Automotive Adhesives and Sealants Market To Generate $12,646.8 Million Revenue by 2030

Automakers across the world are making notable investments in the research and development (R&D) on lightweight vehicles to enhance their fuel efficiency and maximize their power and speed. To reduce the overall vehicle weight, automobile manufacturers are replacing steel fixtures, such as nuts and bolts, with structural adhesives, which provide exceptional bonding. Thus, the burgeoning demand for lightweight vehicles, owing to the depleting fossil fuel reserves, will create a huge requirement for automotive adhesives and sealants worldwide.

Additionally, the rising implementation of stringent vehicle safety standards and regulations by numerous governments will drive the automotive adhesives and sealants market at a CAGR of 7.0% during the forecast period (2020–2030). The market was valued at $7,438.2 million in 2019, and it is projected to generate $12,646.8 million by 2030. As adhesives can absorb the impact of head-on collisions, rubber compounds are being used in non-structural application areas, during the body in white (BIW) stage, to fill the vacuum in vehicles. These compounds help in shock absorption, which is essential for passenger safety.

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The type segment of the automotive adhesives and sealants market is classified into epoxy, rubber, silicones, hot melts, polyurethanes, acrylics, polyvinylchloride (PVC), and others, such as ethylene vinyl acetate, methyl methacrylate, polychloroprene, and polyimide. Among these, the epoxy category held the largest market share in 2019 due to the rigid bonding offered by epoxy adhesives, which helps in improving the structural integrity of vehicles. Moreover, high-temperature stability, exceptional surface hardness, and excellent dimensional stability are demonstrated by these adhesives, owing to which they are suitable for automotive applications.

All these types of adhesives and sealants are being used for BIW, assembly, paint shop, and under-the-hood (UTH) and powertrain applications in the automobile industry. In the coming years, adhesives and sealants will be used for BIW applications at the highest rate due to the surging popularity of high-performance solutions among automakers, as they assist in reducing the overall vehicle weight. Automobile manufacturers use adhesives and sealants for structural and non-structural BIW applications.

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According to P&S Intelligence, Asia-Pacific (APAC) accounted for the largest share in the automotive adhesives and sealants market in 2019, and it is also expected to demonstrate the fastest growth throughout the forecast years. This can be credited to the accelerating economic growth, mounting purchasing power of the middle-class population, and developing urban infrastructure in the region. Moreover, the increasing focus of governments, automakers, and the public on minimizing carbon emissions and enhancing the fuel economy of vehicles will augment the demand for such fasteners in the region.

Thus, the mushrooming demand for lightweight vehicles and increasing implementation of vehicle safety norms will propel the consumption of automotive adhesives and sealants.

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This release was published on openPR.