Global Automotive Adhesive and Sealants Market Report, published by Variant Market Research, forecast that the global market is expected to reach 2,217 kilo tons by 2024 from 1,353 kilo tons in 2016; growing at a CAGR of 6.4% from 2016 to 2024. Adhesive and sealant both are the viscous substances majorly used to seal or pack the deformities in an automobile. Adhesives are extensively utilized in automotive industry for attachment applications, providing strong effect, rust and heat resistance. High performance adhesives are used in bonding a varied range of automotive machineries and assemblies such as exterior trim, wire harnesses, and windshields.
"Automotive Adhesive and Sealants Market (By Application: BIW, UTH and Power Train, Paint Shop, Assembly; By Type: Epoxy, Acrylics, Polyurethanes, Rubber, PVC, Silicones, Hot Melts; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Increasing markets for automotive to drive the growth of automotive adhesive and sealants market
The factors supporting the growth of the market are high development in the global automotive market over the past years. Adhesives and Sealants are most favored because of their ability to reduce noise and vibration. Miniaturization & weight decrease are key factors prompting technology trends in the market. Companies are presenting specialized products with combined properties. New breaks are available for manufacturers to harvest environment-friendly and fast curing adhesives from bio-based or natural and renewable resources, which is expected to foster industry growth.
The market for global automotive adhesive and sealants is classified on the basis of application, type, and geography. The classification by application includes BIW, UTH and power train, paint shop, assembly. Type is bifurcated as epoxy, acrylics, polyurethanes, rubber, PVC, silicones, and hot melts. Based on geography, the global automotive adhesive and sealants market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
BIW accounted for the largest market share in the application segment
BIW accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016-2024 owing to the growing acceptance of adhesive and sealants in the market around the globe.
Global Automotive Adhesive and Sealants Market By Type
PVC dominated the type segment
PVC dominated the type segment due to easy application and comparatively low cost and is expected to command the sufficient market share in the coming years.
Asia-Pacific is dominated the global market with highest market share
Asia-Pacific is expected to attain the fastest CAGR of 7.4% during the forecast period 2016-2024, driven by the expanding technological advancements in the countries such as India and China, among others. The region also held the largest market share of 49% in 2016, due to increasing market for automotive and also due to cheaper products.
GLOBAL AUTOMOTIVE ADHESIVE AND SEALANTS MARKET SHARE BY GEOGRAPHY, 2016 (%)
Ashland Inc. has tossed new products like new pressure-sensitive adhesives, peel and shear properties for medical applications, flexible adhesives, and the combined balance of tack. Avery Dennison Corporation has announced new variety of brake adhesive that easily meets electronic parking brake act challenges. Other key players or companies are also making investments in newer applications or claims of Adhesives & Sealants which has made this market much more stimulating. The major key players operating in the market are Evonik Industries, BASF, DSM Inc., Henkel, 3M Inc., Avery Dennison, Bostik, AkzoNobel N.V., Franklin Adhesives & Polymers, H.B. Fuller & Co, among others.