Overview:
Considering the rapid market expansion, Market Research Future (MRFR) in its recently published study report, asserts that the Global Automotive Adhesives Market is forecasted to grow exponentially by 2022, registering a staggering CAGR during the review period (2017-2022). The automotive manufacturing sector generates a vast demand for these adhesives.
Automotive Adhesives are garnering a huge prominence due to the growing use of multi-material structures in the automotive manufacturing. It is difficult to join such diverse materials such as the combinations of steel with lightweight materials like carbon fiber reinforced plastics with conventional welding. In such scenarios, lightweight automotive adhesives are used in the construction of automotive interior parts and electronics.
Over the past few years, the Automotive Adhesives Market is growing rapidly and pervasively mainly due to the burgeoning automotive industry worldwide. Moreover, the increasing demand for lightweight and low carbon emitting vehicles escalate the market on the global platform, encouraging the use of materials such as aluminum and hence the more use of Automotive Adhesives.
Growing technological advancements in the manufacturing of automobiles and the adoption of smart cars are among some of the driving forces broadening the use of Automotive Adhesives. Moreover, the increase in the use of large adhesive volumes with the increasing complexity in the design of vehicles is also driving the growth of the market.
On the other hand, fluctuating prices of raw materials required for the production of Automotive Adhesives is a key factor obstructing the market growth. Also, the demand and supply gap of these raw materials is hindering the market growth equally. To tackle these situations, key players are working on to strengthen their supply chain.
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Major Players:
Key Players Leading the Global Automotive Adhesives Market include Henkel (Germany), The Dow Chemical Company (U.S.), BASF (Germany), Ashland Specialty Chemical Company (U.S.), 3M Company (U.S.), H.B. Fuller Company (U.S.), Dynea International Oy (Finland), Hindustan Adhesives Limited (India), Hexion Specialty Chemicals Inc. (U.S), and Covalence Specialty Adhesives LLC (U.S.) among others.
Automotive Adhesives Market – Segments:
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Type: Polyurethane, Acrylic, and Polyamide among others.
By Application: Paint Shop, Assembly, and Powertrain, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Automotive Adhesives Market – Competitive Analysis:
The Highly Competitive Automotive Adhesives Market appears fragmented due to the presence of many large and small-scale players. These players alongside the new entrants form a competitive landscape. Significant investments are being made into R&D activities to develop technically advanced materials.
Key strategies traced from the analysis of recent proceedings of these players include product launch, agreement & partnership, expansion, and acquisition. Additional strategic initiatives adopted by these players include developing state-of-the-art manufacturing facilities and strong sales & distribution network which help them to acquire the leadership position in the market.
Manufacturers from the developed region are moving their production bases to the developing countries of APAC such as China, and India.
Automotive Adhesives Market – Geographical Analysis:
Globally, the Asia Pacific region dominates the Global Automotive Adhesives Market owing to the increasing adoption of lightweight materials in the automotive industry. The burgeoning automotive sector in the region is expected to generate enormous demand for Automotive adhesives during the review period.
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The region is attracting many foreign investors and encouraging the manufacturers to shift their production bases to the emerging countries such as Japan, China, and India heading with the ample availability of cost-competitive logistic in the region such as the land, workforce, and raw materials required for the production of these adhesives.
consequently, countries such as China, Japan, and India, backed by their growing automotive sectors contribute majorly to the market in the region. Furthermore, the improving economy in the region is boosting the demand for Automotive Adhesives, improving the standard of living and increasing consumers’ purchasing power.
North America Automotive Adhesives Market emerging as the fastest growing market accounts for a substantial market share on the global platform. Factors such as the increased consumption of adhesives in the well-established automotive sector in the region substantiate the growth of the regional market.
Also, factors such as the growing investments in the end-user industry and technological advancement along with the presence of leading global players boost the growth in the regional market. Witnessing a broad uptake, the North America Automotive Adhesives Market is expected to significantly contribute to the GDP of the region throughout the assessment period.
The Europe Automotive Adhesives Market, heading with the huge uptake in its flourishing automotive sector in the region is emerging as a promising market.
The implementation of new regulations proposed by the government to follow lightweight and biocompatible resins in the automotive industry is favoring the market growth. Automotive Adhesives Market in the UK, Italy, Germany, and France, driven by the growing innovation and technological advancement are supporting the market growth.
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