Global Automotive Adhesives Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Automotive Adhesives Market from 2024 to 2033?
In recent years, the size of the automotive adhesives market has seen significant growth. The market is projected to increase from $5.36 billion in 2023 to $5.72 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 6.7%. Factors contributing to the growth in the historic period include robust economic development in emerging markets, global population growth, government backing for the car industry, a rising preference for improved user comfort, safety, and convenience, and a heightened emphasis on light-weighting (reducing vehicle weight).
In the approaching years, it is anticipated that the automotive adhesives market will experience robust growth, expanding to a market size of $7.49 billion by 2028. This represents a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this projected surge during the forecasted period include the growing global population and urbanization, rapid expansion of ecommerce, supportive government initiatives, and increased focus on electric vehicles (evs). Key trends to anticipate during this timeframe include an emphasis on environmentally friendly automotive adhesives, increased use of water-based automotive adhesives, application of aluminum adhesive technologies, incorporation of 3D vision systems, and utilization of emerging technologies for dispensing and preactivation.
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What Factors Are Encouraging Growth in the automotive adhesives Market?
The growth of the automotive adhesives market is anticipated to be driven by the increasing demand for lightweight, low-carbon-emission vehicles. Owing to the enactment of stricter emission laws as a response to escalating exhaust emissions, car manufacturers are concentrating on the production of lightweight cars to lessen CO2 discharges. Automotive adhesives, which help in replacing heavier components like nuts and bolts, rivets and welding, contribute to the fabrication of lighter, sturdier vehicles. This also aids in enhancing fuel efficiency and reducing emissions. Take for example the statistics provided by Trading Economics, which indicate that approximately 12.8 million autos and light-weight trucks were purchased in the USA in November 2021. Therefore, the surge in demand for lightweight and low-carbon emission vehicles will likely steer the expansion of the automotive adhesives market.
Which Segments Play a Vital Role in the Automotive Adhesives Market?
1) By Resin Type: Polyurethane, Epoxy, Acrylics, Silicone, SMP, MMA, Other Resin Types
2) By Adhesive Type: Structural, Tapes And Films, Threadlocks And Retainers, Liquid Gaskets, Automotive Adhesives
3) By Vehicle Type: Passenger Cars, LCVs, Trucks, Buses, Aftermarket
4) By Application: BIW, Glazing, Powertrain, Paint Shops, Upholstery
What Trends Are Driving Change in the Automotive Adhesives Market?
The introduction of new adhesive products is a driving trend in the automotive adhesives market. When manufacturers introduce new products, it expands their product portfolio which can lead to an increase in market share. For example, Arkema, in October 2021, brought a new series of high-performance anaerobic adhesives to the market. This adhesive gives engineers a cost-effective and hassle-free substitute to the commonly used mechanical fastening methods like washers, gaskets, pins, hemp, and tapes. The latest anaerobic adhesive was created with the aim of solving the problems engineers encounter due to restrictive environmental and safety regulations, increasingly complex small designs, and the need for more flexible and faster processes in the automotive industry, general assembly and beyond.
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What Regions Are Contributing Significantly to the Growth of the Automotive Adhesives Market?
Asia-Pacific was the largest region in the automotive adhesives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Automotive Adhesives Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the automotive adhesives market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Automotive Adhesives Market Include
1. Automotive Adhesives Market Executive Summary
2. Automotive Adhesives Market Segments
3. Automotive Adhesives Market Size And Template Market Growth Rate
4. Key Automotive Adhesives Market Trends
5. Major Automotive Adhesives Market Drivers
……
25. Key Mergers And Acquisitions In The Automotive Adhesives Market
26. Top Automotive Adhesives Companies
27. Automotive Adhesives Market Opportunities And Strategies
28. Automotive Adhesives Market, Conclusions And Recommendations
29. Appendix
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