The global Automotive Adhesives Market size is anticipated to reach USD 6.5 billion by 2025, exhibiting a CAGR of 4.4%, according to a new report by Grand View Research, Inc. Increasing demand for lightweight vehicles and shifting preference of consumers toward sustainable adhesives are projected to favor the market growth.
The usage of adhesives helps in reduction of weight of
vehicles, which further boosts the fuel efficiency and overall performance of
vehicles. This has resulted in rapid adoption of adhesives over mechanical
fasteners in automotive industry. Also, they are increasingly being used in
electric vehicles, which is anticipated to fuel the market growth further.
Adhesives including acrylic, polyurethane, epoxy, and
rubber are widely used in body in white, exterior, and interior applications.
Body in white is the raw framework of the vehicle, which utilizes a major
quantity of adhesives. The product enhances the strength of the body frame
while reducing the use of spot welding.
Polyurethane is the most widely used adhesive in the
automotive industry, followed by acrylic and rubber. As compared to epoxy and
acrylic, polyurethane adheres to a wider range of substrates. In terms of
revenue, acrylic segment is anticipated to register a growth rate of 4.8% over
the forecast period.
The product consumption is increasing extensively in
developing economies with the growth in the production of heavy commercial
vehicles. HCV & MCV segment is expected to register the fastest growth rate
of 5.6%, in terms of revenue, over the forecast period owing to their
increasing production in the Americas and Asia Pacific. Initiation toward
adoption of electric vehicles, technological innovation, and developments in
the manufacturing industry are further projected to boost the product demand.
For instance, in February 2019, the Government of India approved the Faster
Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME)-II scheme
for funds worth USD 1.39 billion from 2020 to 2022.
The automotive adhesives market is competitive owing to
the presence of significant players such as 3M, Bostik, H.B. Fuller, Henkel,
Sika AG, and Wacker Chemie AG, among other regional players. Mergers &
acquisitions, development of new technologies, and capacity expansions are the
various strategic initiatives adopted by industry players to maximize their
growth.
For instance, in April 2019, PARKER HANNIFIN CORP entered
into an agreement to acquire LORD Corporation for USD 3.68 billion. The
acquisition was aimed at fulfilling the company’s objective to invest in profitable
and growing businesses such as engineered materials.
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Further key findings from the report suggest:
- NVH
constituted a volume share of 36.5% in 2018 with the growing consumer
preference for comfortable driving experience
- The
bonding segment held a revenue share of 47.4% in 2018 owing to the growing
demand for adhesives over mechanical fasteners
- Hot
melt technology segment is anticipated to register a growth rate of 6.1%,
in terms of revenue, over the forecast period due to its properties such
as superior bonding and heat resistance
- Interior
application segment is anticipated to witness growth in demand owing to
the introduction of sustainable adhesives in the industry
- Increasing
raw material prices are expected to affect the manufacturing cost, thereby
resulting in an increase in product prices. For instance, H.B. Fuller
North America increased the prices of its adhesives by 4% to 10% in October
2018.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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