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Automotive Adhesive and Sealant Market Latest Trends, Analysis & Insights Forecast to 2023
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the automotive adhesives and sealants market is categorized into epoxy, acrylics, polyurethanes, rubber, polyvinylchloride (PVC), silicones, and hot melts. Silicones are expected to be the fastest growing type in the market, advancing at a CAGR of 6.0% in terms of volume, during the forecast period. Its fastest growth is attributed to the properties of silicones-based material in reducing vibrations and have high heat and temperature-resistance properties. Hence, these are widely used in the UTH and power train applications.
APAC is expected to continue being the largest and fastest-growing automotive adhesives and sealants market in the coming years. APAC is one of the major regions where the sales of vehicles is growing at a rapid pace. According to the Economic Times, the region’s GDP growth rate will be between 6.0% and 6.5% in 2019. Owing to the growing GDP and per capita income, the sales of vehicles have witnessed high growth over the past few years. Such increase in demand for vehicle production is driving the market growth in the region.
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Europe held the second-largest share, of more than 25.0%, in the automotive adhesives and sealants market, in 2017. The growth for adhesives and sealants in the region is driven by growing domestic demand for automobiles in countries such as Germany, U.K., France, and Italy. Adhesives and sealants are widely used in automotive applications, such as in gaskets placing, sealing of core plugs, and bonding of automotive hose. With the ongoing rise in the production of automobiles, the demand for automotive adhesives and sealants in the region is expected to rise during the forecast period.
Some of the major players operating in the global automotive adhesives and sealants market are Henkel AG & Co. KGaA, DowDuPont Inc., Sika AG, PPG Industries Inc., 3M Company, H.B. Fuller Company, Permatex, Bostik SA, Illinois Tool Works Inc., EFTEC AG.
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