The automotive adhesives market size is projected to grow from USD 8.1 billion in 2019 to USD 10.7 billion by 2024, at a CAGR of 5.7%, during the forecast period. The market is witnessing a moderate growth due to the and a present slowdown in the demand in the automotive industry and growing use of automotive adhesives.
The key market players are Henkel (Germany), Arkema (Bostik) (France), 3M (US), Dupont (US), H.B. Fuller (US), Sika (Switzerland), and Huntsman (US). These players have adopted various strategies, such as new product launch and merger & acquisition between 2014 and 2019, to enhance their market shares and expand their global presence.
Henkel is one of the leading solution providers for adhesives, sealants, and functional coatings. The company has three business segments, namely, adhesive technologies, laundry & home care, and beauty care. The company manufactures automotive adhesives under its adhesive technologies segment. Henkel is a leader in the adhesives industry. It has a strong network for distributing and manufacturing adhesives with 135 production sites to meet the changing demands of the automotive adhesives industry, worldwide. The company continuously focuses on its organic & inorganic growth.
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Polyurethane resins are expected to lead the automotive adhesives market during the forecast period
Polyurethane adhesives have a high demand in the automotive adhesives market due to their excellent properties such as high elongation properties and stronger bonding. These are used in bonding windscreens, side and rear windows of passenger cars, trucks, and special vehicles. They are also used for bonding fiberglass reinforced plastic elements, such as roof, side, and front panels. These adhesives also have a competitive advantage over silicone products as they can be easily painted, and offer a fissure-free coated surface for an extended period.
Body in white is the largest application in the automotive adhesives market.
Objective to reduce vehicle weight is increasing the use of aluminum in the body in white stage. Due to the ability to join thinner and lighter – materials along with aluminum is boosting the use of adhesive at the body in white stage. Epoxy adhesives play a major role in joining dissimilar and default to bond substrates in the automotive body. With the increased usage of composites and plastics in the automotive body, the usage of adhesives has proportionally increased. These substrates cannot be welded or joined using nut bolts and rivets. Hence the demand for adhesives for the body in white is on the rise.
APAC is expected to account for the largest market share during the forecast period.
The APAC automotive adhesives market is expected to drive the global industry growth during the forecast period, 2019 to 2024, which can be attributed to the rising demand for the product from economies such as India, China, South Korea, Indonesia, and Thailand among others. Moreover, factors such as the improving standards of living and rising per capita incomes in these countries are also fuelling the growth of the Asia Pacific; thus, automotive thus for automotive adhesives.
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