Press release
Global Automotive Adhesives Market to Reach $8.18 Billion by 2029, Growing at 7.8% CAGR
Automotive Adhesives Market Insights
The automotive adhesives market is anticipated to grow with the surging demand for lightweight, low-carbon-emitting vehicles. Tighter emission regulations due to higher exhaust emissions have shifted the focus of car makers towards the production of lightweight vehicles to cut down on CO2 emissions. Automotive adhesives play a vital role in this by replacing components like nuts, bolts, rivets, and welding, contributing to the manufacture of lighter yet robust vehicles, enhancing fuel efficiency, and reducing emissions. For example, the Canada Energy Regulator, a federal agency based in Canada, in June 2024, recorded an upswing in zero-emissions vehicles (ZEVs) in Canada. Almost 185,000 new registrations were recorded in 2023, marking a 49% rise from 2022 and constituting 11% of total new vehicle registrations for that year. Therefore, the growing demand for lightweight and low-carbon-emitting vehicles will fuel the development of the automotive adhesives market.
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What Is the projected market size and growth rate for the automotive adhesives market?
In recent times, a robust growth has been observed in the market size for automotive adhesives. It is projected that the market will escalate from $5.69 billion in 2024 to approximately $6.05 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.4%. The burgeoning growth in the past can be connected to the solid economic progression in burgeoning markets, worldwide population growth, government backing for the auto industry, an escalating predilection for heightened user comfort, safety, and convenience, and an augmented focus on light-weighting (reducing the weight of vehicles).
The market size for automotive adhesives is predicted to experience significant expansion in the upcoming years, reaching $8.18 billion by 2029 with a compound annual growth rate (CAGR) of 7.8%. This surge over the forecast period is mainly due to factors such as the worldwide increase in population and urbanization, the fast-paced progression of e-commerce, encouraging governmental strategies, and a focus on electric vehicles (EVs). Key trends forecasted for this period are emphasis on environmentally friendly automotive adhesives, the use of water-based automotive adhesives, the introduction of aluminum adhesive technologies, the application of 3D vision systems, and the utilization of innovative technologies for dispensation and pre-activation.
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What new trends are reshaping the automotive adhesives market and its opportunities?
Key players in the automotive adhesives market are concentrating their efforts on the creation of advanced conductive adhesives, including injectable thermally conductive adhesives specifically for electric vehicles that boost performance and safety of battery systems. For example, Henkel, a company based in Germany, introduced Loctite TLB 9300 APSi, an injectable thermally conductive adhesive designed explicitly for electric vehicle (EV) battery systems in May 2023. This dual-component polyurethane adhesive has the characteristics of high thermal conductivity of 3 W/mK, structural bonding abilities, and electrical insulation, making it a perfect solution for bonding battery cells to modules and cooling systems. It's a sustainable adhesive that cures at room temperature without the use of solvents, thus reducing emissions and resource consumption while increasing manufacturing efficiency and safety.
What major market segments define the scope and growth of the automotive adhesives market?
The automotive adhesives market covered in this report is segmented -
1) By Resin Type: Polyurethane, Epoxy, Acrylics, Silicone, SMP, MMA, Other Resin Types
2) By Adhesive Type: Structural, Tapes And Films, Threadlocks And Retainers, Liquid Gaskets, Automotive Adhesives
3) By Vehicle Type: Passenger Cars, LCVs, Trucks, Buses, Aftermarket
4) By Application: BIW, Glazing, Powertrain, Paint Shops, Upholstery
Subsegments:
1) By Polyurethane: Flexible Polyurethane Adhesives, Rigid Polyurethane Adhesives
2) By Epoxy: Structural Epoxy Adhesives, Non-Structural Epoxy Adhesives
3) By Acrylics: Reactive Acrylic Adhesives, Non-Reactive Acrylic Adhesives
4) By Silicone: RTV Silicone Adhesives, Structural Silicone Adhesives
5) By SMP (Silyl Modified Polymer): SMP Adhesives For Automotive Applications
6) By MMA (Methyl Methacrylate): MMA Adhesives For Bonding And Sealing
7) By Other Resin Types: Thermoplastic Adhesives, Cyanoacrylate Adhesives
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Which region dominates the automotive adhesives market?
Asia-Pacific was the largest region in the automotive adhesives market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the automotive adhesives industry growth?
Major companies operating in the automotive adhesives market include Henkel & Co. KGaA, 3M Company, Arkema, Sika AG, H.B. Fuller, Illinois Tool Works Inc, PPG Industries, Dow Inc, Avery Dennison, Huntsman, Benson Polymers Limited, Acme Corp, Chadha Corporation Pvt. Ltd, Adfast Polymers, Proten Exim Private Limited, Hunan Magpow Adhesive Group Co. Ltd, Wuhan Boli Chemical Ltd, Zibo Chico International Co. Ltd, Tengxin Chuzhou New Material Co. Ltd, Megabond (Huangshan) Adhesive Co. Ltd, Shanghai Hansi Industrial Co. Ltd, Beijing Comens New Materials Co. Ltd, Japan Sika Corporation, Henkel Japan Ltd, Dow Chemical Japan Ltd, Afinitica, ITAC Adhesives, Bostik UK, Antala Ltd, tesa SE, NPT SRL, Permabond, LIKK, Bondmaster, Camie, Chem-Calk, Chemseal, Chipbonder, ConProTec, Conap, Conapoxy, Cytec, Devcon, Double/Bubble, Dow Corning, Dymax, Dynaloy, E-Max, Eccobond, Eclectic, EconoDot, Elastoplastic, Ellsworth, Emerson & Cuming, Epoxi-Patch, FISHMAN, Oasn Me Ltd, Amazonas Industria E Comercio Ltd, Hotmelt Adhesives, Fixa Tudo, Jowat SE.
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What Is Covered In The Automotive Adhesives Global Market Report?
•Market Size Forecast: Examine the automotive adhesives market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive adhesives market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive adhesives market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive adhesives market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive adhesives market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive adhesives market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive adhesives market.
•Competitive Landscape: Review strategic developments in the automotive adhesives market, including expansions, agreements, and new product launches.
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