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(MoneyNewsWire.Net, March 28, 2018 ) The global automotive adhesives market (2016-2021) is estimated to reach USD 6.05 Billion by 2021, at a CAGR of 8.5% between 2016 and 2021. The trend of making lightweight and fuel-efficient vehicles is boosting the use of aluminum and other materials to decrease the vehicle weight, which is boosting the use of adhesives in automobiles.
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Different types of adhesives based on different resins are used in the automotive industry. These adhesives have distinct properties per the application requirements. These are classified based on their chemistries into polyurethane, epoxy, acrylic, silicone, silane modified polymer (SMP), polyamide, and others. Polyurethane adhesive is the dominant type segment of automotive adhesives, followed by the acrylics adhesives segment. The SMP adhesives segment is estimated to grow at the highest CAGR between 2016 and 2021 due to its superior properties such as the ability of bonding on different surfaces and UV & heat stability.
Passenger cars, buses, heavy trucks, LCV, and others are considered under the vehicle type segments in the report. Passenger cars is the dominant segment among all vehicle types in the automotive adhesives market and is estimated to grow at the highest CAGR between 2016 and 2021. The rising sales of passenger cars is driven by the improved spending ability in countries such as India, China, and Brazil. The per capita income in these countries has witnessed significant growth and it is projected to continue during the forecast period.
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Asia-Pacific is the fastest-growing automotive adhesive market, in terms of both value and volume. Countries such as China, South Korea, India, Indonesia, and Thailand are witnessing a gradual increase in the use of automotive adhesives. In 2015, China dominated the automotive adhesives market in Asia-Pacific. It is projected to remain the biggest market in the Asia-Pacific region due to its high economic growth rate, growing purchasing power, developing infrastructure, increasing demand from end-use industries, and the global shift in production capacity from the developed markets to this region.
Though the automotive adhesives market is witnessing growth, few factors act as a bottleneck toward its growth. Volatility in raw material prices and regulations limiting the use of hazardous chemicals are the major restraints to the growth of this market.
Companies such as Henkel AG & Company (Germany), Bostik SA (France), H.B. Fuller (U.S.), 3M Company (U.S.), The Dow Chemical Company (U.S.), Sika AG (Switzerland), PPG Industries, Inc. (U.S.), and Illinois Tool Works Corporation (U.S.) are the key players in the global automotive adhesives market. Diverse product portfolio, strategically positioned R&D centers, continuous adoption of development strategies, and technological advancements are the few factors that have contributed towards strengthening the market position of these companies.
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