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Automotive Adhesives Market - Analysis, Growth, Drivers, Restraint and Trend
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Global Automotive Adhesives Market was valued at $3,771 million in 2016, and is expected to reach $5,459 million by 2023, registering a CAGR of 5.4% from 2017 to 2023. Adhesives are lightweight components used to bind metals, composites, plastic, and other materials. Adhesives are increasingly being deployed in the automotive industry for binding various vehicle components such as closures and structural modules. Increase in adoption of adhesives among vehicle manufacturers reduces mass of vehicle; increases front & rear lateral body stiffness; enhances crash performance; and minimizes noise, vibration, and harshness (NVH). In addition, adhesive bonding leads to the formation of new innovative vehicle body designs and mixed material designs consisting of high strength steels, nonferrous metals, plastic, and composites. Furthermore, adhesives offer high bonding strength across diverse substrates. and can be used to attach dashboards, door panels, electronics, light covers and lenses as well as steel and alloyed components.
The automotive adhesives market is segmented based on resin type, technology, application, vehicle type, and geography. On the basis of resin type, the market is classified into polyurethanes, epoxy, acrylics, silicone, SMP, polyamide, and others (rubber and phenolic). By technology, it is categorized hot-melt, solvent based, water based, pressure sensitive, and others (reactive and thermosetting). Applications covered in this study include body in white, power train, paint shop, and assembly. Based on vehicle type, the market is divided into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth if the market is driven by rise in sales of automotive adhesives owing underlying strength in vehicle sales, technological advancements in manufacturing of automobiles, and adoption of smart cars. Moreover, metallic components are replaced with composites to bond with adhesives, which results in reduction of weight of automobiles and improvement in fuel efficiency. In addition, the deployment of adhesives has led to reduction of noise, vibration, and harshness vehicles, which fuels the market growth. Furthermore, growth in demand for automotive adhesives in Asia-Pacific is expected to boost the market growth.
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Automotive Adhesives Market Key Segmentation:
By Resin Type
• Polyurethane
• Epoxy
• Acrylics
• Silicone
• SMP
• Polyamide
By Technology
• Hot Melt
• Solvent Based
• Water Based
• Pressure Sensitive
• Reactive and Thermosetting
By Application
• Body in White (BIW)
• Powertrain
• Paint Shop
• Assembly
By Vehicle Type
• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle
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