Global Automotive Adhesives and Sealants Market – Growth, Key Developments, Major Market Dynamics and Future Outlook 2024

Industry Overview

The global automotive adhesive & sealants market has seen significant growth in the markets worldwide during the last few years, and it is expected to value USD 13.6 billion by 2024. Emphasis is being laid on decreasing the weight of vehicles throughout the world in order to reduce the utilization of fuels as well as to control the emission of CO2 and upgrade the performance of passenger as well as commercial vehicles, which fuels the demand of the growth of the global market.

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Market Segmentation

1. Insight by Type
The various types of automotive adhesives and sealants available in the market are:
i. Acrylics
ii. Epoxy
iii. PVC
iv. Rubber
v. Silicones
vi. Polyurethanes
vii. Hot melts

Among all the, the global epoxy segment held the largest revenue share during the year 2017 valuing about 2.2 billion USD, with a CAGR of 6.0% during 2014-2017.

2. Insight by Application
i. UTH and power train
ii. Assembly
iii. Paint shop
iv. BIW

Among all these applications, the assembly category holds the largest market share in the market area in terms of revenue.

Industry Dynamics

1. Growth Drivers
The major factors that positively influence and affect the growth of the automotive adhesive & sealants market throughout the world are:
i. Increasing demand for high application offerings
ii. Government agencies enforcing the rules and regulations regarding fuel
iii. Greater emphasis on the application of insubstantial elements
iv. Greater prominence of safety norms and regulations
v. Capability to join two materials together, without having to bolt or weld them and managing to remain lightweight while doing so
vi. Capability to develop and maintain the reliability of lightweight vehicles
Rapidly increasing demand of adhesives and sealants due to the increased utilization by the automotive manufacturers across the globe

2. Challenges
Some of the challenges faced by the key players as well as the up comers in the automotive adhesive & sealants market are:
i. Fluctuating prices of oil and fuel
ii. Low awareness regarding the benefits and use of adhesives and sealants
iii. Strict regulations and norms enforced by government agencies of several countries across the world regarding the use of adhesives

3. Industry Ecosystem
The key players in automotive adhesive & sealants industry are focusing on advancing the stiffness in vehicles, enhancing the crash robustness as well as decreasing materialistic fatigue, all leading to a decrease in the overall weight of the vehicle.

The key players are engaged upon improving the integrity and reliability as well as the design of the vehicle, while also encountering the rising demand of electric vehicles.

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Geographic Overview

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

In 2017, Asia Pacific region held the largest revenue share in the global automotive adhesive & sealants market and is forecasted to show significant growth rates during the forecasted period. The growth of markets is attributed to the widespread manufacturing dimensions for passenger automobiles and LCV segment in this region.

Competitive Insight

The key players in the automotive adhesive & sealants market include Henkel AG & Co. KGaA, 3M Company, Dow Chemical Co., Kommerling, PPG Industries, Inc., Permatex, Krayden, Inc., and Sika AG.

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This release was published on openPR.