Automotive adhesives Market: Introduction
Automotive adhesives have a widespread application in the vehicle right from a micro sensor to huge vehicle chassis. Adhesives are primarily used for bonding applications apart from providing strong impact, heat and corrosion resistance. Adhesives are applied to the exterior and interior of the vehicle body. Global automotive adhesives are gaining prominence owing to increasing automotive production across the globe. The global automotive adhesives market is expected to foray ahead with a higher single digit CAGR over the forecast period of 2019-2029. Activeness of key players in the market is identified as the recent trend that is pushing the global market. Stringent regulations regarding volatile organic compounds (VOCs) has led the platform for water-based adhesives that are eco-friendly in nature. Key players including Bostik, 3M etc. are advancing towards water-based adhesives for automotive application. Furthermore, Henkel in 2018 has started a huge innovation center for adhesive technologies. Also, in 2017, H.B.Fuller have completed the acquisition of Royal Adhesives and Sealants for bringing high-end materials. Therefore, such initiatives by the key players tend to increase the sense of competition amongst key players, which in turn drives the global automotive adhesives market growth over the forecast period. Moreover, increasing demand for lightweight and low carbon emitting vehicles coupled with technological innovations are some of the factors providing traction to the automotive adhesives market growth.
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Increasing automotive production is poised to drive market growth over the forecast period
Increasing automotive production across the globe leverages wide avenues for automotive adhesive. The major interior application areas are headliners, door panels, flooring, pillar assemblies etc. while trims, roof linings, headlamp & roof module bonding, spoilers & components etc. are the major exterior application areas of adhesives. As per OICA (International Organization of Motor Vehicle Manufacturers), Paris, the total cars and commercial vehicle production in 2016 was recorded to be around 72.1 million that further escalated up to 73.4 million in 2017. Also, Asia Pacific is a key region considering automotive production. Thus, increasing automotive production consequently calls for adhesives that in turn drives the global automotive adhesives market.
Segmentation analysis of automotive adhesives Market
The global automotive adhesives market is bifurcated into five major segments: Resin type, form, application, sales channel and vehicle type.
On the basis of resin type, the global automotive adhesives market is divided into:
On the basis of form, the global automotive adhesives market is divided into:
On the basis of application, the global automotive adhesives market is divided into:
- Door Panels
- Pillar Assemblies
- Roof Linings
- Headlamp and roof module Bonding
- Spoilers and Components
- On the basis of sales channel, the global automotive adhesives market is divided into:
On the basis of vehicle type, the global automotive adhesives market is divided into:
- Passengers Vehicles
- Commercial vehicles
- Heavy Commercial Vehicles
- Light Commercial Vehicles
Based on region, the global automotive adhesives market is segmented as:
- North America
- Latin America
- East Asia
- South Asia & Oceania
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Automotive adhesives Market: Regional Outlook
East Asia is expected to contribute to the majority of the market share in 2018 in terms of value owing to high adoption of automotive adhesives. Countries such as China, Japan and South Korea have high automotive production, which consequently calls for the adoption of automotive adhesives. Further, Europe is expected to follow East Asia in the global automotive adhesives market due to various factors such as high automotive production, presence of big automotive giants along with activeness of adhesive companies. South Asia is expected to show high growth rates due to increasing disposable income, increasing automotive production and positive government stance towards manufacturing. Initiatives such as “Make in India” tend to drive the manufacturing industries of the country that signifies growth in the automotive industry. China is one of the key emerging markets for automotive adhesives in the East Asia region. Moreover, Latin America accounted for a substantial market share in terms of automotive adhesives demand.
Key players of automotive adhesives Market
Prominent players in the global automotive adhesives market are Henkel AG & Company, Bostik SA, 3M Company, The Dow Chemical Company, PPG Industries, Inc. and others. The automotive adhesives market consists of well-diversified global and regional players with global vendors ruling the market.
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