Automotive Adhesives Repair Market is Forecasted to Reach US$ 10.45 Billion in 2028, Says Stratview Research

The global automotive adhesives market is projected to witness a growth rate of 5.8% annually from 2023 to 2028, with an anticipated size of US$ 10.45 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global automotive adhesives market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 10.45 billion
Growth (CAGR): 5.8% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+

Segment Insights on the Automotive Adhesives Repair Market:

The global Automotive Adhesives Repair market is segmented based on Resin type, Application type, Vehicle type, and Region.

Based on resin type - The market is segmented as polyurethane, epoxy, acrylic, silicone, SMP, and MMA. The polyurethane segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The wide use of polyurethanes in the automotive adhesives market, owing to their excellent properties, such as high elongation and stronger bonding, is driving the growth of this segment.

Based on application type - The automotive adhesives market is segmented as a body in white, paint shop, assembly, and powertrain. The body in white segment dominated the market in 2022 and is expected to remain dominant during the forecast period. Epoxy and polyurethanes are the most used products in the body in the white application.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/887/automotive-adhesives-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing automotive adhesives market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as body in white, paint shop, assembly, and powertrain, which is generating huge demand for automotive adhesives and the presence of a large number of automotive adhesive manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Automotive Adhesives Repair Market Drivers:
Some of the key drivers listed in the report are given below.
• Growth in Automotive Production: In 2023, global car and commercial vehicle production crossed the mark of 93 million units, according to the International Organization of Motor Vehicle Manufacturers (OICA.net). Moreover, Hyundai also projects that the global demand for passenger vehicles will increase at an average annual rate of 1.5% to 2.5% from 2023-2028. Higher automobile manufacturing results in a higher requirement for adhesives that is used for different purposes of bonding.
• Demand for Lightweight Vehicles: There is a shift in the automotive industry towards manufacturing lightweight vehicles for better fuel economy and emissions control. Adhesives can form a bond between materials as an alternative to mechanical fastening and at the same time reduce mass, which has a good impact on vehicle performance and helps in meeting today's fuel economy challenges. This trend is particularly noticeable in the case of EVs, where the elimination of weight could enhance the range considerably.
• Rise of Electric Vehicles: The increase in production of electric vehicles also plays a significant role in driving the high growth of the automotive adhesives market, like all electric vehicles, adhesives are used in construction for areas such as batteries and thermal management systems. The battery pack is crucial to the performance of any electric vehicle; thus, high-performance adhesives play a critical role in supporting the safety of battery packs. The high demand for EVs from consumers is likely to maintain a good surge in the need for automotive adhesives in the future.

Top Companies in the Automotive Adhesives Repair Market:
Stratview Research has identified the following companies as the top market players.
• Arkema Group
• DuPont
• Huntsman Corporation
• Henkel AG & Co. KGaA
• H.B. Fuller Company
• Sika AG
• The 3M Company.
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Automotive Adhesives Repair Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.