The newly launched report by Stratview Research, titled ‘Automotive Adhesives Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity has been bifurcated 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).
According to the report the automotive adhesives market size was estimated at USD 7 billion in 2021 and is likely to grow at a CAGR of 5.84% during 2022-2028 to reach USD 10.45 billion in 2028.
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.
Automotive Adhesives Market COVID IMPACT
The pandemic had a huge impact on the automotive adhesive market. Lockdowns and restrictions in the manufacturing and automotive sector in multiple countries have been key issue in holding back the growth of the market during a pandemic.
What are automotive adhesives?
Automotive adhesives are the most versatile bonding agents used to make cars lighter and tougher. In the automotive market, adhesives are used to manufacture engines, body components, gearboxes, safety systems, seat systems, and sub-assemblies. They also help to cut down on noise, vibration, and other harsh characteristics.
Segment Analysis
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 2021 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 a white segment dominated the market in 2021 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 aftermarket. The passenger car segment held the largest share of the market in 2021 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.
Research Methodology
Stratview Research's reports are the result of a thorough analysis that combines thorough secondary, and primary interviews with industry leaders, and confirmation using unique internal database and statistical methods. More than 1,000 verified secondary sources, such as annual reports from companies, press releases, fact books, journals, white papers, and blogs are reviewed and analysed.
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