Automotive Adhesives Market Overview:
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.
Global Automotive Adhesives Market Segmentation
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.
In addition, adhesive bonding in the automotive industry results in indispensable joining technology for multi-material design of lightweight vehicles. However, rise in raw material prices and effect of recession on end-use industries are major factors expected to restrain the market growth.
Top Investment Pockets
The polyurethane resin type segment is projected to grow at the highest CAGR owing to its increased use in automotive industry as its adhesive bonding increases durability, scratch resistance and corrosion resistance of vehicles. In addition, its UV and heat stability properties makes it ideal for utilization in automotive industry. Moreover, growth in demand from end-user industries is expected to supplement the market growth.
Top Investment Pockets
The body in white segment dominated the global market in 2016, and is anticipated to maintain this trend throughout the forecast period. The assembly segment is expected to grow at a CAGR of xx%.
Automotive Adhesives Market Share, by Application, 2016 (%)
Asia-Pacific accounted for a considerable share of the total revenue in 2016, followed by Europe and North America. Moreover, the demand for adhesives in the aftermarket of automobile & transportation industry has been increasing, as the use of adhesives leads to improved performance and appearance as compared to the use of mechanical fasteners and welds.
Australia automotive adhesives market value, 2016-2023 ($Million)
Key players such as Henkel & Co. KGaA, Bostik S.A., 3M Company, The DOW Chemical Company, Sika AG, H.B. Fuller, PPG Industries, Illinois Tool Works Corporation, Jowat AG, and Solvay S.A. invest in R&D activities to develop advanced products to cater to the requirements of the market.
The other players in the value chain (profiles not included in the report) include Bayer A.G., Ashland Speciality Company, Hexion Speciality Chemicals, Covalence Adhesives, Forbo Adhesives Switzerland, ExxonMobil Chemical Company, Hindustan Adhesives Limited, and Sika AG.
- The report provides an extensive analysis of the automotive adhesives market size and trends from 2016 to 2023 to determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Extensive analysis is conducted by following product benchmarking, positioning, and monitoring the top competitors within the global market.
- Porter’s Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- The report provides key insights on strategic automotive adhesives analysis of various companies and the value chain analysis of adhesives.
Automotive Adhesives Market Key Segmentation:
By Resin Type
- Others (Rubber and Phenolic Adhesives)
- Hot Melt
- Solvent Based
- Water Based
- Pressure Sensitive
- Others (Reactive and Thermosetting)
- Body in White (BIW)
- Paint Shop
By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA