The adhesives and sealants are the most versatile bonding agents which are usually used to make cars lighter and tougher. Whereas the adhesives are made from detail blends of resins and agents, additives used to improve the certain characteristics, depending on the end use. In the market of automotive, the adhesives are used to body components, introduced engines, safety systems, seat systems, body components, and sub-assemblies. It also supports to cut down on noise, vibration, and other harshness advantages. The key players of this market are playing an important role by dominating the huge market share with the effective developments in the techniques of product making for leading the highest market share which further proved to be beneficial for the fastest market growth in the short span of time. Not only has this, with the effective working of the key players, but the nature of this market also becomes more profitable and competitive for the new investors and existing key players. Therefore, the market of this will grow more positive across the globe in the near future.
According to the report analysis, ‘Global Automotive Adhesives Market (2018-2023)’ states that there are several key players which are presently functioning in this market more significantly for dominating the huge market share with the attractive developments in the technology of automotive adhesive includes The Dow Chemical Company, 3M Company, H. B. Fuller Company, Hunkel, Sika AG, Bayer, BASF, Hindustan Adhesives Limited, Hexion Specialty Chemicals, ExxonMobil Chemical and several others. Moreover, by 2023, the global automotive adhesive market is anticipated to expand at a CAGR of 5.4%, leading to global revenue of USD 5.45Billion.
The market of automotive adhesive across the globe is sectored based on type of resin (polyurethane, epoxy, acrylic, silicone, silyl modified polymer, polyamide and others), technology (hot melt, water based, solvent based, pressure sensitive), vehicle (passenger vehicle, light commercial vehicle, heavy commercial vehicle) and applications (white body, power train, paint shop). Whereas, the Asia-Pacific region is the fastest increasing region for the automotive adhesives industry because of the developing demand in South Korea, Japan, Malaysia, Vietnam, China, Australia, and India. Meanwhile, the altering technology of automotive adhesives means constructors must keep up with the trends in the market. It not only gets exaggerated with the change in trends of adhesives but also a market of the automotive industry. Additionally, for removing the restraints from the market, the focused key players are doing the effective job which further proved to be beneficial for leading the fastest market growth more significantly in the short span of time.
The development of the automotive adhesives market is determined by strong vehicle sales, technological advancements in manufacturing of automobiles, implementation of smart cars, increase in the petition for a sports utility vehicle and crossover utility vehicles. Not only has this, but water-based based adhesives are also achieving a peculiarity in the adhesives market for being environment-friendly. Therefore, in the near future, it is expected that the market of automotive adhesives will grow more significantly across the globe over the recent few years with the development in applications.
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Ankur Gupta, Head Marketing & Communications