Growing Demand for Lightweight and Low Carbon-Emitting Vehicles are boosting Automotive Adhesives Market
The Automotive Adhesives Market
is projected to grow from USD 8.1 billion in 2019 to USD 10.7 billion by 2024,
at a CAGR of 5.7% between 2019 and 2024. APAC is the largest consumer of
automotive adhesives. Automotive adhesives improve the aesthetic appeal of end
products as bolts, rivets, and welds are not required to be used, and thus
making these viable for numerous applications involving assembly line, body in
white and others.
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The key market players are Henkel (Germany), Arkema (Bostik)
(France), 3M (US), Dupont (US), H.B. Fuller (US), Sika (Switzerland), and Huntsman
(US). These players have adopted various
strategies, such as new product launch and merger & acquisition between 2014 and 2019, to enhance their market
shares and expand their global presence.
Henkel is one of the leading solution providers for
adhesives, sealants, and functional coatings. The company has three business
segments, namely, adhesive technologies, laundry & home care, and beauty
care. The company manufactures automotive adhesives under its adhesive
technologies segment. Henkel is a leader in the adhesives industry. It has a
strong network for distributing and
manufacturing adhesives with 135 production sites to meet the changing demands
of the automotive adhesives industry, worldwide. The company continuously
focuses on its organic & inorganic growth.
·
In April 2019,
the company announced the opening of its new OEM Application Center in Rocky
Hill, CT. The lab expands Henkel’s capabilities to deliver innovative solutions
and design customized applications, technologies, and production processes to
serve customer needs better.
·
In May 2017,
the company launched four new adhesives (LOCTITE HY 4090, LOCTITE HY 4080,
LOCTITE HY 4070 and LOCTITE HY 4060 GY) in its LOCTITE’s automotive bonding
range using the patented hybrid technologies. These adhesives are expected to
meet the rising demands in assembly design and maintenance repair applications.
Sika is a specialty chemical company with a
leading position in the development and production of systems and products for
bonding, sealing, damping, reinforcing, and protecting in the building sector
and the motor vehicle industry. It operates through two business segments,
namely, construction and industry. The company offers automotive adhesives
under industry segment.
·
To broaden its
product portfolio, the company launched Sikaflex-268 PowerCure, an accelerated
one-component polyurethane adhesive and sealant for the transportation market
for vehicle glass and assembly applications. Sikaflex-268 PowerCure has strong
weathering resistance and unique resistivity against a wide variety of cleaning
agents, especially those used in the rail industry.
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