The global automotive adhesives and sealants market is predicted to reach a value of $12,646.8 million by 2030, increasing from $7,438.2 million in 2019, progressing at a 7.0% CAGR during the forecast period (2020–2030). The major factors leading to the expansion of the market are the rising demand for lightweight vehicles and strict vehicle safety standards & regulations. On the basis of type, the market is divided into hot melts, silicones, rubber, epoxy, PVC, acrylics, and polyurethanes.
Out of these, the epoxy division held the largest value share of the market in 2019, owing to the high adoption of these adhesives. Epoxy adhesives have superior properties, including rigid bonding, which aids in improving the structural integrity of the vehicle. Furthermore, these adhesives provide excellent dimensional stability, high-temperature stability, and surface hardness, thereby making them ideal for vehicles. The increasing production of vehicles is expected to drive the demand for epoxy adhesives in the coming years, further driving the growth of the market.
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This market research report provides a comprehensive overview of the Automotive Adhesives and Sealants Market
Historical and the present size of the Automotive Adhesives and Sealants Market
The future potential of the market through its forecast for the period 2020-2030
Major factors driving the market and their impact during the short, medium, and long terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their comparative future potential
The automotive adhesives and sealants market is categorized into assembly, body in white (BIW), paint shop, and under-the-hood & power train, on the basis of application. Among these, the BIW application is expected to witness the fastest growth during the forecast period due to the rising preference for high-performance adhesion solutions in vehicles, since they aid in decreasing the weight of the vehicle. The category is further classified into non-structural and structural applications, between which, structural classification dominated the market in 2019.
Geographically, the Asia-Pacific region is projected to register the highest CAGR during the forecast period in the automotive adhesives and sealants market. Due to the increasing per capita income and expanding gross domestic product, the sales of vehicles has risen substantially in the region. Moreover, the technological advancements in adhesives are further helping automobile manufacturers in producing fuel-efficient and lightweight vehicles. These factors are predicted to drive the growth of the regional domain in the years to come.
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The surging requirement for lightweight vehicles is a key factor leading to the growth of the automotive adhesives and sealants market. Manufacturers are increasingly focusing on reducing the weight of the vehicle for maximizing their speed and power. Because of this, they are using structural adhesives instead of steel fixtures including bolts and nuts, which provide excellent bonding properties. Lightweight vehicles further provide excellent efficiency, which is an important factor for the smooth running of electric vehicles.
In addition to this, the implementation of strict vehicle safety standards and regulations is also expected to lead to the growth of the automotive adhesives and sealants market. The awareness regarding vehicle safety is growing all over the world, owing to which, the usage of adhesives and sealants has been growing as well, since they offer strength to the vehicle. Furthermore, adhesives have the capability to absorb the impact of head-on collisions, which is why they are widely being deployed in the automotive industry.
Hence, the market is growing due to the need for increasing the safety of vehicles and rising demand for making vehicles light in weight.
The research includes detailed analysis of;
Based on Type
Based on Application
Based on Vehicle
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APAC Automotive Adhesives and Sealants Market
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