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.
Recent Developments
In May 2017, using the patented hybrid technologies, Henkel added four new adhesives in its LOCTITE’s automotive bonding range. LOCTITE HY 4090, LOCTITE HY 4080, LOCTITE HY 4070, and LOCTITE HY 4060 GY. These adhesives are expected to meet the rising demands in assembly design and maintenance repair applications.
In February 2019, Huntsman introduced its latest innovation in high-performance adhesives with the launch of new fast-curing, two-part acrylate adhesives range; ARALDITE 2050 and ARALDITE 2051. These adhesives are meant to sustain extreme conditions. These adhesives are designed to accelerate the automotive bonding of thermoplastics, composites, and metals and provide high toughness and resilience to vibrations, impact, and dynamic loading at a high range of temperatures.
Based on applications, the assembly segment in the automotive adhesives market is projected to grow at the highest CAGR during the forecast period, 2019 to 2024. The assembly segment is expected to grow at a higher rate due to the increasing demand for increasing sensors, infotainment systems, interior trims. Automotive adhesives offer excellent adhesion, superior durability, chemical & temperature resistance, and lower shrinkage in bonding wind turbines.
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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On the basis resins, SMP is projected to grow at the highest CAGR during the forecast period. The SMP segment is expected to grow at a higher rate due to its superior properties higher bond strength, flexibility and its excellent adhesion ability to most substrates.
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