Global Automotive Adhesive and Sealants Market Research Report - Analysis and Forecast to 2024
The global automotive adhesives & sealants market is expected to reach USD 13.6 billion by 2024 and is also expected to witness CAGR of 6.1% during the forecast period 2018 – 2024. It has been observed that automobile manufacturers are majorly concentrating upon automotive constituents that are developed from thermoplastic elastomers to upgrade automobiles performance and manufacture vehicles that are lightweight.
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Moreover, increasing concerns about greenhouse gas emissions and fuel consumption is projected to bolster the demand for automotive adhesive and sealants market in passenger as well as commercial vehicles in the near future. Increasing regulations for fuel by the government agencies, enhanced emphasis upon the utilization of insubstantial constituents and increased prominence upon safety norms and regulations are the major factors that are driving the growth of global automotive adhesive and sealants market.
Moreover, increasing demand for high application offerings that works effectively in replacing automated fastenings and attaches rubber, plastic and aluminium products that are gaining traction in development of new cars, for instance Mercedes Benz that is rapidly driving the growth of automotive adhesive and sealants market across the globe. However, development of stringent regulations and norms by government agencies for the usage of adhesives across several developed and developing economies is further hampering the growth of this market. Body-in-white is projected to observe fastest CAGR of 6.5% in global automotive adhesive and sealants during the forecast period due to extensive popularity for the utilization of superior performance adhesion in automobiles that helps in decreasing the overall weight of the vehicle, cost saving and reduction in fuel utilization. Moreover, adhesives are increasingly being used in external constituents of the vehicles such as for the purpose of bonding roofs on sports cars and composite hoods.
Among all the types, the global epoxy segment of global automotive adhesive and sealants market have been contributing largest revenue of USD 2.2 billion in 2017 and is projected to contribute largest revenue of USD 3.5 billion by 2024.
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increasing disposable income, mounting economy and improved standards of living of the citizens in countries such as China and India, are the major factors attributed towards the increasing growth of automotive adhesive and sealants market. Asia-Pacific accounted for largest share in the global automotive adhesive & sealant market in 2017 and is further expected to become largest revenue holder in this market by 2024. Extensive production volume and stringent government regulations in the automotive sector in this region has majorly contributed towards the popularity of adhesive and sealants.
The key players are concentrating upon enhancing the integrity and design of the vehicle along with meeting the increasing demand of electric vehicles of the consumers that is ultimately contributing towards the growth of global automotive adhesive and sealants market. The key companies operating in the global automotive adhesive & sealants market include Henkel AG & Co. KGaA, 3M Company, Dow Chemical Co., Kommerling, PPG Industries, Inc., Permatex, Krayden, Inc., and Sika AG.
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