Growth of the Automotive Adhesives and Sealants Market in Germany
Moreover, epoxy adhesives and sealants are being extensively used in the manufacturing of headlights and signal lights and also in the bonding of automobile bumpers. As Germany is one of the largest exporters and manufacturers of automobiles, the sales of adhesives and sealants are shooting up in the country. Besides, the surging deployment of electric vehicles, on account of the implementation of various vehicle electrification policies by the government and the increasing environmental concerns, is also creating lucrative growth opportunities for adhesive and sealant producers in the country.
For instance, the German government provided various tax and financial incentives to automobile manufacturers to reduce the price of electric vehicles, which helped it achieve its objective of electrifying 1 million cars in the country by 2020. This subsequently caused the expansion of the German automotive adhesives and sealants market. Furthermore, with the soaring sales of commercial vehicles and passenger cars in the country, the revenue of the market will rise from $891.8 million in 2017 to $1,156.8 million by 2023.
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Additionally, the market is expected to advance at a CAGR of 4.5% from 2018 to 2023. Epoxy, polyurethanes, polyvinylchloride, hot melts, silicones, rubber, and acrylics are the most widely used types of adhesives and sealants in the country. Out of these, the demand for the epoxy variants was found to be the highest in 2017. This was because of the huge requirement for these adhesives and sealants, on account of their rigid bonding capabilities, which enables greater structural integrity of the automobile.
Under-the-hood (UTH) and power train, assembly, paint shop, and body in white (BIW) are the major application areas of automotive adhesives and sealants. Amongst these, the requirement for these bonding materials was the highest in assembly applications in the past years, as per the observations of P&S Intelligence, a market research company based in India. These materials were extensively used for assembling automotive parts and components during the past few years.
Hence, it can be said without any hesitation that the use of adhesives and sealants in the German automotive industry will shoot up in the coming years, primarily because of their ability to reduce the weight of vehicles and impart higher durability and impact resistance to automobiles.
About P&S Intelligence
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