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Automotive Adhesives Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Automotive Adhesives Market Rising Trends
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According to The Business Research Company's, The automotive adhesives market size has grown strongly in recent years. It will grow from $5.36 billion in 2023 to $5.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population, government support for the automobile industry, growing preference towards enhanced user comfort, safety and convenience and increasing focus on light weighting (vehicle weignt reduction).
The automotive adhesives market size is expected to see strong growth in the next few years. It will grow to $7.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to global population growth and urbanization, rapid growth in ecommerce, favorable government initiatives and focus on electric vehicles (evs). Major trends in the forecast period include focusing on eco-friendly automotive adhesives, focusing on water-based automotive adhesives, leveraging aluminum adhesive technologies, implementing 3d vision systems and leveraging new technologies for dispensing and preactivation.
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Market Drivers and Trends:
The rise in demand for lightweight, low-carbon-emitting vehicles is expected to propel the growth of the automotive adhesives market. With the implementation of stricter emissions laws as a result of increased exhaust emissions, automobile manufacturers are focusing on producing lightweight automobiles to reduce CO2 emissions. Automotive adhesives are used to replace nuts and bolts, rivets, welding, and more to make vehicles lighter and tougher, which improves fuel economy and emissions. For instance, according to Trading Economics, around 12.8 million autos and light-weight trucks were sold in the USA in November 2021. Hence, the rise in demand for lightweight and low-carbon-emitting vehicles will drive the automotive adhesives market.
The launch of new adhesives is a key trend in the automotive adhesives market. New product launches increase the product portfolio of a manufacturer and help boost market share. For instance, in October 2021, Arkema launched a new range of high-performance anaerobic adhesives. This adhesive provides engineers with cost-effective and convenient alternatives to commonly used mechanical fastening solutions such as washers, gaskets, pins, hemp, and tapes. The new anaerobic adhesive has been launched to address the challenges faced by engineers with increasingly demanding environmental and safety regulations, smaller and more complex designs, and more adaptable and faster processes in the automotive industry, general assembly, and more.
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Major Key Players of the Market:
Norsk Hydro ASA, UACJ Corporation, Constellium N. V., Kaiser Aluminum, Hindalco Industries Ltd., Tredegar Corp. (Bonnell Aluminum, Co., Ltd.), Arconic Corporation, Jindal Aluminium Limited, Gulf Extrusion Co LLC, QALEX, M/s. Century Extrusions Ltd, MYCO INDUSTRIES (MIDC), San Internationl, GS Machining HK Co., Limited, Soil Metal Products Co.,Ltd, Liaoning Zhongwang Group Co, Donghe International Co., Ltd, Dragon LTD, ADD Associates Ltd, Branton Engineering Ltd, Merchant Supplier UK LTD, William Burton, Metals4u Limited, Alubin Limited, RIAK, BK-ALPROF, RUSAL, LLC, BRT Extrusions, Inc., Momentum Manufacturing Group (MMG), Richardson Metals, Inc, Western Extrusions Corp., PSI Industries, Inc., Hydro Extrusion, Prolind Industrial Ltda, Benetec, Xtral Tecnologia Em Aluminio, Asa Alumínio, Extrusora Argentina, Emirates Extrusion Factory LLC, Cephe Sistemleri, New African Engineering Services, Hulett Metals
Automotive Adhesives Market 2024 Key Insights:
• The automotive adhesives market size is expected to see strong growth in the next few years. It will grow to $7.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Growing Demand For Lightweight, Low-Emission Vehicles Boosts Automotive Adhesives Market
• Innovation Soars As Automotive Adhesives Market Witnesses New Product Launches
• Asia-Pacific was the largest region in the automotive adhesives market in 2023
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