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Global automotive industry is constantly evolving with new technological innovations to satisfy the highly demanding requirements of the consumers. This situation has induced the development of technically advanced adhesives and sealants used in automotive manufacturing. Adhesives in basic terms are fluidic substances used to join two components either temporarily or permanently. Sealants, on the other hand, can be both fluidic or solid and flexible materials that are used to seal or cover leakages. In search of best types of adhesives and sealants, manufacturers have come up with solutions offering higher thermal stability and durability. Demand for adhesives and sealants are constantly being created by advancing structural designing and stringent safety requirements. Adhesives and sealants fills the gaps between two components and keep them together, provisioning noise reduction and structural sturdiness to the automotives.
The current generation, especially youngsters, are attracted towards high performance vehicles such as superbikes and sports cars. These high speed vehicles create a lot of noise while operating. But, with usage of noise reduction solutions developed by automotive adhesives and sealants manufacturers, the demand for such vehicles is expected to increase. Thus, the demand of automotive adhesives and sealants is also expected to mirror the demand of such vehicles.
Key Market Driver -
Demand for high performance but silent vehicles creating demand for automotive adhesives and sealants.
Key Market Restraint -
High fluctuations in raw material pricing decelarating the market growth.
However, majority of the automotive adhesives and sealants are manufactured using petrochemicals and petroleum derivatives. The cost of these raw materials are subject to frequent fluctuations, which decreases the profit margin for the adhesives and sealants manufacturers, thus limiting the market growth.
Based on cure type, automotive adhesives and sealants market is segmented into one-part, two-part, anaerobic, heat-cure, hot-melt, and others. Based on resin, the market is divided into silicone, polyurethane (PU), epoxy, acrylic, and others. Based on application, the market is segmented into interior, exterior, under the hood, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The global automotive adhesives and sealants market is fairly consolidated, with a few global and regional players operating in it. Some of the key players in the automotive adhesives and sealants market include Delo Industrial Adhesives, Arkema S.A., H.B. Fuller Company, Henkel Ibérica S.A., Dow, Permabond LLC, 3M, Master Bond Inc., Heartland Adhesives LLC, BASF SE, Avery Dennison Corporation, Jowat SE, and ITW Performance Polymers.
The automotive adhesives and sealants market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific leads the market demand, with China accounting for the largest consumption of automotive adhesives and sealants with the spurt of automobile sector in Asia Pacific. India is also supporting the growth of the market with companies such as Volkswagon and Mercedes setting up their production plants in addition to already present manufacturing plants of Tata Motors and Maruti Suzuki India Limited.
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The rejuvenating automotive sector is expected to lead Europe to the second position during the forecast period. The manufacture of heavy and technical vehicles shall keep the market steady in North America. Whereas, the market in Latin America is expected to show improved growth with an emphasis on the automotive sector to set up new production facilities in the southern hemisphere. The market in the Middle East & Africa is expected to boom with the improving standard of living of people in the region, which has created an attractive market for automotive manufacturers in the region.
By Cure Type
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