Global Automotive Adhesives and Sealants Market - Segmented by Type, by Technology, by End-user Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global automotive adhesives and sealants market is expected to register a CAGR of 7.21% during the forecast period, 2018 to 2023. Asia-Pacific dominated the market, accounting for around 40% of the market share in 2017, followed by Europe and North America.
Growing Demand for Lightweight Vehicles
Over the past few years, adhesives have become a prime technology component of the automotive applications, as they are continuously replacing traditional bonding or adhesion methods. On an average, the present day automobile contains about 18kg of adhesives, compared to 8kg in 2004
Unlike traditional manufacturing methods, adhesives offer the advantage of flexibility during the production process of automotive components. In addition, they also aid in reducing the processing and set up time, as they can be applied easily and at a relatively high speed. Additionally, the recent advancements in the adhesives technologies has been aiding automobile manufacturers in the production of lightweight and fuel efficient vehicles. The Corporate Average Fuel Economy standard has forced manufacturers in the automotive industry to develop vehicle designs that incorporate the usage of adhesives. The focus on minimizing carbon emission and enhancing fuel economy by a way of reducing the weight of a vehicle has given adhesives the impetus as a bonding material for the manufacturing of automobiles.
Rising Demand for Polyurethane
Polyurethane adhesives are the most commonly used adhesives, which provide extremely strong bonding and offer good resistance against heat, moisture, and chemicals. Apart from the aforementioned properties, they also offer flexibility, durability, and good impact resistance.
The demand for polyurethane adhesives in automotive applications such as vehicle interiors and windshields, bumper’s, and fenders, without adding excess weight. With the growing automotive industry across the world, especially Asia-Pacific region, the demand for and usage of polyurethane adhesives are expected to increase during the forecast period.
High Demand for Water-borne Adhesives
Water-borne adhesives are increasingly becoming an integral part of various end-user industries, owing to its eco-friendly and low-toxic nature, high solid content, and high initial adhesion properties.
Water-borne acrylic adhesives are more environment- and user-friendly alternative to solvent-based coatings. They are used in the manufacturing of interior components, like composite safety glass and steering wheel and are also used in the manufacturing of interior trim parts, such as instrument panels, dashboards, and gear shift levers, door interior panels, exhibiting high aesthetics and offers long-lasting aging resistance. Thus, with the growing demand for vehicles, both passenger cars and commercial vehicles, the demand for water-borne adhesives are expected to increase during the forecast period.
Notable Developments in the market