The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Due to the environmental concerns about the emissions of greenhouse gases from automobiles, there is a trend to produce lightweight automobiles. This is because a reduction in the weight of the vehicle results in fuel savings and also helps in the reduced emission of carbon dioxide and other greenhouse gases. To attain this aim of producing lightweight vehicles, automobile manufacturers are concentrating on producing different types of thermoplastic elastomers. In addition, manufacturers are not getting an easy access to petroleum based products due to the popularity of shale gas, due to which there is a supply uncertainty of raw materials across the world due to a shift from naphtha to natural gas. Moreover, the stringent government rules regarding the use of bio-based adhesives are expected to influence the global automotive adhesives and sealants market in a positive manner.
A new report delivered by Persistence Market Research titled ‘Automotive Adhesives and Sealants Market: Global Industry Analysis 2012-2016 and Forecast 2017-2026’ studies the performance of the global automotive adhesives and sealants market over a nine year assessment period which starts from the year 2017 and ends in the year 2026. The report presents the forecast by value of the global automotive adhesives and sealants market and provides valuable information regarding the market dynamics such as drivers, restraints, opportunities and trends. As per the assessment of Persistence Market Research, the global automotive adhesives and sealants market was estimated to be valued at nearly US$ 4,600 Mn at the end of the year 2017 and is poised to reach a valuation of nearly US$ 6,500 Mn at the end of the forecast period in 2026, and in the process display a CAGR of 4.0% during 2017-2026.
Polyurethane Largest Product Type in Terms of Revenue Share
The polyurethane segment in the product type category of the global automotive adhesives and sealants market is the largest in terms of value and is slated to display a CAGR of 3.5% during the period of forecast. The polyurethane segment is anticipated to reach a market valuation of nearly US$ 1,400 Mn at the end of the period of forecast.
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Paint Shop Segment by Application to Lead in Terms of Revenue
The paint shop segment in the application category of the global automotive adhesives and sealants market is anticipated to display a CAGR of 3.8% during the period of forecast. The paint shop segment was estimated to be valued at nearly US$ 2,050 Mn in the year 2017.
Passenger Cars Segment by Vehicle Type Slated to Exhibit the Fastest Growth Rate
The passenger cars segment in the vehicle type category of the global automotive adhesives and sealants market is slated to display the fastest CAGR of 4.6% during the period of forecast. The passenger cars segment is forecasted to reach a market valuation of nearly US$ 3,600 Mn by the end of the year 2026.
APEJ Automotive Adhesives and Sealants Market to Emerge the Largest in Terms of Value Among Other Regional Markets
The automotive adhesives and sealants market in APEJ is the largest in terms of revenue and is anticipated to display a CAGR of 4.8% during the period of forecast. The APEJ regional market is likely to reach a valuation of nearly US$ 2,800 Mn by the end of the period of assessment in 2026.
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