Published Date: 12-May-22
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According to a new report, published by KBV research, The Global Automotive Adhesives Market size is expected to reach $6.3 billion by 2027, rising at a market growth of 4.9% CAGR during the forecast period.
The Polyamide segment acquired maximum revenue share in the Global Automotive Adhesives Market by Resin Type in 2020, thereby, achieving a market value of $1.3 billion by 2027, growing at a CAGR of 3% during the forecast period. Polyamide adhesives are high-performance adhesives made from dimeric fatty acids with a long chain. It can easily bond with a variety of materials. Because of their low thermal viscosities, they can provide improved adhesion. When compared to other hot melt systems, it is more adaptable and provides a wider range of thermal stability. Its chemical resilience and ability to cling to a variety of substrates have increased its use in the automobile and other industries. The availability of the aforementioned features, as well as the shift in automobile manufacturers' focus toward electric vehicles, has boosted the demand for polyamide based automotive adhesive in the forecast period.
The Water Based segment is leading the Global Automotive Adhesives Market by Technology in 2020, thereby, achieving a market value of $2.0 billion by 2027. The provision of numerous helpful features such as durability, flexibility, and economic efficiency, which are extended by water-based adhesives, is propelling the water-based adhesive market towards massive expansion. Another factor fueling the market's growth is the increased need for lightweight, low-polluting automobiles.
The Heavy Commercial Vehicle segment is showcasing a CAGR of 5.3% during (2021 - 2027). This happened as the demand for commercial vehicles has risen significantly in the past few years, and the trend shows no signs of slowing down. According to the OICA, heavy vehicle output climbed 17.3% in NAFTA and 27.1 percent in South America between 2017 and 2018. In the same way, heavy bus production climbed by 5.8% in Europe, 38.2% in South America, and 4.2 percent in Africa. During the same time period, worldwide light commercial vehicle production climbed by 5.9%.
The Assembly market has shown a growth rate of 6.5% during (2021 - 2027). In the automotive adhesives market, assembly is the fastest-growing application. The amount of adhesive used in the automotive industry has increased as a result of developments in automobiles, such as increased use of sensors, infotainment systems, and body panels. Following the maturation of the European and North American markets, there is a huge demand from the APAC area.
The Asia Pacific market dominated the Global Automotive Adhesives Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2.3 billion by 2027, growing at a CAGR of 5.5 % during the forecast period. The Europe market is registering CAGR of 4.3% during (2021 - 2027). Additionally, The North America market would showcase a CAGR of 4.5% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Sika AG, Henkel AG & Company, KGaA, 3M Company, DuPont de Nemours, Inc., Huntsman Corporation, Dymax Corporation, Arkema S.A., PPG Industries, Inc., H.B. Fuller Company, and Illinois Tool Works, Inc.
By Resin Type
By Vehicle Type
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