The global Automotive
Adhesives Market is estimated to reach USD 6.05 billion by 2021,
at a CAGR of 8.5% between 2016 and 2021. Currently, the trend of making
lightweight and fuel-efficient vehicles
is encouraging the use of aluminum and
other materials to decrease the weight of vehicle, which is boosting the use of
adhesives in automobiles.
Various
regulations in the North America and European countries on VOCs in adhesives is
expected to change the focus of adhesives
manufacturers towards eco-friendly technologies for adhesives. The high growth
in end-use applications in developing countries is expected to drive the market
for automotive adhesives during the forecast period.
Assembly
application is projected to be the fastest-growing application segment in the
automotive adhesives market during the forecast period. Assembly application
utilizes adhesives to bond different plastic, metal, rubber, and glass.
As adhesives
generate a continuous bond line, they create a larger area for load transfer
between parts. This larger load transfer results in better crash performance,
increased durability, and improved torsion and bending stiffness. Hence, the
consumption of automotive adhesives in assembly application is expected to grow
during the forecast period.
Based on resin
type, the SMP based adhesives segment is projected to grow at the highest CAGR
during the forecast period. SMP-based adhesives are eco-friendly and have
better adhesion characteristics than polyurethane adhesives. Their demand has
seen a rise in the last two years, which is expected to continue during the
forecast period.
Asia-Pacific is
the fastest-growing automotive adhesives market, in terms of both value and
volume. Countries such as China, South Korea, India, Indonesia, and Thailand
are witnessing a gradual increase in the use of automotive adhesives in end-use
industries. In 2015, China dominated the automotive adhesives market in
Asia-Pacific, accounting for a market share of almost 50%.
It is projected
to remain the biggest market in the Asia-Pacific region due to its high
economic growth rate, growing purchasing power, developing infrastructure,
increasing demand from end-use industries, and a global shift in automobile
production capacity from the developed markets to this region.
The market
players have adopted varied growth strategies, such as new product launches; mergers & acquisitions;
investments & expansions; and partnerships, contracts & agreements to
expand their overall business worldwide.
The key
companies operating in this market are engaged in bringing innovations in their
products as well as enhancing their penetration in the emerging markets. They
are constantly taking efforts to strengthen material research & development
(R&D) to provide cost-effective products. These products are manufactured
adhering to the regulations set by associations and governments. All such
developments are expected to lead to drive the growth of the automotive
adhesives market during the forecast period.
Henkel AG & Company (Germany), Bostik
SA (France), H.B. Fuller (U.S.), 3M Company (U.S.), The Dow
Chemical Company (U.S.), Sika AG (Switzerland), PPG
Industries, Inc. (U.S.), and Illinois Tool Works Corporation (U.S.) are the key
players that are actively present in the global automotive adhesives industry.
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