The global automotive adhesives market size reached US$ 5.53 Billion in 2021 and is projected to reach US$ 7.63 Billion by 2027, CAGR of 5.20% during 2022-2027.
SHERIDAN, WYOMING, USA, April 15, 2022 /EINPresswire.com/ — Automotive adhesives are lightweight binding substances manufactured using ethylene, epoxide, acrylics, polyester resins, and synthetic materials. They are widely used to seal and bond various interior and exterior automotive components, such as door panels, light covers, armrests, dashboards, lenses, headliners, and consoles. They help enhance versatility, increase strength, prevent galvanic corrosion, minimize noise vibration, reduce vehicle mass, and ensure strong bonds. They also assist in improving crash performance, thermal conductivity, fuel efficiency, cohesive strength, corrosion resistance, and aesthetic appeal of vehicles. Nowadays, automotive adhesives are commonly available in solvent-based, water-based, and hot-melt variants.
Base Year: 2021
Forecast Year: 2022-2027
The global automotive adhesives market reached a value of US$ 5.53 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 7.63 Billion by 2027, exhibiting a CAGR of 5.20% during 2022-2027.
Automotive Adhesives Market Trends and Drivers:
The global automotive adhesives market is primarily driven by the expanding automotive industry and the escalating demand for high-end vehicles. In addition, there has been widespread adoption of hybrid and electric vehicles (EVs) due to rising environmental concerns.
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Along with this, the growing usage of polyurethane resin (PUR) for producing automotive adhesives with enhanced durability and scratch resistance has augmented the product demand. Furthermore, several product innovations, such as the introduction of biodegradable automotive adhesives that help minimize harmful emissions, have accelerated the product adoption rate.
Other factors, including the launch of high-performance adhesive tapes, surging need to reduce the environmental footprint of vehicles, favorable government initiatives, increasing sales of lightweight vehicles, and technological advancements, are also anticipated to catalyze the market growth.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Adhesives Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
3M Company, Avery Dennison Corporation, BASF SE, Bostik SA (Arkema S.A.), Covestro AG, Dow Inc., DuPont de Nemours Inc., H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman Corporation, Illinois Tool Works Inc., Nitto Denko Corporation, PPG Industries Inc., Sika AG and Solvay S.A.
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The report has segmented the market on the basis of region, technology, resin type, vehicle type and application.
Breakup by Technology:
• Hot Melt
• Solvent Based
• Water Based
• Pressure Sensitive
Breakup by Resin Type:
Breakup by Vehicle Type:
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles
Breakup by Application:
• Body in White (BIW)
• Paint Shop
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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This news story originally appeared at Automotive - Reality Syndicate Viewers on 18 April 2022