Automotive Adhesives Market by Global Demand, Competitive Landscape and Top Players 2021 to 2030
Adhesives are widely used to bond metals, composites, plastics and other materials in various industries. In automotive, adhesives are used in a wide range of applications, from integration of small sensors to big vehicle parts. For instance, they are used to install components in dashboards, door panels, and other components such as electronic devices, light covers, lenses, steel and alloys among others. Automotive adhesives do not cause any damage to vehicle components and provide smooth finish as opposed to other traditional methods such as welding, riveting and clinching. Due to this, they are also used in making innovative body designs by bonding composite materials, which in turn increases the performance of the vehicle. Moreover, use of adhesives reduces the overall weight of the automobile, increases body rigidity, improves crash performance, provides high shear strength, minimizes noise, vibration and harshness.
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Top Companies: Henkel & Co. KGaA, Bostik S.A., 3M Company, The DOW Chemical Company, Sika AG, DuPont Mobility & Materials, H.B. Fuller, PPG Industries, Illinois Tool Works Corporation, Jowat AG, Huntsman, Solvay S.A., Bayer A.G., Ashland Speciality Company, Hexion Speciality Chemicals, Covalence Adhesives, Forbo Adhesives Switzerland, ExxonMobil Chemical Company, Hindustan Adhesives Limited, and Sika AG.
Market Dynamics and Trends:
The use of adhesives at every stage of automotive production, including engine, body parts, gearboxes, and during the installations of side mirrors, steering wheels, tray systems, safety systems, seating systems, subassemblies, and sound absorbing material assemblies is driving the demand of automotive adhesives. Some other factors fuelling the automotive adhesives market growth include increased vehicle sales, technological advancement in automotive manufacturing, and reduced vehicle weight resulting improved fuel efficiency and low carbon emission. Also, adhesives are suitable for automotive applications since they are made up of polyurethane, which does not melt when heated, and has excellent resistance to moisture as well as other chemicals.
However, fluctuating prices of adhesives is expected to restrain the market growth to some extent. On the other hand, the greater focus on environmental considerations in the manufacturing industry has been paving the way for automotive adhesives since it helps in reducing carbon emission.
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Market Segmentations and Scope of the Study:
The global automotive adhesives market share is categorized on the basis of resin, application, vehicle type and geography. Based on the resin, the market is segmented into polyurethane, epoxy, acrylics, silicone, SMP, MMA and others which includes polysulfide, rubber, and polyamide. Based on the application, the market is divided into body in white, paint shop, assembly, powertrain. Based on vehicle type, the market is bifurcated into passenger car, LCV, truck, bus, aftermarket. Based on the geography, the market is segmented into Asia Pacific, North America, Europe and RoW.
Asia Pacific holds the leading share of automotive adhesives market at present. Rising demand of vehicles due to increase in population and strengthening economy in countries like China and India have led to increased consumption of automotive adhesives. Also, other factors driving the automotive adhesive market growth include government regulations to reduce carbon emission by introducing vehicle that are lightweight and fuel-efficient. This has resulted into the increased production of lightweight vehicles in the region, which in turn is driving the demand of automotive adhesives.
On the other hand, developed countries in North America and Europe are also major markets for automotive adhesives and are expected to reflect stable growth during the forecast period. The key factors driving the growth of automotive adhesive market include the shift of major players towards electric vehicles and hybrid vehicles, where traditional bonding methods cannot be used, along with the growing demand of light weight vehicles and higher usage of sensors. Additionally, stringent emission standards enforced by governments are supporting the growth of the automotive adhesives market in North America and Europe.
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