New York, United States , April 04, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Adhesive Market Size is to Grow from USD 6.10 Billion in 2023 to USD 9.67 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.72% during the projected period.
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The Bonding agent is specifically developed and produced for use in automotive applications, where these adhesives are utilized in different sectors of automobiles to glue diverse materials together, such as metals, plastics, composites, and glass, which are known as automotive adhesives. They play a major part in automotive manufacturing and maintenance procedures by forming strong, long-lasting connections that can endure the pressures and conditions found in automotive environments. Automotive adhesives help to create safer, more efficient, and environmentally friendly vehicles. Additionally, developing countries are seeing a surge in financial assets and urbanization, which boosts demand for automobiles. To improve fuel economy, major automobile manufacturers globally are attempting to reduce vehicle weight. To do this, they use automotive adhesives and sealants rather than heavy metal frames and assembly components like weld joints. However, conflicts over politicians in raw material-supplying countries are projected to produce major price fluctuations in the coming years, limiting automotive glue shipments. However, the implementation of strict VOC emission standards and rules limiting the use of hazardous substances is expected to provide long-term barriers to market expansion.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Adhesive Market Size, Share, and COVID-19 Impact Analysis, By Adhesive Type (Threadlocks & Retainers, Structural, Tapes & Films, Liquid Gaskets), By Technology (Solvent-Based, Hot-Melt, Water-Based), By Application (Powertrain, Paint Shop, Body-In-White, Assembly, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The structural segment is expected to grow at the fastest pace in the global automotive adhesive market during the forecast period.
Based on the adhesive type, the global automotive adhesive market is divided into threadlocks & retainers, structural, tapes & films, and liquid gaskets. Among these, the structural segment is expected to grow at the fastest pace in the global automotive adhesive market during the forecast period. The rising use of plastics and composite materials in car manufacturing to reduce weight and meet global pollution requirements is likely to drive up demand for auto adhesives in the future.
The hot-melt segment is expected to grow at the fastest pace in the global automotive adhesive market during the forecast period.
Based on the technology, the global automotive adhesive market is divided into solvent-based, hot-melt, and water-based. Among these, the hot-melt segment is expected to grow at the fastest pace in the global automotive adhesive market during the forecast period. The increasing popularity of hot-melt adhesives (HMAs) is driving market expansion because they have a long shelf life, which lowers storage and maintenance expenses. Hot melts settle fast and, after cooled, turn into beads. HMAs are a class of thermoplastic adhesives that can bond to substrates and are utilized in a wide range of automotive applications.
The body-in-white segment is expected to grow at the fastest pace in the global automotive adhesive market during the forecast period.
Based on the application, the global automotive adhesive market is divided into powertrain, paint shop, body-in-white, assembly, and others. Among these, the body-in-white segment is expected to grow at the fastest pace in the global automotive adhesive market during the forecast period. Automotive adhesives surpass traditional welding methods in terms of resistance to corrosion, structural durability, and weight reduction. Moreover, the use of adhesives in body-in-white applications results in enhanced efficiency and cost savings. It is anticipated that there will be a substantial increase in demand for body-in-white adhesives in the near future.
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Asia Pacific is expected to hold the largest share of the global automotive adhesive market over the forecast period.
Asia Pacific is expected to hold the largest share of the global automotive adhesive market over the forecast period. The Asia-Pacific automotive adhesives market addresses expanding demand for automotive adhesives as the automotive sector's application sectors expand, providing vehicle safety, stiffness, and design flexibility. This component is widely used and manufactured in China, Japan, Korea, India, and other countries. The market has been fueled by increased industrialization and considerable investments in the automobile industry. The key trends seen in the APAC automotive adhesives market include automobile manufacturer' greater focus on technological breakthroughs and the implementation of car fuel efficiency rules in various countries. The expanding usage of lightweight materials in automobile manufacturing, as well as increased vehicle production in the region, are the major factors driving the APAC automotive adhesives market forward.
North America is predicted to grow at the fastest pace in the global automotive adhesive market during the projected timeframe. This is mostly due to a growth in regional automobile manufacturing, which has been spurred by rising demand for sustainable and fuel-efficient vehicles. Furthermore, the region's stringent safety and environmental regulations have expanded the usage of adhesives in automobiles to improve durability while lowering weight. The expansion of the region's automotive aftermarket benefits the market for automotive adhesives. The market is expanding due to the presence of several large businesses in the industry that are committed to creating breakthrough adhesive technologies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global automotive adhesive market include H.B. Fuller Company, 3M, DuPont, Huntsman International LLC, Henkel AG & Co., KGaA, Arkema S.A., Sika AG, Jowat SE, Dow, Ashland, Franklin International, Bostik S.A., The DOW Chemical Company, PPG Industries, Illinois Tool Works Corporation, Solvay S.A., and Others.
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Recent Developments
- In January 2024, H.B. Fuller, the biggest adhesive company in the world that exclusively deals with adhesives, announced that its factories in Lüneburg and Nienburg, Germany, have received the ISCC PLUS certification, showcasing the company's commitment to sustainability and adherence to global standards across its supply chain.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Automotive Adhesive Market based on the below-mentioned segments:
Global Automotive Adhesive Market, By Adhesive Type
- Threadlocks & Retainers
- Structural
- Tapes & Films
- Liquid Gaskets
Global Automotive Adhesive Market, By Technology
- Solvent-based
- Hot-melt
- Water-based
Global Automotive Adhesive Market, By Application
- Powertrain
- Paint shop
- Body-in-white
- Assembly
- Others
Global Automotive Adhesive Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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