function, vehicle, application, and region:
Technology Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- Hot melt
- Reactive & others
Function Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
Vehicle Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- Passenger cars
- Light commercial vehicles
- Heavy & medium commercial vehicles
Application Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- Body in white
Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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Automotive Adhesives And Sealants Market – https://www.grandviewresearch.com/industry-analysis/automotive-adhesives-sealants-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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