Insights Into The Automotive Adhesives Market’s Growth Potential 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global automotive adhesives market has experienced significant growth, expanding from $5.14 billion in 2022 to $5.49 billion in 2023, showcasing a notable compound annual growth rate (CAGR) of 6.8%. The journey continues, with projections indicating a continued ascent, anticipating the market size to reach $7.13 billion in 2027, maintaining a robust CAGR of 6.7%.
Driving Forces: Lightweight and Low-Carbon Vehicles
- The surge in demand for lightweight and low-carbon-emitting vehicles emerges as a primary driver for the growth of the automotive adhesives market.
- Stricter emissions laws, propelled by increased exhaust emissions, push automobile manufacturers to focus on producing lighter vehicles to curb CO2 emissions.
- Automotive adhesives play a pivotal role by replacing traditional methods like nuts, bolts, rivets, and welding, making vehicles both lighter and more resilient.
- This shift enhances fuel economy and reduces emissions, aligning with the global push for sustainable automotive solutions.
- The rise in demand is evident, with approximately 12.8 million autos and lightweight trucks sold in the USA in November 2021, showcasing the market’s momentum.
Industry Titans: Major Players Steering the Course
- Major players wield significant influence in shaping the automotive adhesives market, including Henkel AG & Co. KGaA, 3M Company, and Sika AG.
- These industry giants not only contribute to the market’s growth but also set standards for innovation and technological advancements.
- The collective efforts of these key players drive the industry forward, addressing challenges and exploring new opportunities.
Innovative Solutions: The Launch of New Adhesives
- The launch of new adhesives emerges as a key trend in the automotive adhesives market, expanding manufacturers’ product portfolios and enhancing market share.
- Bostik, a leading adhesive specialist, introduced Aquagrip® 3720, a water-based adhesive for automotive interior assembly applications, exemplifying innovation to meet evolving industry needs.
- In October 2021, Arkema launched a new range of high-performance anaerobic adhesives, providing engineers with cost-effective and convenient alternatives to traditional fastening solutions.
- The innovative anaerobic adhesive addresses challenges posed by environmental and safety regulations, complex designs, and the need for adaptable processes in the automotive industry.
Market Dynamics: Comprehensive Segmentation
- By Adhesive Type:
- Structural
- Tapes and Films
- Threadlocks and Retainers
- Liquid Gaskets
- By Vehicle Type:
- Passenger Cars
- LCVs
- Trucks
- Buses
- Aftermarket
- By Resin Type:
- Polyurethane
- Epoxy
- Acrylics
- Silicone
- SMP
- MMA
- Other Resin Types
- By Application:
- BIW (Body in White)
- Glazing
- Powertrain
- Paint Shops
- Upholstery
Regional Dynamo: Asia-Pacific Takes the Lead
- Asia-Pacific asserted its dominance as the largest region in the automotive adhesives market in 2022.
- The region’s strategic position, rapid industrialization, and burgeoning automotive landscape contributed to its lead.
- Projections indicate that Asia-Pacific will continue to be the fastest-growing region, underscoring its pivotal role in shaping the market’s future.
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The Automotive Adhesives Global Market Report 2023 provides an overview of the automotive adhesives market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automotive adhesives market forecast analyzes automotive adhesives market size, automotive adhesives market share, leading competitor and their market positions.
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