Automotive Adhesives Market by Resin (Polyurethane, Epoxy, Acrylic, Silicone, SMP, MMA), Application (Body in White, Paint Shop, Assembly, Powertrain), Vehicle Type (Passenger Car, LCV, Truck, Bus, Aftermarket), and Region - Global Forecast to 2024
The automotive adhesives market is projected to register a CAGR of 5.7%, in terms of value, between 2019 and 2024
The automotive adhesives market is expected 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. Low-cost of manufacturing in APAC countries and high demand for automotive adhesives in the region are driving its market growth.
SMP is the fastest-growing resin type of the automotive adhesives market.
Silane modified polymer adhesives have a smaller market share compared to other types. However, the market for this segment is projected to grow at the highest rate due to stringent environmental regulations on other adhesives in the market. These regulations prohibit the use of highly toxic solvents which have VOC emissions. As SMP adhesives are odorless, free of isocyanates and solvents, and emit no VOCs, their demand is expected to increase. The automotive & transportation industry continuously demands more advanced and improved bonding adhesives which offer excellent adhesion, superior durability, chemical & temperature resistance, and low shrinkage.
Passenger cars segment is projected to be the fastest-growing automotive adhesives market.
The passenger cars segment is projected to grow at the highest CAGR during the forecast period, 2019 to 2024. In the coming future, younger generations will be a significant driver in the development of more sustainable and convenient modes of commute. The future is expected to be ruled by passenger cars which may be electric, autonomous, and shared mobility, globally. This is expexted to drive the maket for passenger cars segment.
APAC is the largest and projected to be the fastest-growing automotive adhesives market.
APAC is the largest as well as the fastest-growing automotive adhesives market. It encompasses a diverse range of economies with different levels of economic development and multiple industries. Growth is attributed mainly to booming economies such as China and India, among other few smaller countries, such as Indonesia, and Thailand.
China is the leader in the market for automotive adhesives in terms of demand in the Asia Pacific. India is a rapidly emerging nation in the market due to the growth in the use of automotive adhesives. The key market players are expanding their automotive adhesives production in APAC, especially in China, Japan, and India.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in automotive adhesives market, and information was gathered from secondary research to determine and verify the market size of several segments and subsegments.
By Company Type: Tier 1 - 50%, Tier 2 - 30%, and Tier 3 - 20%
By Designation: C Level - 30%, D Level - 30%, and Others - 40%
By Region: North America - 20%, APAC - 40%, Europe - 20%, South America- 10%, and Middle East & Africa - 10%
The key companies profiled in this report are the Henkel (Germany), Arkema (Bostik) (France), 3M (US), Dupont (US), H.B. Fuller (US), Sika (Switzerland), and Huntsman (US).
This report provides detailed segmentation of the automotive adhesives market based on resin type, application, vehicle type, and region. Based on the resin, the market has been segmented into polyurethane, epoxy, acrylic, methyl methacrylate, silicone, SMP, and other resin such as polysulfide, rubber, polyamide, and others. With respect to application, the automotive adhesives market has been segmented into body in white, paint shop, assembly, and powertrain. Based on vehicle type, the market has been segmented into passenger car, LCV, truck, bus, and after market. Based on the region, the market has been segmented into the Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
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