Press release
Automotive Coatings Adhesives Sealants Market Projected to Witness Vigorous Expansion by 2021
Market OverviewAutomotive coatings are used to enhance the appearance and durability of a vehicle, and to protect it from harsh weather and other external conditions such as extreme temperature, UV radiation, and foreign particles such as stone and other debris. Adhesives and sealants are used as bonding chemicals in a wide range of industries such as pressure sensitive tapes, building and construction, packaging, gasket sealants, assembly, and in automobile and transportation industry.
Adhesives are the non metallic substances used for the joining of materials, and sealants are used to seal any surface in order to prevent the passage of liquid or gas. In the automobile industry, adhesives and sealants are used in exteriors, interiors, under the hood, and many other applications. In the global automotive coatings, adhesives and sealant market, a majority of the share is contributed by automotive coatings; however, adhesives and sealants remain the fastest growing segment. Increasing efforts to improve fuel efficiency by reducing the weight of the vehicle is driving the growth of automotive adhesives and sealants.
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Market Segmentation
On the basis of types, automotive coatings and adhesives market is segmented into four categories: Urethane-based automotive coatings and adhesives, Epoxy-based automotive coatings and adhesives, Acrylic-based automotive coatings and adhesives, and others. Automotive sealant is also segmented into four types, namely Urethane-based automotive sealants, Silicone-based automotive coatings and adhesives, Elastomer-based automotive coatings and adhesives, and others.
On the basis of end-users, the global automotive coatings, adhesives, and sealants (CAS) market is segmented into two categories: Original equipment manufacturers (OEMs) and aftermarket, where a majority of the share is held by the OEM market. The OEM and aftermarket end-user industry is further segmented into: light vehicle, medium and heavy duty vehicles market, where the light vehicle segment is leading the market in both OEM and aftermarket end-user industry.
On the basis of application, the global automotive coatings, adhesives, and sealants market is segmented into four categories including: exterior application, interior application, under the hood application, and other application. Exterior is generating a majority of the revenue followed by interior application.
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Regional Outlook
North America and Asia Pacific are leading the global automotive coatings, adhesives, and sealant market. Rising production of light weight vehicles is pushing the growth of global CAS market in these two regions.
In 2014, North America was the largest producer of light commercial vehicles with 9,864,262 units, which reflected a growth of 9.7% over 2013. Asia Pacific was the second largest producer of light commercial vehicles with total production of 5,037,972 units in 2014. Asia Pacific automotive CAS market is growing at a faster rate as compared to Europe and North America.
The Europe and North America automotive CAS market recovered at a high rate midway through 2012 after witnessing a slower growth on account of the financial crisis suffered by the U.S. and Europe economies in 2011, wherein the major impact was observed in Europe. Due to these financial crises, the production of light commercial vehicle was hampered which negatively impacted the growth of automotive coatings, adhesives, and sealants market. During 2011 and 2012, the commercial vehicle production in Europe witnessed a decline of 9.1%.
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Key Players
Some leading global players operating in the automotive coatings, adhesives, and sealants market include ADCO Global, Akzo Nobel, Arkema SA, Ashland Incorporated, BASF SE, Bayer AG, Bemis Associates, Cytec Industries, Dow Chemical Company, DuPont (EI) de Nemours, EMS-Chemie Holding, FinishMaster Incorporated, Forbo Holding, Fujikura Kasei, Henkel AG & Company, Huntsman Corporation, Illinois Tool Works, LORD Corporation, MAACO Enterprises, Momentive Performance Materials, Nippon Paint Company, Nitto Denko Corporation, NOF Corporation, PPG Industries, Radiator Specialty Company, Reichhold Incorporated, RPM International, Sherwin-Williams Company, 3M Company, Transtar Industries, US Paint Corporation, Valspar Corporation, and Wacker Chemie AG.
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