Press release
Mushrooming Popularity of Lightweight Vehicles Propelling Growth of APAC Automotive Adhesives and Sealants Market
Moreover, the surging preference for lightweight vehicles, for optimizing the speed and power of automobiles, will also help the APAC automotive adhesives and sealants market advance at a CAGR of 6.5% during 2018–2023. The market was valued at $3,403.6 million in 2017 and it is expected to reach $4,938.0 million revenue by 2023. In recent years, the automotive industry has been replacing steel with lightweight materials such as aluminum, composites, and plastic, to improve the fuel efficiency of vehicles.
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Nowadays, automotive adhesive and sealant manufacturers are focusing on developing bio-based adhesives and sealants for replacing chemical variants, owing to the surging environmental concerns. For instance, RENUVA technology for adhesives and sealants, by DowDuPont Inc., offers improved water resistance, good adhesion on an array of substrates, and high flexibility to these substances. Owing to the rapid shift toward eco-friendly adhesives and sealants in APAC, Henkel AG & Co. KGaA, Huate Bonding Material Co. Ltd., DowDuPont Inc., Mitsui Chemicals Inc., Sika AG, Shin-Etsu Chemical Co. Ltd., and 3M Company are producing bio-based variants in abundance.
According to P&S Intelligence, China dominated the APAC automotive adhesives and sealants market in the recent past, due to the presence of a strong automotive manufacturing base in the country. Moreover, the high purchasing power parity and high nominal gross domestic product (GDP) of the country also fuels the consumption of adhesives and sealants in the automobile industry. China is one of the largest exporters of such substances in the world.
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Therefore, the increasing implementation of government policies aimed at promoting automotive fuel economy and the growing shift toward lightweight vehicles will fuel the need for automotive adhesives and sealants in APAC in the foreseeable future.
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About P&S Intelligence
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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