Automotive Adhesives Market Research, 2030
The global automotive adhesives market size was valued at $4.7 billion in 2020, and projected to reach $8.4 billion by 2030, with a CAGR of 5.9% from 2021 to 2030.
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 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 automotive adhesives 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.
The global automotive adhesives market is segmented on the basis of resin type, technology, application, vehicle type, and region. 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 into hot melt, solvent based, water based, pressure sensitive, and others (reactive and thermosetting). Depending on application, it is divided into body-in-white, power train, paint shop, and assembly. As per vehicle type, it is fragmented into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include Henkel & Co. KGaA, Bostik S.A., 3M Company, The DOW Chemical Company, Sika AG, H.B. Fuller, PPG Industries, Jowat AG, Illinois Tool Works Corporation, and Solvay S.A.
Global Automotive Adhesives Market, By Region
Asia-Pacific dominates the global automotive adhesives market. The major trends witnessed in the APAC automotive adhesives market are the increasing focus of automotive manufacturers on technological advancements and implementation of automotive fuel economy policies in various countries. The main drivers identified in the APAC automotive adhesives market are the increasing usage of lightweight materials in the vehicle manufacturing and increasing vehicle production in APAC. The Asia-Pacific automotive adhesives market caters to the high demand for automotive adhesives due to emerging application sectors in automotive sector as they provide safety, stiffness and design flexibility in the vehicles. This factor is supported by massive utilization and manufacturing in China, Japan, Korea, India, and others. The market is driven by rapid industrialization and heavy investment in automotive sector.
By Region
Asia-Pacific holds a dominant position in 2020
Global Automotive Adhesives Market, By Resin Type
Polyamide segment dominates the global automotive adhesives market. Polyamide adhesive are high performance adhesives, which are generally derived from long chain dimeric fatty acids. It can easily form bonds with different materials. It can provide better adhesion due to their low thermal viscosities. It is more flexible when compared to other hot melt system and provide a wide range of thermal stability. It has excellent chemical resistance and ability to adhere to various substrates has increased the consumption in automotive and other industries. The presence of above-mentioned properties and shift of automotive manufacturers toward the electric vehicles have increased the demand for the automotive adhesive in the forecast period.
By Resin Type
Polyamide segment is projected to create abundant $ opportunity till 2030
Global Automotive Adhesives Market, By Technology
Water based segment dominates the global automotive adhesives market. The presence of various useful properties such as durability, flexibility, and economic efficiency, extended by water-based adhesives that boosts the water-based adhesive market toward immense growth. Moreover, growing demand for lightweight and low pollution causing vehicles is yet another factor driving the growth of the market. Asia-Pacific dominates the water-based automotive adhesive market because of the fastest-growing consumer markets of China, India, and other Asia-Pacific countries. This large population is projected to become an increasingly important driver for industries such as paper & packaging, woodworking, building & construction, and automotive & transportation in the forecast period.
By Technology
Water Based segment is projected to create abundant $ opportunity till 2030
Global Automotive Adhesives Market, By Vehicle Type
Passenger vehicles segment dominates the global automotive adhesives market. Passenger vehicles are the most common mode of conveyance in the developed countries and they are increasing in the developing countries as well due to increasing per capita income. The emerging vehicle financing has been encouraging the passenger vehicles industry wherein the customers are provided loans to own the vehicle. Owning a passenger vehicle is also observed as a sign of social status in most of the developing countries. The presence of above trends and the future growth of the passenger vehicles in the developing countries have led to the demand for automotive adhesive market during the forecast period.
By Vehicle Tye
Passenger Vehicles segment is projected as the most lucrative segment.
Global Automotive Adhesives Market, By Application
Body-in-white segment dominates the global automotive adhesives market. The increasing electric vehicle sales is a major driving factor for the growth of the body-in-white segment, as these vehicles require lightweight solutions in the form of materials as well as manufacturing methods to achieve higher mileage by the battery. Majority of body-in-white component manufacturers have introduced new light weight solutions for their customers, which are in line with the electric vehicle manufacturing safety standards. Asia-Pacific region is the largest market for body-in-white in the world as this market has witnessed a rapid year-on-year growth. The above mentioned trends and development have huge impact on the development of body-in-white segment in automotive adhesive market during the forecast period.
By Application
Body-in-white segment is projected to create abundant $ opportunity till 2030
COVID-19 analysis:
The COVID-19 pandemic had a big effect on the worldwide financial system and on the lives of human beings. With the outbreak of the COVID-19, numerous enterprise companies have reduced their planned operations as a result of lockdowns introduced by the governments of several countries throughout the globe. The lockdown has primarily affected important businesses organizations. The initiative of the authorities in regards to lockdown caused the transient shutdown of automotive and transportation sector. This had negatively impacted the development of the automotive adhesives market. The outbreak of novel coronavirus has wide impact in oil product markets, as restrictions on international travel and regional and local movement prevent people and goods from circulating freely, which takes a heavy toll on the demand for the raw materials to produce adhesives.
The increase in awareness among the people regarding global warming during the outbreak lead to the increase in the demand for products that are manufactured using renewable and green resources this led to a negative impact on the development of market. The increase in the demand for electric vehicles in automotive industry and government support policies to develop green energy vehicles has positive impact on the future glycol ether market.
Key benefits for Stakeholders
- This report provides a detailed quantitative analysis of the current global automotive adhesives market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
- An in-depth global automotive adhesives market analysis of various countries in this region is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global automotive adhesives market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value and volume.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global automotive adhesives market.
Automotive Adhesives Market Report Highlights
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Analyst Review
The global automotive adhesives market is expected to gain traction during the forecast period as a result of government regulations and automotive manufacturer’s investments that are aimed to produce lightweight and comfortable vehicles that meet the requirements of consumers in the automotive sector.
Automotive adhesives are used in jointing seats, spoilers, tailgates, side skirts, bumpers, headlights, dashboards, and others. They are also used to bond newer materials in automotive industry such as aluminum, coated metals, and others. Adhesive bonding renders the vehicles noise free, more durable, and safe by replacing conventional joining techniques such as welding, riveting, and bolting. Asia-Pacific automotive adhesive market offers lucrative opportunities for key manufacturers due to presence of wide range of suppliers and manufactures. In addition, the rapid development in economy, increase in purchasing power, and development in infrastructure facilities for the transportation are other factors that fuel the market growth. Rise in preference of industrialists to set up manufacturing facilities in India and China is an emerging factor for the growth of the market. Asia-Pacific dominated the automotive adhesive market in 2020, accounting for the largest market share due to the presence of major automotive production facilities run by international OEMs in China and India.
Automotive adhesive applications for powertrain and upholstery will contribute significantly in revenues, driven by changing consumer preferences toward electric and hybrid automobiles. Structural automotive adhesives have higher efficacy in comparison to traditional spot-welding processes is another factor driving the growth of the market. Growing sales of premium cars, with high-end interiors and prevalent light-weighting trends in the automotive and aerospace industries are primary drivers behind demand in the automotive adhesives market.
Growth in demand for lightweight and low carbon emission vehicles and Automobile manufacturers increasingly investing in EVs due to government regulations and purchase incentives are the key factors boosting the automotive adhesives market growth
Market value of automotive adhesives in 2030 is expected to US$ 8.4 billion
Henkel & Co. KGaA, Bostik S.A., 3M Company, The DOW Chemical Company, Sika AG, H.B. Fuller, PPG Industries, Jowat AG, Illinois Tool Works Corporation, and Solvay S.A.
Automotive industry is projected to increase the demand for automotive adhesives
The global automotive adhesives market is segmented on the basis of resin type, technology, application, vehicle type, and region. On the basis of resin type, the market is classified into polyurethanes, epoxy, acrylics, silicone, Silyl Modified Polymer, polyamide, and others (rubber and phenolic). By technology, it is categorized into hot melt, solvent based, water based, pressure sensitive, and others (reactive and thermosetting). Depending on application, it is divided into body-in-white, power train, paint shop, and assembly. As per vehicle type, it is fragmented into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Scope for growth of autonomous EVs and increase in demand for low-VOC, green, and sustainable adhesives is the main driver of automotive adhesives market
Body-in-white application is expected to drive the adoption of automotive adhesives market
Emergence of COVID-19 had a negative impact on growth of the global automotive adhesives market.
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