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Growth of the Automotive Adhesives and Sealants Market in Germany - P&S Intelligence
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Moreover, the increasing adoption of electric vehicles (EVs), owing to the mounting government support toward environment-friendly mobility solutions to mitigate air pollution, is also expected to fuel the German automotive adhesives and sealants market at a CAGR of 4.5% during 2018–2023. According to P&S Intelligence, the market revenue will rise from $891.8 million in 2017 to $1,156.8 million by 2023. The Government of Germany offers a tax exemption of 10 years for EVs (fully electric or fuel-cell vehicles) registered from 1 January 2016 until 31 December 2025.
In recent years, automobile companies in Germany have been consuming a significant volume of epoxy-based adhesives and sealants to produce several automobile components, due to their strong bonding capability, ease of application, and higher moisture resistance. Besides, the high durability, exceptional flexibility, and excellent impact resistance properties exhibited by such products make them ideal for the production of headlights and signal lights and bonding of bumpers in vehicles. Furthermore, automobile original equipment manufacturers (OEMs) of Germany are also using acrylics, hot melts, rubber, silicones, polyvinylchloride (PVC), and polyurethanes in several vehicle components.
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This transformation in the German automotive adhesives and sealants market is being brought about by H.B. Fuller Company, Henkel AG & Co. KGaA, tesa SE, Sika AG, DowDuPont Inc., and H.B. Fuller Company. Conventional and eco-friendly adhesives produced by these companies are used in the assembly, body in white (BIW), paint shop, and under-the-hood (UTH) and power train applications. In the preceding years, automakers utilized the highest volume of adhesives and sealants in assembly applications.
Thus, the surging vehicle production and sales and the burgeoning demand for EVs are expected to accelerate the consumption of automotive adhesives and sealants in Germany.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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