Growth Opportunities for Sealants in Global Automotive Industry 2015-2020
According to a new market report published by Lucintel, the future of sealants in the globalautomotive industry looks attractive with increasing penetration of lightweight materials and risingvehicle production. Sealants in the global automotive industry is forecast to grow at a CAGR of7.1% from 2015 to 2020. The major growth driver for this market is that globally, automotiveoriginal equipment manufacturers are looking to reduce vehicular weight by using lightweightmaterials, such as aluminum and composites, in place of steel, which will increase the usage ofsealants. Sealants are expected to find greater use at the expense of mechanical gaskets basedon their resistance to corrosion and chemicals as well as their ability to reduce noise and vibrationwhile providing significant cost savings.
In this market, polyurethane, plastisols, butyl, silicone, and other sealants are used for automotiveapplications. Lucintel predicts that the demand for polyurethane-based sealants is expected toremain the largest due to their high compatibility with plastic and rubber. On the basis of itscomprehensive research, Lucintel forecasts that polyurethane sealants will record the highestgrowth during the forecast period, supported by increasing penetration of light materials in thecoming years which will make this variety of sealants a more attractive material for OEMs.Polyurethane sealants are high-performance sealants noted for their elasticity and excellentabrasion resistance.
In terms of sealant consumption in the automotive industry, the passenger car segment isexpected to remain the largest segment by value and volume. Development of sealing andbonding technologies for applications in the automotive industry is expected to spur growth forthis segment over the forecast period.
Asia Pacific is expected to remain the largest market due to an increase in production of cars andlight commercial vehicles in China and India. Europe and North America are expected to witnesssignificant growth over the forecast period due to increasing penetration of sealants and rise inautomotive production.
For market expansion, the report suggests innovation and new product development, where theunique characteristics of sealants can be capitalized. The report further suggests thedevelopment of partnerships with customers to create win-win situations and the development oflow-cost solutions for end users.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasinguse of composites and lightweight materials in automotive, suppliers to the automotive industryare developing materials that can cure at low temperature, and rising demand for better insulatedcar cabins is generating opportunities for the use of sealants. Henkel AG & Co KGaA, 3MCompany, The Dow Chemical Company, and Sika AG are among the major suppliers ofautomotive sealants. There are some companies that are opting for M&A as a strategic initiativefor driving growth.the global automotive industry by vehicle, resin, application type, and region and has come upwith a comprehensive research report, “Growth Opportunities for Sealants in GlobalAutomotive Industry 2015-2020: Trend, Profit, and Forecast Analysis.” The Lucintel reportserves as a springboard for growth strategy, as it provides a comprehensive data and analysis ontrends, key drivers, and directions. The study includes the forecast of sealants in the globalautomotive industry through 2020, segmented by vehicle, resin, application type, and region asfollows:
By vehicle type [volume (million pounds) and $ million shipment from 2009 to 2020]-
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