The Automotive Adhesives Market is projected to grow from USD 8.1 billion in 2019 to USD 10.7 billion by 2024, at a CAGR of 5.7% between 2019 and 2024. APAC is the largest consumer of automotive adhesives. Automotive adhesives improve the aesthetic appeal of end products as bolts, rivets, and welds are not required to be used, and thus making these viable for numerous applications involving assembly line, body in white and others.
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The key market players are Henkel (Germany), Arkema (Bostik) (France), 3M (US), Dupont (US), H.B. Fuller (US), Sika (Switzerland), and Huntsman (US). These players have adopted various strategies, such as new product launch and merger & acquisition between 2014 and 2019, to enhance their market shares and expand their global presence.
Polyurethane resins are expected to lead the automotive adhesives market during the forecast period
Polyurethane adhesives have a high demand in the automotive adhesives market due to their excellent properties such as high elongation properties and stronger bonding. These are used in bonding windscreens, side and rear windows of passenger cars, trucks, and special vehicles. They are also used for bonding fiberglass reinforced plastic elements, such as roof, side, and front panels. These adhesives also have a competitive advantage over silicone products as they can be easily painted, and offer a fissure-free coated surface for an extended period.
Body in white is the largest application in the automotive adhesives market.
Objective to reduce vehicle weight is increasing the use of aluminum in the body in white stage. Due to the ability to join thinner and lighter - materials along with aluminum is boosting the use of adhesive at the body in white stage. Epoxy adhesives play a major role in joining dissimilar and default to bond substrates in the automotive body. With the increased usage of composites and plastics in the automotive body, the usage of adhesives has proportionally increased. These substrates cannot be welded or joined using nut bolts and rivets. Hence the demand for adhesives for the body in white is on the rise.
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APAC is expected to be the largest and fastest-growing market for automotive adhesives, in terms of value and volume, during the forecast period. APAC encompasses a diverse range of economies with different levels of economic development and multiple industries. According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other APAC countries had a combined population exceeding 4.2 billion (as of 2018), which is projected to become an increasingly important driver for various industries, including the automotive and transportation. The key market players are expanding their automotive adhesives production in APAC, especially in China and India.
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