DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Automotive Adhesives Market 2017 - Global Forecast to 2021" report to their offering.
The global automotive adhesives market is estimated to reach USD 6.05 billion by 2021, at a CAGR of 8.5% between 2016 and 2021
Currently, the trend of making lightweight and fuel-efficient vehicles is encouraging the use of aluminum and other materials to decrease the weight of vehicles, which is boosting the use of adhesives in automobiles. In addition, the increasing average adhesive volume use per vehicle across the Asia-Pacific, South American, and Middle East & African markets is projected to fuel the overall demand for automotive adhesives during the forecast period. On the other hand, volatility in raw material prices and regulations limiting the use of hazardous chemicals are the major restraints to the growth of the market.
Automotive adhesives are used in various applications. Body in white, paint shop, powertrain, and assembly are the main applications considered in the report. Globally, body in white application held the largest share of the automotive adhesives market, in terms of volume, in 2015. Better toughness, enhanced strength, and reduced weight are achieved using automotive adhesives in body in white. The assembly application segment is estimated to grow at the highest CAGR between 2016 and 2021 in all applications considered. The main reason of the growth in assembly application is the need for weight reduction and joining different substrates.
Passenger cars, buses, heavy trucks, LCVs, and other are the vehicle types considered in the report. Passenger cars is the dominant segment among all vehicle types in the automotive adhesives market and is estimated to grow at the fastest CAGR between 2016 and 2021. The rising sales of passenger cars is driven by the improved spending ability in countries such as India, China, and Brazil. The per capita income in these countries has witnessed significant growth and it is projected to follow the same trend during the forecast period.
Rising demand from end users in Asia-Pacific is the key driver of the global automotive adhesives market
Market Dynamics
Drivers
- Growing Demand for Lightweight and Low Carbon Emitting Vehicles
- High Demand for Automotive Adhesives From Asia-Pacific Region
- Technological Advancements in End-Use Industries
Restraints
- Volatility in Raw Material Prices
Opportunities
- Growing Demand for Low Voc, Green, and Sustainable Adhesives
- High Growth Markets in Emerging Countries
Challenges
- Stringent and Time-Consuming Regulatory Policies
Companies Mentioned
- 3M Company
- Bostik S.A.
- H.B. Fuller
- Henkel & Co. KGaA
- Illinois Tool Works Corporation
- Jowat AG
- PPG Industries
- Sika AG
- Solvay S.A
- The DOW Chemical Company
For more information about this report visit http://www.researchandmarkets.com/research/pj24ss/automotive
