Automotive Adhesives and Sealants Market Research Report: By Type (Epoxy, Acrylics, Polyurethanes, Rubber, Polyvinylchloride, Silicones, Hot Melts), Application (Body In White, Under-The-Hood and Power Train, Paint Shop, Assembly), Vehicle (Passenger Cars, Light Commercial Vehicle, Heavy and Medium Commercial Vehicle) – Global Industry Analysis and Demand Forecast to 2030
New York, Nov. 03, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Adhesives and Sealants Market Research Report: By Type, Application, Vehicle – Global Industry Analysis and Demand Forecast to 2030” – https://www.reportlinker.com/p05982481/?utm_source=GNW
The global automotive adhesives and sealants market generated a revenue of $7,438.2 million in 2019 and is expected to reach a value of $12,646.8 million in 2030, progressing at a CAGR of 7.0% between 2020 and 2030. The prominent factors fueling the advancement of the market are the rising requirement for lightweight automobiles and the increasing implementation of strict vehicular safety regulations and norms in several countries, on account of the growing prevalence of road accidents.
In the recent times, there has been a sharp rise in the demand for lightweight vehicles having high speeds, power, and fuel-efficiency. As a result, many automobile manufacturing companies are increasingly making huge investments in R&D (research and development) activities aimed at developing lightweight vehicles. Moreover, they are rapidly replacing the conventionally used steel fixtures such as bolts and nuts with structural adhesives that offer excellent bonding between parts and components.
The usage of these adhesives in place of the heavier steel fixtures massively reduces the overall weight of the vehicle. Another major factor fueling the progress of the automotive adhesives and sealants market is the rising enactment of stringent safety norms for automobiles across the globe. The usage of rubber compounds called mastics for filling the vacuum in an automobile during the body-in-white (BIW) stage greatly reduces the impact of head-on collisions, thereby increasing passenger safety.
Based on type, the automotive adhesives and sealants market is classified into acrylics, epoxy, rubber, polyurethanes, hot melts, silicones, and polyvinylchloride (PVC). Amongst these, the epoxy category recorded the highest growth in the market in the past years, on account of the rising incorporation of epoxy adhesives in the automotive industry. This is mainly because of the superior properties of these adhesives such as the ability to provide rigid bonding, which helps in improving the structural integrity of an automobile.
Apart from providing rigid bonding, these adhesives also offer greater surface hardness, dimensional stability, and temperature stability in comparison to the other adhesives. These properties make the epoxy adhesives ideal for use in automobiles. Hence, with the surging automotive manufacturing across the globe, the requirement for epoxy adhesives will shoot-up, which will, in turn, cause the expansion of the market. Globally, the Asia-Pacific (APAC) automotive adhesives and sealants market will be very lucrative in the near future.
The growth of the APAC market will be driven by the soaring investments being made by European automobile manufacturing companies for expanding their presence in the Southeast Asian countries. In addition to this, the rising disposable income of the people residing in the developing nations such as India, China, Thailand, and Indonesia is further augmenting the advancement of the market in the region, as per the findings of the market research firm, P&S Intelligence.
Hence, it can be said with certainty that the market will exhibit stable growth all over the world in the forthcoming years, primarily because of the rising consumer preference for lightweight vehicles, on account of their higher speeds and greater fuel-efficiency than heavier vehicles, and the increasing implementation of strict government policies regarding vehicular safety in various countries around the world.
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