According to the new market research report “Automotive Adhesives Market by Resin (Polyurethane, Epoxy, Acrylic, Silicone, SMP, MMA), Application (Body in White, Paint Shop, Assembly, Powertrain), Vehicle Type (Passenger Car, LCV, Truck, Bus, Aftermarket), and Region – Global Forecast to 2024″, The market is projected to reach USD 10.7 billion by 2024 at a CAGR of 5.7% during the forecast period.
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The automotive adhesives market is projected to grow from USD 8.1 billion in 2019 to USD 10.7 billion by 2024, at a CAGR of 5.7%, between 2019 and 2024. The Asia Pacific automotive adhesives market is expected to witness significant growth due to the rising requirements for automobiles in the region and shift of production bases of various automobile manufacturers to the region.
Based on applications, the assembly segment in the automotive adhesives market is projected to grow at the highest CAGR during the forecast period, 2019 to 2024. The assembly segment is expected to grow at a higher rate due to the increasing demand for increasing sensors, infotainment systems, interior trims. Automotive adhesives offer excellent adhesion, superior durability, chemical & temperature resistance, and lower shrinkage in bonding wind turbines.
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The automotive adhesives market is projected to grow from USD 8.1 billion in 2019 to USD 10.7 billion by 2024, at a CAGR of 5.7% between 2019 and 2024. APAC is the largest consumer of automotive adhesives. Automotive adhesives improve the aesthetic appeal of end products as bolts, rivets, and welds are not required to be used, and thus making these viable for numerous applications involving assembly line, body in white and others.
The key market players are Henkel (Germany), Arkema (Bostik) (France), 3M (US), Dupont (US), H.B. Fuller (US), Sika (Switzerland), and Huntsman (US). These players have adopted various strategies, such as new product launch and merger & acquisition between 2014 and 2019, to enhance their market shares and expand their global presence.
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Henkel is one of the leading solution providers for adhesives, sealants, and functional coatings. The company has three business segments, namely, adhesive technologies, laundry & home care, and beauty care. The company manufactures automotive adhesives under its adhesive technologies segment. Henkel is a leader in the adhesives industry. It has a strong network for distributing and manufacturing adhesives with 135 production sites to meet the changing demands of the automotive adhesives industry, worldwide. The company continuously focuses on its organic & inorganic growth.
Sika is a specialty chemical company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing, and protecting in the building sector and the motor vehicle industry. It operates through two business segments, namely, construction and industry. The company offers automotive adhesives under industry segment.
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