Automotive Adhesives are a lightweight method that helps in joining the composites as well as plastic materials for automotive. It is used primarily for the construction of electronics and the interior parts of automotive. The Global Automotive Adhesives Market is expected to grow significantly in the forthcoming years as per the released report by the team of Market Research Future (MRFR).
The key drivers identified behind the growth of the market is the increasing demand for low carbon emitting and lightweight vehicles that supports the usage of materials like aluminum. This helps reduce the weight of the automotive and subsequently leads to the use of Automotive Adhesives. Add to this, advancements in technology concerning the manufacturing of automobiles and the adoption of smart cars is another key driver of the market.
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However, amidst these positive points, the Automotive Adhesives Market may experience restrain in its growth due to a number of reasons. This is due to the fluctuating cost prices of raw materials that is required for the production of automotive adhesives. At the same time, the gap between the demand as and supply chain is also creating a hindrance to the growth of the market in equal fashion. The key players in the market are working dedicatedly to tackle such situations by strengthening their supply chain.
Competitive Landscape:
H.B. Fuller Company (U.S.), Ashland Specialty Chemical Company (U.S.), The Dow Chemical Company (U.S.), BASF (Germany), 3M Company (U.S.), Covalence Specialty Adhesives LLC (U.S.), Dynea International Oy (Finland), Henkel (Germany), Hindustan Adhesives Limited (India), Hexion Specialty Chemicals Inc. (U.S), and others.
September 12, 2018, LG Chem mentioned that it has acquired Uniseal, a specialist in US automotive adhesives. The move is expected grab hold of the demand for those materials in the automotive sector as the drive to switch towards light vehicles continues.
Regional Analysis:
The regional segmentation of the Automotive Adhesives Market covers the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Asia Pacific leads the global charts of the Automotive Adhesives Market with the highest share percentage. This is due to the proliferating adoption and demand for light-weighted materials in the automotive industry. The region is attracting various foreign investors as well, who are encouraging the automotive manufacturers to migrate their production hubs to emerging countries in the Asia Pacific region, like India, China, and Japan. This is centered-around the mass availability of competitive logistics in the region, namely workforce, raw materials, and land, which are of utmost requirement for the production of these Automotive Adhesives. Add to this, the changing yet ameliorating economy in this region is also expected to boost the demand for this product.
North America is another key and prominent region in the global market for Automotive Adhesives. It is reported to exhibit the fastest growing market potential among the mentioned regions. Various factors aid in the proliferation of the region; the increasing investments in the end-user industry, advancements in technology, the presence of major players, and the increasing consumption of adhesives in the sector being some of the crucial factors of growth. Furthermore, the growth of the region is such that it is expected to contribute massively to the GDP of the region during the forecast period.
The European market is one that is slated for significant growth and expansion in the coming years. The booming automotive sector herein is expected to cause a major shift and position it as a promising regional player. The region is driven by continued innovation and advancements in technology across leading countries like Germany, the UK, France, and Italy.
Market Segmentation:
The Global Automotive Adhesives Market segmentation is based upon the following two dynamics: Type and Application.
By Type, the market includes polyamide, polyurethane, acrylic, and others.
By Application, the market includes powertrain, paint shop, assembly, and others.
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