Global automotive adhesives & sealants market is anticipated to amass around US $7.01 billion by the year 2026, showing a 6.9 percent CAGR throughout the forecast timeline, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
As per the study, the burgeoning demand for light-weight passenger vehicles, paired with the expansion of the worldwide automotive industry, is slated to promote the automotive adhesives & sealants market growth. The global market growth is further boosted by rising modernization of vehicles, and the growing need to improve vehicle performance and reduce the noise & vibration of vehicles.
The increased demand for vehicles by developing economies enhances the application of automotive adhesives. Surging penetration of electric & hybrid vehicles, enforcement of several government regulations, along with higher adoption of sustainable adhesives tend to fuel market expansion over the projected period. Over the coming years, the global market for automotive adhesives & sealants is likely to witness enormous growth prospects on account of new evolving markets, technological enhancements, as well as growing adoption of bio-based adhesives, cites the report.
The latest research report entails a comprehensive analysis of market drivers, industry dynamics, and evaluates future trends, alongside a thorough scrutiny of market restraints & opportunities over the forecast period. The report also features an in-depth industry analysis which takes into consideration Porter’s five forces that include degree of competition, bargaining power of supplier, bargaining power of buyer, threat of new entrants and threat of substitutes.
Depending on the resin type, the market for automotive adhesives & sealants worldwide is bifurcated into epoxy, polyurethanes, rubber, silicones, acrylics, polyvinylchloride, and others. The sales channel for this market is split into two significant channels - the aftermarket and original equipment manufacturers. Speaking of the vehicle type, the global market is disintegrated into two major segments that are passenger vehicles and commercial vehicles. Reportedly, the passenger vehicles segment bagged the highest market chunk with respect to revenue, in the year 2018.
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On the basis of geographical segmentation, Asia Pacific held the highest market share in the automotive adhesives & sealants industry worldwide, in 2018. The increasing urbanization and growing population are cited as the chief contributors to market growth in the region. The high product adoption in this region can be credited to enforcement of stringent vehicular regulations and escalating penetration electric & hybrid vehicles. Industry experts claim that robust growth of the automotive industry, numerous technological developments, and considerable investments in research & development are slated to fuel the regional growth.
Economic growth in APAC countries, including India, China and Japan, higher disposable income and enhanced living standards support the regional demand for automobiles. Penetration of global players, intending to tap market potential, further promotes the expansion of the global market, as per the latest study.
The broad competitive spectrum of the global automotive adhesives & sealants market involves key market players such as The DOW Chemical Company, BASF SE, Solvay S.A., Henkel & Co. KGaA, 3M Company, Evonik Industries AG, Franklin Adhesives and Polymers, Sika AG, Bostik S.A., Illinois Tool Works Corporation, and others. These leading companies are innovating and launching new products in a bid to fulfil the growing needs of consumers. They are further focusing on peer collaboration and acquisition, to strengthen their market reach and magnify their global footprint.