Automotive Adhesives Market Expected to Rise at A High CAGR

Stratview Research has published a new report on the Automotive Adhesives Market, segmented by Resin Type (Polyurethane, Epoxy, Acrylic, Silicone, SMP, MMA, and Others), by Application Type (Body in White, Paint Shop, Assembly, and Powertrain), by Vehicle Type (Passenger Car, LCV, Truck, Buses, and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This report provides critical insights into the market dynamics and enables strategic decision-making for the existing and new market players

Market Highlights

Automotive Adhesives market is likely to witness an impressive CAGR of 5.5% during the forecast period. The ability of adhesives to reduce vehicle weight, increase fuel efficiency, and lower carbon emissions is the key factor driving the demand for automotive adhesives, globally.

Covid Impact

Covid-19 has impacted the market dynamics, competition, and global supply chain of every possible market one can think of. The revenues for many, have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operations and strategy will sustain and beat the competition.

Segmentation –

This report studies the Automotive Adhesives Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:

Based on the resin type, the market is segmented as polyurethane, epoxy, acrylic, silicone, SMP, and MMA. The polyurethane segment held the largest share of the market in 2019 and is expected to remain dominant during the forecast period. The wide use of polyurethanes in the automotive adhesives market, owing to their excellent properties, such as high elongation and stronger bonding, is driving the growth of this segment.

Based on the application type, the automotive adhesives market is segmented as body in white, paint shop, assembly, and powertrain. The body in the white segment dominated the market in 2019 and is expected to remain dominant during the forecast period. Epoxy and polyurethanes are the majorly used products in the body in the white application.

Based on the vehicle type, the market is segmented as passenger cars, LCVs, trucks, buses, and aftermarkets. The passenger car segment held the largest share of the market in 2019 and is expected to remain dominant during the forecast period. Increasing production of electric vehicles is expected to drive the growth of this segment during the forecast period.

In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing automotive adhesives market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as body in white, paint shop, assembly, and powertrain, which is generating huge demand for automotive adhesives and the presence of a large number of automotive adhesive manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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