Automotive Adhesives Market Report, published by Allied Market Research, forecasts that the global market was valued at $3,771 million in 2016, and is projected to reach $5,459 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. The polyurethane resin type segment accounted for one-third of the total maximum share in 2016.
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Adhesives are lightweight components used to bind composites and lightweight materials. The use of adhesives in automotive manufacturing processes offers the designer additional possibilities to exploit new, innovative design and manufacturing concepts. Adhesives are particularly popular for lightweight constructions, where thin-walled parts are joint. In addition, adhesive bonding allows combining different types of materials such as aluminum with other metals, plastics, and composites, which otherwise are not reliably joint or would require additional measures to avoid galvanic corrosion effects.
Presently, the global automotive adhesives market is witnessing significant growth, owing to increase in demand for lightweight and low carbon emitting vehicles. Moreover, rise in use of aluminum in automobile manufacturing to reduce the weight of automobiles fuels the adoption of automobile adhesives. In addition, increase in use of plastics and composite materials in the process to manufacture smart vehicles based on sustainable adhesives in developing economies is another factor that boosts the market growth. High economic growth rate and the increase in demand from end-use industry is further supplement the growth of the market.
The polyurethane resin type segment accounted for one-third of the total market share, in terms of volume, in 2016. Moreover, this segment witnesses strong demand in countries such as Brazil, China, and Japan, owing to its superior properties such as bonding on different surfaces, UV & heat stability, rapid curing, superior chemical resistance, and enhanced optical clarity. Furthermore, these adhesives are increasingly utilized for the repair and maintenance work in automobiles. In addition, these are majorly used where there is requirement for higher efficiency at low operating costs.
Key Findings of the Automotive Adhesives Market:
- In terms of value, the epoxy resin type segment is anticipated to exhibit the growth rate of 5.4% during the analysis period.
- Asia-Pacific is projected to lead the market in 2023, and is estimated to grow with a CAGR of 5.6%, in terms of value.
- The light commercial vehicle segment occupied nearly one-fifth of the total market in 2016.
- China occupied nearly half of the total Asia-Pacific automotive adhesives market in 2016.
- In terms of value, Italy is expected to grow at a CAGR of 5.9% from 2017 to 2023.
In 2016, Asia-Pacific accounted for nearly half of the total automotive adhesives market, and is expected to continue this trend, owing to rapid growth of automotive industry, specifically in China, India, Japan, and other developing countries.
The major companies profiled in the report include 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.