Analysis of Automotive Adhesives market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global automotive adhesive market is expected to cross a valuation of US$ 7 billion by 2030. The COVID-19 pandemic has been projected to impact the industry, owing to restrictions on automotive production, and reduced sales on a global scale. Also, automotive manufacturers are facing challenges in terms of component supplies, which, in turn, is also affecting the expansion of the automotive adhesive market size.
With increased focus by automotive OEMs on weight reduction, reduced carbon emissions, and compliance with fuel emission regulations, automotive adhesives have become an increasingly popular solution. Also, greater focus on environmental-friendliness of product offerings has generated lucrative opportunities for product development in the automotive adhesive market space.
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Automotive adhesives are used regularly in sealing, holding and structural applications for automotive production and aftermarket uses. In addition, growing demand for characteristics such as corrosion resistance and weight reduction is creating increased scope of applications in different automobile formats.
Structural adhesives, in particular, are anticipated to account for significant share in the automotive adhesive market, surpassing alternatives such as tapes & films and liquid gaskets, which can be attributed to extensive use in holding and sealing vehicle panels for interior and exterior settings. Also, water-based and hot melt variants of automotive adhesives are anticipated to reflect faster growth rates from 2020 to 2030, on the back of longer durability and eco-friendly characteristics, respectively.
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Automotive adhesives find use in body in white, glazing, powertrain, paint shop, and upholstery applications, among others. BIW is a fairly prominent use of automotive adhesives. This can be attributed to the transition towards automotive adhesives from conventional welding, which, in turn, provides benefits of reduced structural fatigue.
On the other hand, powertrain and upholstery end uses are projected to reflect faster growth in the automotive adhesive market over the coming years. Increasing popularity and integration of electric and hybrid variants is expected to boost the use of automotive adhesives. Further, growing adoption of premium cars, demand for aesthetic improvements and passenger comfort, coupled with value addition such as interior sound reduction features are expected to prove beneficial to the automotive adhesive market.
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Asia Pacific is expected to account for a leading automotive adhesive market share, led by China, owing to large-scale vehicle production for international markets in the region. Other countries, including those under ASEAN and India, are also expected to witness fast growth on account of reduced labor and materials costs, and the consequent cost benefits to potential vehicle owners. Also, countries in the Asia Pacific region are benefiting from efforts by market players towards regional and capacity expansion.
Developed regions in North America and Europe are also prominent markets for automotive adhesives, and are projected to reflect steady growth throughout the assessment period. The transition towards electric vehicles is likely to revive consumption of automotive adhesives in these matured markets.
Leading players in the automotive adhesive market are focusing increasingly on product development initiatives, in addition to collaborating with major end-use companies, to consolidate market share, regional presence, and improve on business operations.
Players in the automotive adhesive market are expected to be adversely impacted by the coronavirus pandemic. Lockdowns and restrictions on the manufacturing and automotive sectors of multiple countries have been key issues holding back revenue and market developments in the short term.
Automotive OEMs have been largely impacted owing to operational costs and capital issues, due to to delays in delivery of raw materials, which, in turn, is also impacting the automotive adhesive market. With continuing restrictions on supply chains and the current health threat for workers, manufacturers are projected to push for work-from-home operations for employees not running production lines.
Also, manufacturing facilities are subject to strict social distancing and other regulatory guidelines, which will create short-term operational challenges for the duration of the crisis. According to the report by Fact.MR, the automotive adhesive market is likely to recover in 2021, following relaxation of industry restrictions.
“Rise of the automotive adhesive market is primarily driven by light-weighting trends in the automotive, transport, and aerospace sectors. Strong demand from emerging economies such as China and India and vast regional automotive industries will provide profitable opportunities to leading market players.”
A new report on the automotive adhesive market by Fact.MR provides forecasts for a 10-year period of 2020 to 2030. The report covers essential details on varying drivers, restraints, opportunities, and threats to the growing automotive adhesive market. An exhaustive segmental analysis on the basis of adhesive type, product, application, vehicle, and sales channel has been discussed in the report.
Regional analysis in terms of supply chain, market value, and business execution provides details about the scope of the automotive adhesive market in the future. Further, another section on the structure of the market has also been given, providing major details on leading market players and prominent strategies for growth in the automotive adhesive market.
Fact.MR’s study on the automotive adhesive market offers information divided into five key segments— adhesive type, product, application, vehicle, sales channel, and region. This report offers information about important the market dynamics and growth parameters associated with these categories.
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Automotive Adhesives Market Is Set To Provide An Absolute $ Opportunity Of US$ 7 billion Over The Forecast Period By 2030
Henkel AG & Co. KGaA,Huntsman International LLC, Dow In are the prominent manufacturers of Automotive Adhesives Market
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