Automotive Adhesives and Sealants Market New Entrants, Competitive Scenario & Forecast By 2024

Automotive Adhesives and Sealants Market-Growth, Trends, and Forecast (2019-2024)

The automotive adhesives & sealants market is expected to grow at a CAGR of around 6% during the forecast period of 2019 – 2024. The major factors driving the growth of market studied are the growing automotive industry in Asia-Pacific, and stringent environment regulations promoting the use of low volatile organic carbon (VOC) adhesive tapes. On the flipside, volatility in raw material prices serves as one of the stumbling blocks in growth of the studied market.

– Polyurethanes segment dominated the market in 2018 and is likely to grow during the forecast period, with growing innovations in automotive industry to reduce vehicle weight, and suitable properties of polyurethane resin for application in automotive adhesives & sealants.
– The development of lightweight vehicles, and high-performance adhesive tapes for advanced applications are likely to provide opportunities for the studied market during the forecast period.
– Asia-Pacific dominated the market across the globe, where the demand for automotive adhesives & sealants is majorly driven by the growing automotive production.

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Key Market Trends
Polyurethanes Segment to Dominate the Market Demand

– Polyurethane is the most widely used resin in the production of automotive adhesives & sealants.
– Polyurethanes are thermosetting polymers, which do not melt when heated. Polyurethane polymers are formed by the reaction of isocyanate and a polyol.
– Polyurethane adhesives are the most commonly used adhesives, which provide extremely strong bonding.
– Polyurethane adhesives provide good resistance against heat, moisture and chemicals. They are also flexible and durable, and they provide good impact resistance.
– Automotive industry demands adhesives & sealants with high temperature endurance ability, exceptional bonding strength, and durability. Therefore, the properties of polyurethane resins makes it widely suitable for automotive adhesives & sealants application.
– Therefore, with growing innovation in regards to efforts towards reducing the weight of the vehicles, the application of adhesives & sealants has increased, and can further increase with research & developments in this field.
– Hence, this is expected to further drive the demand for polyurethane resins application in the automotive adhesives & sealants market.

Asia-Pacific Region to Dominate the Market

– Asia-Pacific region dominated the global market share in 2018. The increasing investment and production in the automotive industry, and growing innovation in the automobile industry are the major factors driving the demand for automotive adhesives & sealants market.
– China stands to be the world’s largest automotive producer. However, in 2018, the country witnessed about 4.16% decline in the production of vehicles. Automotive sales also declined about 6% to 22.7 million units in 2018. The performance of the automotive industry was affected by the economic shifts and China’s trade war with the United States.
– However, China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. The target, if achieved will increase the share of electric vehicles to 20% of total new car production for China by 2025, which is likely to increase the production of automotive industry of the country in the coming years.
– India is witnessing investments in automotive industry, which is further expected to increase production in the country. For instance, in 2018, Hyundai planned investment of USD 1 billion in India by 2020.
– SAIC Motor has also announced to invest USD 500 million in India by 2020. The company has appealed the government of India to provide incentive driven policies for electric vehicles, as it plans to invest on developing electric vehicles in the country.
– Besides, countries such as Indonesia, Malaysia, and Thailand have also been witnessing strong growth in the production of vehicles in the region.
– Hence, all such favorable trends and investments are expected to drive the demand for automotive adhesives & sealants market during the forecast period.

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Competitive Landscape
The automotive adhesives & sealants market is a consolidated market, where few players holds significant share of the market to affect the market dynamics individually. Some of the noticeable players in the market include 3M, DowDuPont, Henkel AG & Co., KGaA, H.B. Fuller, and Arkema Group, amongst others.

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Major Point of TOC:






Chapter Six: Competitive Landscape

7.1 Development of Lightweight Vehicles
7.2 High-performance Adhesive Tapes for Advanced Applications

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