Automotive Adhesives and Sealants Market Segmentation, Analysis By...

Automotive Adhesives and Sealants Market Segmentation, Analysis By Production, Consumption, Revenue And Growth Rate

Posted 2023-05-03 11:34:07

Market Overview:

Automotive Adhesives & Sealants Market is projected to be worth USD 11,645.8 million by 2030, registering a CAGR of 6.11% during the forecast period (2023 - 2030).

Adhesives are organic or inorganic chemical substance applied on the surfaces material meant to provide strong support to the structure. The product is either found naturally or can chemically synthesized. The major applications of automotive adhesive and sealants are found in interior, exterior, under the hood parts, drivetrain, and powertrain. Their use in automotive offers numerous benefits to the final product such as better sewing, stronger mechanical fastening, and improved thermal bonding, among others. Sealants, on the other hand are different from adhesives as they are used to block the passage of fluids through the openings in the structure or the final product. Some of the sealants are permanent or temporary, weak or strong, flexible or rigid depending upon their types. The primary factors driving growth of the global automotive adhesives sealants market is the rapidly growing demand for both commercial vehicles as well as passenger cars. Moreover, the rising standards of living, increasing disposable income of the people, dynamic economic growth and relaxed investment norms in the emerging economies such as India, China, South Korea, Thailand, and Indonesia among others. Lastly, the growing consumer sentiments in the favor of light weight, electric, fuel efficient cars is likely boost demand for the product during the forecast period.

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Market Segmentation:

The global automotive adhesives sealants market is segmented on the basis of type, vehicle type, application, and region.

On the basis type the market is divided into polyurethane (PU), acrylic, epoxy, silicone, polyamide, styrenic block copolymer (SBC), and others. Among these types, the acrylic is the fastest growing segment due to the important characteristic features offered by them to the structure such as greater moisture and heat resistance, and excellent bonding ability.

Based on vehicle type the global automotive adhesives sealants market is categorized into passenger cars, Light Commercial Vehicle (LCV), Medium and Heavy Commercial Vehicle (M/HCV), and others. The passenger car segment, among them, is dominating the market owing to increased spending ability, changing lifestyle and growing demand of fuel efficient passenger cars. The developing regions such as Asia Pacific and the Middle East Africa are the major regions in this segment.

By application the market is classified into body-in-weight, powertrains, drivetrains, interior, exterior, engine, embedded system, and others. Among the other applications, the body-in-weight segment is the major consumer of an automotive adhesives and sealants. This is attributed to the growing demand for high performance adhesive solutions capable of reducing the overall weight of a vehicle.

Regional Analysis:

Geographically, the global automotive adhesives sealants market is divided into Asia Pacific, North America, Europe, the Middle East Africa and Latin America. Asia Pacific holds the largest share of the global automotive adhesives sealants market, in terms of market size. The region accounts for over 50% market share. Countries namely, South Korea, India, China, and Japan are leading the regional market owing to the rapid growth of automotive transportation industries in these countries. Following Asia Pacific, North America is the second largest region. The U.S. is the major market in this region, wherein the automotive industry has witnessed a considerable growth in production on the backdrop of the increasing global demand for passenger cars. Europe is a substantial region in the global automotive adhesives sealants market. The major contributors to the regional market are, Germany, the U.K., France, and Italy due to the well-established automotive industry in these countries. The Middle East Africa is estimated grow at healthy growth rate during the forecast period on account of growing investment activities and potential of the market in automotive industry in this region. Latin America is projected to join hands with the leading regions in the global automotive adhesives sealants market with pacifying political and revving economic situation in Brazil, Venezuela, and Colombia.

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Competitive Analysis:

Key players operating in the global automotive adhesives sealants market are Henkel Co. KGaA (Germany), H.B. Fuller Company (U.S.), BASF SE (Germany), Bostik (U.S.), DowDuPont (U.S.) Sika AG (Switzerland), PPG Industries (U.S.), Solvay S.A (Belgium), Jowat AG (Germany), and Akzo Nobel N.V. (the Netherlands), among others.

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