TAGS: Polyurethane Adhesives Epoxy Adhesives
Markets and Markets (M&M) anticipates that the market size for the automotive adhesives market is projected to grow from USD 6.6 billion in 2020 to USD 9.3 billion in 2026, at a CAGR of 5.9% between 2021 and 2026.
The growing trend for lightweight and low carbon-emitting vehicles and the high demand for automotive adhesives from APAC are the drivers in the market. The major growth opportunities in the automotive adhesives market are in India, China, Brazil, Mexico, and other emerging economies.
Automotive adhesives improve the aesthetic appeal of end products as bolts, rivets, and welds are not required to be used, and thus making these viable for numerous applications involving assembly lines, bodies in white, and others.
Polyurethane to Lead Automotive Adhesives Market
Polyurethane adhesives have a high demand in the automotive adhesives market due to their excellent properties such as high elongation properties and stronger bonding. These are used in bonding windscreens, side and rear windows of passenger cars, trucks, and special vehicles. They have also been used for bonding fiberglass reinforced plastic elements, such as roof, side, and front panels. These adhesives also have a competitive advantage over silicone products as they can be easily painted, and offer a fissure-free coated surface for an extended period.
The objective to reduce vehicle weight is to increase the use of aluminum in the body in the white stage. The ability to join thinner and lighter - materials along with aluminum is boosting the use of adhesive at the body in the white stage.
Epoxy adhesives play a major role in joining dissimilar and default to bond substrates in the automotive body. With the increased usage of composites and plastics in the automotive body, the usage of adhesives has proportionally increased. These substrates cannot be welded or joined using nut bolts and rivets. Hence the demand for adhesives for the body in white is on the rise.
Highest Growth in APAC Region
The APAC automotive adhesives market is expected to drive the global industry growth during the forecast period, 2021 to 2026, which can be attributed to the rising demand for the product from economies such as India, China, South Korea, Indonesia, and Thailand among others. Moreover, factors such as the improving standards of living and rising per capita incomes in these countries are also fueling the growth of the Asia Pacific; thus, automotives thus for automotive adhesives.
The key companies profiled in this report are Henkel (Germany), Arkema (Bostik) (France), 3M (US), Dupont (US), H.B. Fuller (US), Sika (Switzerland), and Huntsman (US).
Source: Markets and Markets