Press release
Automotive Adhesives Market to Exceed $9.0 Billion by 2033 Amid Rising Demand for Lightweight and Electric Vehicles
Automotive Adhesives Market
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Prime determinants of automotive adhesives market growth
The global automotive adhesives market is experiencing growth due to several factors such as surge in demand for lightweight vehicles and growth in the adoption of electric vehicles. However, the high cost of advanced adhesives hinders market growth to some extent. Moreover, technological advancements in adhesive formulations present additional opportunities for inspection services. Advancements in curing technologies are driving opportunities in the automotive adhesive sector. Modern adhesives now feature faster curing times through innovations such as UV light or heat activation. This efficiency accelerates the manufacturing process and increases productivity on the assembly line.
The polyamide segment is expected to maintain its dominance by 2033
By resin type, the polyamide segment held the highest market share in 2023, accounting for more than one-fifth of the global automotive adhesives market revenue and is estimated to maintain its leadership status throughout the forecast period. Polyamide-based adhesives are known for their excellent resistance to high temperatures and chemicals, which makes them suitable for various automotive applications where thermal and chemical exposure are common. As vehicles become more sophisticated, with the inclusion of components that generate heat (such as engines, batteries in electric vehicles, and other electronic parts), polyamide adhesives are increasingly preferred for their ability to withstand extreme environments without degrading. This capability ensures the longevity and reliability of critical automotive components, contributing to their widespread adoption.
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Water based segment is expected to lead the trail by 2033
By technology, the water-based segment held the highest market share in 2023, accounting for around half of the global automotive adhesives market revenue and is estimated to dominate during the forecast period. The rise of electric vehicles (EVs) is influencing the demand for water-based adhesives in the automotive sector. EVs rely on lightweight materials such as composites and aluminum, to optimize energy efficiency and extend battery life. Water-based adhesives are well-suited for these lightweight materials, providing effective bonding while maintaining structural integrity without adding significant weight. Moreover, they offer flexibility and durability, ensuring strong adhesion even under varying thermal conditions, which is crucial for EV applications. As automotive manufacturers increasingly prioritize sustainability and the development of lighter, more efficient vehicles, the use of water-based adhesives is becoming more widespread, further driving their demand in the market.
The passenger vehicle segment is expected to maintain its dominance by 2033
By vehicle type, the passenger vehicle segment held the highest market share in 2023, accounting for more than two-thirds of the global automotive adhesives market revenue and is estimated to maintain its leadership status throughout the forecast period. Governments and regulatory bodies are implementing stringent emission standards, encouraging automakers to produce lighter vehicles that consume less fuel. Automotive adhesives play a crucial role in this shift, as they offer strong, reliable bonds that allow for the integration of lightweight materials such as aluminum, carbon fiber, and advanced composites instead of traditional metal components. By replacing mechanical fasteners and welding methods with adhesives, manufacturers achieve significant weight reductions while maintaining the vehicle's structural integrity and safety that makes adhesives essential in the production of modern passenger vehicles.
Body-in-white (BIW) segment is expected to lead the market by 2033
By application, the body-in-white (BIW) segment held the highest market share in 2023, accounting for more than two-fifths of the global automotive adhesives market revenue and is estimated to dominate during the forecast period. In BIW construction, manufacturers aim to reduce the overall weight of vehicles to improve fuel efficiency and decrease emissions. Adhesives play a critical role in this process by enabling the bonding of lightweight materials such as aluminum, high-strength steel, and composites. Compared to traditional welding or mechanical fastening methods, which add weight or compromise material integrity, adhesives provide a strong, flexible bond without adding significant weight. They distribute stress more evenly across bonded surfaces, contributing to enhanced crash performance and overall safety.
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Asia-Pacific is expected to witness rapid growth throughout the forecast period
By region, Asia-Pacific was the fastest-growing region in terms of revenue in 2023 representing 5.7% of the CAGR. The automotive adhesives market in the Asia-Pacific region is primarily driven by the rapid expansion of the automotive industry, supported by increasing vehicle production and sales. Countries such as China, India, Japan, and South Korea are significant automotive manufacturing hubs, benefiting from large-scale investments and the presence of major global and local automotive companies. The region is experiencing a surge in automotive manufacturing activities owing to increase in consumer demand for vehicles and growth in urbanization. This growth necessitates advanced bonding solutions such as automotive adhesives, which enable manufacturers to meet the increasing demand for lightweight, fuel-efficient, and technologically advanced vehicles.
Leading Market Players:
Henkel AG & Co. KGaA
Bostik SA
3M
DOW
Sika AG
H.B. Fuller Company
PPG INDUSTRIES, INC
Jowat SE
Illinois Tool Works Inc.
Solvay
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The report provides a detailed analysis of these key players in the global automotive adhesives market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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