Automotive Adhesives Market Analysis, Trends, Top Manufacturers, Share, Growth, Statistics, Opportunities & Forecast to 2022
Automotive Adhesives are garnering a huge prominence due to the growing use of multi-material structures in the automotive manufacturing. It is difficult to join such diverse materials such as the combinations of steel with lightweight materials like carbon fiber reinforced plastics with conventional welding. In such scenarios, lightweight Automotive Adhesives are used in the construction of automotive interior parts and electronics.
Over the past few years, the Automotive Adhesives Market is growing rapidly and pervasively mainly due to the burgeoning automotive industry worldwide. Moreover, the increasing demand for lightweight and low carbon emitting vehicles escalate the market on the global platform, encouraging the use of materials such as aluminum and hence the more use of Automotive Adhesives.
Considering the rapid market expansion, Market Research Future (MRFR) in its recently published study report, asserts that the Global Automotive Adhesives Market is forecasted to grow exponentially by 2022, registering a staggering CAGR during the review period (2017-2022). The automotive manufacturing sector generates a vast demand for these adhesives.
Growing technological advancements in the manufacturing of automobiles and the adoption of smart cars are among some of the driving forces broadening the use of automotive adhesives. Moreover, the increase in the use of large adhesive volumes with the increasing complexity in the design of vehicles is also driving the growth of the market.
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On the other hand, fluctuating prices of raw materials required for the production of Automotive Adhesives is a key factor obstructing the market growth. Also, the demand and supply gap of these raw materials is hindering the market growth equally. To tackle these situations, key players are working on to strengthen their supply chain.
Global Automotive Adhesives Markets – Segments
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Type: Polyurethane, Acrylic, and Polyamide among others.
By Application: Paint Shop, Assembly, and Powertrain, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Automotive Adhesives Markets – Geographical Analysis
Globally, the Asia Pacific region dominates the Global Automotive Adhesives Market owing to the increasing adoption of lightweight materials in the automotive industry. The burgeoning automotive sector in the region is expected to generate enormous demand for Automotive Adhesives during the review period.
The region is attracting many foreign investors and encouraging the manufacturers to shift their production bases to the emerging countries such as Japan, China, and India heading with the ample availability of cost-competitive logistic in the region such as the land, workforce, and raw materials required for the production of these adhesives.
Consequently, countries such as China, Japan, and India, backed by their growing automotive sectors contribute majorly to the market in the region. Furthermore, the improving economy in the region is boosting the demand for automotive adhesives, improving the standard of living and increasing consumers’ purchasing power.
North America automotive adhesives market emerging as the fastest growing market accounts for a substantial market share on the global platform. Factors such as the increased consumption of adhesives in the well-established automotive sector in the region substantiate the growth of the regional market.
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Also, factors such as the growing investments in the end-user industry and technological advancement along with the presence of leading global players boost the growth in the regional market. Witnessing a broad uptake, the North America Automotive Adhesives Market is expected to significantly contribute to the GDP of the region throughout the assessment period.
The Europe Automotive Adhesives Market, heading with the huge uptake in its flourishing automotive sector in the region is emerging as a promising market.
The implementation of new regulations proposed by the government to follow lightweight and biocompatible resins in the automotive industry is favoring the market growth. Automotive Adhesives Market in the UK, Italy, Germany, and France, driven by the growing innovation and technological advancement are supporting the market growth.
Global Automotive Adhesives Markets – Competitive Analysis
The highly competitive Automotive Adhesives Market appears fragmented due to the presence of many large and small-scale players. These players alongside the new entrants form a competitive landscape. Significant investments are being made into R&D activities to develop technically advanced materials.
Key strategies traced from the analysis of recent proceedings of these players include product launch, agreement & partnership, expansion, and acquisition. Additional strategic initiatives adopted by these players include developing state-of-the-art manufacturing facilities and strong sales & distribution network which help them to acquire the leadership position in the market.
Manufacturers from the developed region are moving their production bases to the developing countries of APAC such as China, and India.
Key players leading the Global Automotive Adhesives Market include Henkel (Germany), The Dow Chemical Company (U.S.), BASF (Germany), Ashland Specialty Chemical Company (U.S.), 3M Company (U.S.), H.B. Fuller Company (U.S.), Dynea International Oy (Finland), Hindustan Adhesives Limited (India), Hexion Specialty Chemicals Inc. (U.S), and Covalence Specialty Adhesives LLC (U.S.) among others.
Industry/ Innovations/ Related News:
January 24, 2019 — Yokohama Rubber Co. (Japan), a leading global manufacturer and seller of tires, industrial products, and golf products announced the development of a two-component polyurethane adhesive with high strength and elasticity. Primarily designed for automotive applications, the new adhesive can also be used in electronic devices exposed to harsh heat cycles.
January 29, 2019 — Henkel Corporation (the US), a leading global manufacturer and supplier of adhesive products launched a number of new materials featured as part of six different display and demo areas at the IPC APEX EXPO 2019, taking place in San Diego, California.
Among the range of products include New Loctite solder materials and fluxes for high-reliability automotive applications, as well as temperature-stable Loctite GC formulations for low-voiding on QFNs and LGAs and jetting for ultra-fine-pitch architectures and flexible substrates.
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