NEW YORK, Aug. 18, 2020 /PRNewswire/ -- According to P&S Intelligence, global automotive adhesives and sealants market is expected to generate a revenue of $12,646.8 million in 2030, increasing from $7,438.2 million in 2019, exhibiting a 7.0% CAGR during 2020-2030.
Due to excessive air pollution across the globe, the focus has shifted towards reducing carbon emissions in any way possible, owing to which, automakers are looking for solutions that can reduce the weight of vehicles, thereby increasing fuel efficiency. These days, conventional steel and iron automotive components are widely being replaced by alternatives that are lighter and offer similar kind of strength. Since such materials cannot be welded or bolted, the utilization of sealants and adhesives has risen considerably in the automotive industry.
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When type is considered, the epoxy division held the largest share of the automotive adhesives and sealants market in the past, which can be ascribed to the enhanced bonding strength of these adhesives. The demand for epoxy-based adhesives is further expected to increase in the coming years, as they aid in improving the structural integrity of automobiles. In terms of application, the body-in-white (BIW) category is projected to register the highest CAGR, in terms of value, in the years to come.
This is because of the surging consumption of high performance adhesives and sealants to decrease the weight of vehicles. Furthermore, since lightweight vehicles have enhanced fuel-efficiency, they aid in reducing operational costs for owners. On the basis of vehicle segment, the passenger cars classification is projected to account for the largest share of the automotive adhesives and sealants market in the years to come. This is owing to the increasing demand for personal passenger cars for practical purposes, primarily in developing countries.
Factors Contributing to the Growth of Market:
- Need for reducing carbon emissions
- Strict regulations implemented by governments regarding fuel efficiency
- Increasing requirement for lightweight vehicles
Browse report overview with detailed TOC on "Global Automotive Adhesives and Sealants Market Research Report: By Type (Epoxy, Acrylics, Polyurethanes, Rubber, Polyvinylchloride, Silicones, Hot Melts), Application (Body In White, Under-The-Hood and Power Train, Paint Shop, Assembly), Vehicle (Passenger Cars, Light Commercial Vehicle, Heavy and Medium Commercial Vehicle) - Global Industry Analysis and Demand Forecast to 2030" @ https://www.psmarketresearch.com/market-analysis/global-automotive-adhesive-and-sealant-market
As the purchasing power in countries including India, Mexico, China, and Indonesia has risen, the sales of vehicles in these countries has grown as well. In addition to this, passenger vehicles account for approximately 70% of the total automobile production across the globe, which is driving the growth of this classification. Geographically, the automotive adhesives and sealants market is being dominated by Asia-Pacific at the present time, owing to the increasing purchasing power and enhancing infrastructure in the region.
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Other than this, Latin America is predicted to witness the fastest growth in the years to come, which is because of the establishment of vehicle plants by several major auto companies. Some of the key companies in the global automotive adhesives and sealants market are Permatex Inc., Henkel AG & Co. KGaA, The Dow Chemical Company, Bostik S.A., 3M Company, Sika AG, PPG Industries Inc., EFTEC AG, H.B. Fuller Company, and Illinois Tool Works Inc.
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