The main purpose of the automotive adhesives market is to provide a bonding agent between two automotive parts. This is required to increase the vehicle's overall strength and toughness. Adhesives are also used to improve the aesthetic appeal of the vehicle by providing a seamless finish. In addition, adhesives can also be used to reduce noise and vibration levels within the vehicle. The market is driven by the increasing demand for lightweight vehicles, the need for cost-effective bonding solutions, and the growing popularity of electric vehicles.
Urethane adhesives are widely used in the automotive industry due to their superior performance, including high strength and durability. Epoxy adhesives offer excellent resistance to heat, chemicals, and moisture. Acrylic adhesives are used in applications where clarity and aesthetics are important, such as in interior trim and exterior body panels. Silicone, polyurethane, and cyanoacrylate are other adhesive types employed in the automotive sector.
Automotive adhesives are bonding agents used to join two or more surfaces together in a vehicle. There are four main types of automotive adhesives: urethane, epoxy, acrylic, and others. Urethane adhesives are the most popular type of automotive adhesive. They are perfect for bonding metal, glass, and plastic surfaces since they are strong and flexible. Epoxy adhesives are also strong and durable, but they are not as flexible as urethane adhesives. Acrylic adhesives are less strong than urethane and epoxy adhesives, but they offer good resistance to heat and chemicals. Other types of automotive adhesives include silicone, polyurethane, and cyanoacrylate adhesives.
The automotive adhesives market is expected to reach USD 40.8 billion by 2031 from an estimated USD 15.3 billion in 2021, at a CAGR of 12.4%.
The growth of this market is driven by the increasing demand for adhesives from the automotive industry, rising awareness about the benefits of using adhesives, and growing demand for sustainable and lightweight vehicles.
The automotive adhesives market is expected to be restrained by volatile raw material prices and stringent environmental regulations. Volatile raw material costs could have a detrimental effect on manufacturers' profit margins, which is anticipated to impede market expansion. Stringent environmental regulations regarding the VOC content in adhesives & sealants are expected to hamper the market growth during the forecast period. However, the increasing demand will boost the market.
Henkel AG & Company, KGaA, The 3M Company, Sika AG, Illinois Tool Works Inc., Bostik SA, H.B. Fuller Company, and DowDuPont Inc. are the major market participants for automotive adhesives. In the market for automotive adhesives on a global scale, these businesses are well-established.
The urethane Segment to be on top of the market
Urethane is anticipated to experience the fastest CAGR growth among the numerous types of automotive adhesives currently on the market. Urethane adhesives offer various benefits over other types of adhesives such as high strength, flexibility, resistance to weathering and moisture, and good elongation properties. These properties make urethane adhesives ideal for use in applications where durability and flexibility are required such as body-in-white applications.
The body-in-white segment holds the most market share
The body-in-white segment is anticipated to develop at the greatest CAGR among the numerous automotive adhesive applications throughout the course of the projected period. One of the key elements fueling the expansion of this application area is the rising need for lightweight cars. Automotive adhesive tapes are used extensively in body-in-white applications such as bonding metal sheets and joining dissimilar substrates.
Asia Pacific will command the marketplace.
Due to rising demand from China, Japan, India, and South Korea, the Asia-Pacific region is anticipated to develop at the greatest CAGR over the forecast period. The region's demand for automotive adhesives is anticipated to increase as these nations' auto manufacturing facilities multiply.
Impact & Market Situation of Covid-19
The outbreak of the COVID-19 pandemic has had a significant impact on the automotive industry, with vehicle production and sales declining sharply in many markets around the world. The market for automotive adhesives is also expected to be negatively impacted in 2020 due to the slowdown in vehicle production. The market is anticipated to rebound starting in 2021 when car production continues its upward trend.
A Snapshot of the Most Recent Innovations in the Global Automotive Adhesives Market
-The increasing use of urethane-based adhesives for body-in-white applications. Urethane-based adhesives offer superior bonding strength and flexibility compared to other types of adhesives, making them ideal for body-in-white applications.
-The increasing use of acrylic-based adhesives for interior and exterior applications. Acrylic-based adhesives offer excellent weather resistance and UV stability, making them ideal for interior and exterior applications.
-The increasing use of epoxy-based adhesives for fixed glass applications. Epoxy-based adhesives offer superior bonding strength and chemical resistance, making them ideal for fixed glass applications.
Automotive Adhesives Market Scope
|Revenue forecast in 2031
|USD 40.8 billion
|CAGR of 12.4% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Henkel AG & Company, KGaA, The 3M Company, Sika AG, Illinois Tool Works Inc., Bostik SA, H.B. Fuller Company, and DowDuPont Inc.
Key Segment of Global Automotive Adhesives Market
By Type Overview 2021-2031, (USD Billion)
By Application Overview 2021-2031, (USD Billion)
• Interior & Exterior
• Fixed Glass
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa