The global Automotive Adhesives Market is estimated to reach USD 6.05 billion by 2021, at a CAGR of 8.5% between 2016 and 2021. Currently, the trend of making lightweight and fuel-efficient vehicles is encouraging the use of aluminum and other materials to decrease the weight of vehicle, which is boosting the use of adhesives in automobiles.
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Various regulations in the North America and European countries on VOCs in adhesives is expected to change the focus of adhesives manufacturers towards eco-friendly technologies for adhesives. The high growth in end-use applications in developing countries is expected to drive the market for automotive adhesives during the forecast period.
Assembly application is projected to be the fastest-growing application segment in the automotive adhesives market during the forecast period. Assembly application utilizes adhesives to bond different plastic, metal, rubber, and glass.
As adhesives generate a continuous bond line, they create a larger area for load transfer between parts. This larger load transfer results in better crash performance, increased durability, and improved torsion and bending stiffness. Hence, the consumption of automotive adhesives in assembly application is expected to grow during the forecast period.
Based on resin type, the SMP based adhesives segment is projected to grow at the highest CAGR during the forecast period. SMP-based adhesives are eco-friendly and have better adhesion characteristics than polyurethane adhesives. Their demand has seen a rise in the last two years, which is expected to continue during the forecast period.
Asia-Pacific is the fastest-growing automotive adhesives market, in terms of both value and volume. Countries such as China, South Korea, India, Indonesia, and Thailand are witnessing a gradual increase in the use of automotive adhesives in end-use industries. In 2015, China dominated the automotive adhesives market in Asia-Pacific, accounting for a market share of almost 50%.
It is projected to remain the biggest market in the Asia-Pacific region due to its high economic growth rate, growing purchasing power, developing infrastructure, increasing demand from end-use industries, and a global shift in automobile production capacity from the developed markets to this region.
The market players have adopted varied growth strategies, such as new product launches; mergers & acquisitions; investments & expansions; and partnerships, contracts & agreements to expand their overall business worldwide.
The key companies operating in this market are engaged in bringing innovations in their products as well as enhancing their penetration in the emerging markets. They are constantly taking efforts to strengthen material research & development (R&D) to provide cost-effective products. These products are manufactured adhering to the regulations set by associations and governments. All such developments are expected to lead to drive the growth of the automotive adhesives market during the forecast period.
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Henkel AG & Company (Germany), Bostik SA (France), H.B. Fuller (U.S.), 3M Company (U.S.), The Dow Chemical Company (U.S.), Sika AG (Switzerland), PPG Industries, Inc. (U.S.), and Illinois Tool Works Corporation (U.S.) are the key players that are actively present in the global automotive adhesives industry.
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