Dublin, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The "Automotive Adhesives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive adhesives market reached a size of $5.9 billion in 2022 and is poised for substantial growth in the coming years. Projections indicate that the market will reach $8.0 billion by 2028, exhibiting a robust compound annual growth rate (CAGR) of 5% during the period from 2023 to 2028. Water Based Sole Paint Resin
Automotive adhesives are fluid substances utilized to bond composites, metals, plastics, and materials together in the automotive industry. These adhesives are available in various types, including solvent-based, water-based, and hot melt variants, some of which contain volatile organic compounds (VOCs). Key constituents used in manufacturing automotive adhesives include ethylene, amine-based resins, propylene, epoxides, acrylics, polyester resins, vinyl acetate monomer, and synthetic materials.
These adhesives find widespread application in bonding and sealing interior and exterior components of automobiles, such as door panels, light covers, armrests, dashboards, lenses, chassis, headliners, consoles, and door skins. They facilitate automation, ensure strong bonds, minimize drying time, enhance cohesive strength, and offer corrosion resistance. Additionally, automotive adhesives contribute to improved crash performance, noise vibration reduction, weight reduction in vehicles, and increased front and rear lateral body stiffness.
Key Market Trends and Drivers:
Automotive Industry Growth: The significant expansion of the global automotive industry is a primary driver for the automotive adhesives market. These adhesives are crucial for enhancing versatility, strength, preventing galvanic corrosion, and maintaining aesthetic appeal in vehicles. The growing adoption of electric vehicles (EVs) due to increasing environmental awareness further fuels market growth.
Electric Vehicle (EV) Adoption: Automotive adhesives are used as binding components that provide crash durability and thermal conductivity while ensuring the safe temperature of EV batteries. This trend aligns with the increasing shift towards electric mobility.
Product Innovation: The development of biodegradable automotive adhesives is driving market growth. These eco-friendly adhesives, produced using sustainable materials, are used for automobile interiors and help reduce the emission of harmful chemicals.
Polyurethane Resin Usage: The widespread adoption of polyurethane resin in the production of automotive adhesives and sealants is positively impacting the market. Polyurethane resin enhances durability, scratch resistance, and corrosion resistance in vehicles.
Lightweight Vehicle Demand: The demand for lightweight vehicles is increasing, driving the need for advanced adhesives that reduce vehicle mass while maintaining structural integrity.
High-Performance Adhesive Tapes: The introduction of high-performance adhesive tapes is gaining traction, further contributing to market growth.
Government Initiatives: Various government initiatives aimed at reducing the environmental footprint of vehicles are anticipated to support market growth.
The automotive adhesives market is segmented based on technology, resin type, vehicle type, and application.
Key players in the global automotive adhesives market include 3M Company, Avery Dennison Corporation, BASF SE, Bostik SA (Arkema S.A.), Covestro AG, Dow Inc., DuPont de Nemours Inc., H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman Corporation, Illinois Tool Works Inc., Nitto Denko Corporation, PPG Industries Inc., Sika AG, and Solvay S.A.
What was the size of the global automotive adhesives market in 2022?
What is the expected growth rate of the market from 2023 to 2028?
What are the key drivers of market growth?
How has COVID-19 impacted the market?
What are the major resin types used in automotive adhesives?
What are the vehicle types that utilize automotive adhesives?
What are the primary applications of automotive adhesives?
Which regions are key in the global automotive adhesives market?
Who are the major players in the market?
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2028
For more information about this report visit https://www.researchandmarkets.com/r/70gqf3
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