According to a new market report published by Credence Research “Global Automotive Adhesive Market Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the Automotive Adhesive market is expected to grow with a CAGR of 4.7% from 2017 to 2025.
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The demand for automotive adhesive has grown globally owing to increased use of composites, as these adhesives are used to fix composites material in vehicles. Composites offers various benefits such as reduce weight of vehicle, enhances fuel economy along with maintaining the comfort, corrosion resistance and sound absorption. Polyurethane adhesive is the most preferred adhesives type, offers certain advantages to automobile designers and manufacturers in designing seating that can be easily assembled, disassembled and recycled.
Moreover, polyurethane based adhesives are also utilized in production of headlights, signal lights, tail lights and to bond bumpers onto the vehicle. The growth of rapidly expanding auto industry which is also driven by favorable government norms coupled with increasing investments are further bolstering the market growth.
The automotive adhesives are being increasingly demanded by automotive industry as a substitute to welding components for both original equipment and repair applications. Moreover, these products now a days are gaining traction owing to ease of handling, ability to bond dissimilar substrates as well as lesser costs. On the other hand, stringent regulatory norms majorly across the Europe is compelling the major manufacturers to reduce the weight of the vehicle which further bolster the market demand. These adhesives are also widely utilized in bonding composite hoods and roofs on sports cars. In 2016, body in white segment accounted for more than 45% of the total automotive adhesive market by volume.
Bostik S.A., Henkel & Co. KGaA, 3M Company, H.B. Fuller, Sika AG, PPG Industries, Illinois Tool Works Corporation, Solvay S.A., Jowat AG, Evonik Industries AG, 3M Inc., Avery Dennison and DSM are few key manufacturers in automotive adhesive market.
- Rise in demand for lightweight vehicles and passenger cars
- Shifting consumer preference towards the use of sustainable adhesives
- Water based adhesives is projected to grow at a rapid pace in the upcoming years
- Developing demand from end users in Asia-Pacific is the key driver of the global automotive adhesives market