7-Jan-2020: The global automotive
adhesives market size is anticipated to reach USD 6.5
billion by 2025, exhibiting a CAGR of 4.4%, according to a new report by Grand
View Research, Inc. Increasing demand for lightweight vehicles and shifting
preference of consumers toward sustainable adhesives are projected to favor the
market growth.
The usage of
adhesives helps in reduction of weight of vehicles, which further boosts the
fuel efficiency and overall performance of vehicles. This has resulted in rapid
adoption of adhesives over mechanical fasteners in automotive industry. Also,
they are increasingly being used in electric vehicles, which is anticipated to
fuel the market growth further.
Adhesives including
acrylic, polyurethane, epoxy, and rubber are widely used in body in white,
exterior, and interior applications. Body in white is the raw framework of the
vehicle, which utilizes a major quantity of adhesives. The product enhances the
strength of the body frame while reducing the use of spot welding.
Polyurethane is the
most widely used adhesive in the automotive industry, followed by acrylic and
rubber. As compared to epoxy and acrylic, polyurethane adheres to a wider range
of substrates. In terms of revenue, acrylic segment is anticipated to register
a growth rate of 4.8% over the forecast period.
The product
consumption is increasing extensively in developing economies with the growth
in the production of heavy commercial vehicles. HCV & MCV segment is
expected to register the fastest growth rate of 5.6%, in terms of revenue, over
the forecast period owing to their increasing production in the Americas and
Asia Pacific. Initiation toward adoption of electric vehicles, technological
innovation, and developments in the manufacturing industry are further
projected to boost the product demand. For instance, in February 2019, the
Government of India approved the Faster Adoption and Manufacturing of Hybrid
& Electric Vehicles (FAME)-II scheme for funds worth USD 1.39 billion from
2020 to 2022.
The automotive
adhesives market is competitive owing to the presence of significant players
such as 3M, Bostik, H.B. Fuller, Henkel, Sika AG, and Wacker Chemie AG, among
other regional players. Mergers & acquisitions, development of new
technologies, and capacity expansions are the various strategic initiatives
adopted by industry players to maximize their growth.
For instance, in
April 2019, PARKER HANNIFIN CORP entered into an agreement to acquire LORD
Corporation for USD 3.68 billion. The acquisition was aimed at fulfilling the company’s
objective to invest in profitable and growing businesses such as engineered
materials.
In
depth research report on Automotive Adhesives Market
Further key findings from the report suggest:
·
NVH constituted a volume share of 36.5% in 2018 with the
growing consumer preference for comfortable driving experience
·
The bonding segment held a revenue share of 47.4% in 2018
owing to the growing demand for adhesives over mechanical fasteners
·
Hot melt technology segment is anticipated to register a
growth rate of 6.1%, in terms of revenue, over the forecast period due to its
properties such as superior bonding and heat resistance
·
Interior application segment is anticipated to witness growth
in demand owing to the introduction of sustainable adhesives in the industry
·
Increasing raw material prices are expected to affect the
manufacturing cost, thereby resulting in an increase in product prices. For
instance, H.B. Fuller North America increased the prices of its adhesives by 4%
to 10% in October 2018.
Grand View Research
has segmented the global automotive adhesives market report on the basis of
technology, function, vehicle, application, and region:
Technology Outlook (Revenue, USD Million; Volume, Kilotons,
2014 - 2025)
·
Water-based
·
Solvent-based
·
Hot melt
·
Reactive & others
Function Outlook (Revenue, USD Million; Volume, Kilotons,
2014 - 2025)
·
Bonding
·
NVH
·
Sealing/Protection
Vehicle Outlook (Revenue, USD Million; Volume, Kilotons, 2014
- 2025)
·
Passenger cars
·
Light commercial vehicles
·
Heavy & medium commercial vehicles
Application Outlook (Revenue, USD Million; Volume, Kilotons,
2014 - 2025)
·
Exterior
·
Acrylic
·
Polyurethane
·
Rubber
·
Epoxy
·
EVA
·
PVA
·
Others
·
Interior
·
Acrylic
·
Polyurethane
·
Rubber
·
Epoxy
·
EVA
·
PVA
·
Others
·
Powertrain
·
Acrylic
·
Polyurethane
·
Rubber
·
Epoxy
·
EVA
·
PVA
·
Others
·
Electronics
·
Acrylic
·
Polyurethane
·
Epoxy
·
Others
·
Body in white
·
Acrylic
·
Polyurethane
·
Rubber
·
Epoxy
·
Others
·
Others
·
Acrylic
·
Polyurethane
·
Epoxy
·
Others
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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