PUNE, India, Jan. 12, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Automotive Adhesives Market by Formulation (Hot-melt, Solvent-based, and Water-based), Resin Type (Acrylics, Epoxy, Polyurethane, Methyl Methacrylate Adhesives, Silyl Modified Polymer, Silicone, and Others), Function (Bonding, Noise-Vibration-Harshness, and Sealants), Application (Drivetrains, Powertrains, Body in White, Interior, Exterior, Assembly, and Paint Shop), Vehicle Type (Passenger Vehicles [Fuel Based and Electric Vehicles] and Commercial Vehicles [Light Commercial Vehicles and Heavy Commercial Vehicles]), and Regions: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was valued at USD 4.7 billion in 2022 and is expected to reach USD 8.45 billion, expanding at a CAGR of 6.5% by the end of 2031. The global market is projected to expand at a rapid pace owing to the rapid increase in the use of adhesives in automobile production in emerging economies.
Key Market Players Profiled in the Report
- H.B. Fuller Company
- Arkema
- Huntsman International LLC.
- 3M
- DuPont
- Henkel AG & Co. KGaA
- Sika AG
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include formulation, application, and competitor analysis.
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This report also includes a complete analysis of industry players that covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the segments of the Automotive Adhesives Market
Based on formulation, the automotive adhesives market is divided into hot-melt, solvent-based, and water-based. The Hot-melt adhesives’ (HMAs) segment is expected to expand at a significant rate as they have a long shelf life resulting in lowered inventory and maintenance costs. The solvent-based segment size is projected to account for a key market share during the forecast period.
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In terms of resin type, the global market is segregated into acrylics, epoxy, cyanoacrylates, polyvinyl acetate, polyurethane, Methyl Methacrylate Adhesives (MMA), Silyl Modified Polymer (SMP), silicone, and others. The epoxy derivatives segment is expected to grow at a significant pace during the forecast period owing to the wide use of epoxy derivatives by manufacturers as they can be heat-cured for adhesion at room temperature and underwater. However, polyurethane is a solvent-based adhesive that is likely to register a considerable CAGR and is expected to drive the market in the forecast period.
Based on regions, the automotive adhesives market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period due to the increasing demand and usage of automotive adhesives in emerging economies. However, the market in North America is anticipated to expand at a significant CAGR during the forecast period.
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Key Takeaways from the Study:
- Automotive adhesives are widely used to reduce the structural weight of automobiles as manufacturers prefer these adhesives as an alternative for nuts and bolts.
- Automotive adhesives provide the same binding strength as welding with the added advantage of the least use of the equipment and corresponding manpower. This aids in decreasing assembly time and usage of mechanical tools.
- Polyamides, an epoxy resin derivative is widely used due to their low thermal viscosity resulting in increased adhesion and they also exhibit resistance to chemical reactions of combining metals.
- NVH pads are gaining traction due to an increase in consumer demand for low-emitting vehicles as they are widely used in noise-reducing and dampening requirements for a vehicle.
- Automotive adhesives are extensively used in the body in white usage as it offers protection against corrosion which aid in the durability of metallic substrates.
- Adhesives are also used in various applications in vehicle exteriors for fixing tailgates, roofs, headlamps, spoilers, and hang-on parts due to their heat-resistant properties.
- Increasing usage of automotive adhesives in automotive interiors improves the cosmetic appearance of automobile interiors of seats, door panels, and dashboards can drive the market in the coming years.
Read 190 Pages Research Report with Detailed ToC on “Global Automotive Adhesives Market by Formulation (Hot-melt, Solvent-based, and Water-based), Resin Type (Acrylics, Epoxy, Polyurethane, Methyl Methacrylate Adhesives, Silyl Modified Polymer, Silicone, and Others), Function (Bonding, Noise-Vibration-Harshness, and Sealants), Application (Drivetrains, Powertrains, Body in White, Interior, Exterior, Assembly, and Paint Shop), Vehicle Type (Passenger Vehicles [Fuel Based and Electric Vehicles] and Commercial Vehicles [Light Commercial Vehicles and Heavy Commercial Vehicles]), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031″
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Key Segments Covered
Formulation
- Hot-melt
- Solvent-based
- Water-based
Resin Type
- Acrylics
- Epoxy
- Polyurethane
- MMA
- SMP
- Silicone
- Others
Function
- Bonding
- Noise-Vibration-Harshness
- Sealants
Application
- Drivetrains
- Powertrains
- Body in White
- Interior
- Exterior
- Assembly
- Paint Shop
Vehicle Type
- Passenger Vehicles
- Fuel-Based Vehicles
- Electric Vehicles
- Commercial Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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