The growing trend for lightweight and low carbon-emitting vehicles and the high demand for automotive adhesives from APAC drive the market significantly, reaching $ 9.3 billion in 2026, from $ 6.6 billion in 2020.
According to the new market research report - Automotive Adhesives Market by resin, application, vehicle and region - Global Forecast to 2026, published by MarketsandMarkets, the automotive adhesives market size is estimated to grow at a CAGR of 5.9% between 2021 and 2026.
According to the research firm, the major growth opportunities in the automotive adhesives market are in India, China, Brazil, Mexico, and other emerging economies.
Automotive adhesives improve the aesthetic appeal of end products as bolts, rivets, and welds are not required to be used, and thus making these viable for numerous applications involving assembly lines, body in white (BIW) and others.
The key players in the market include Henkel, Arkema, 3M, Dupont, H B Fuller, Sika and Huntsman.
Polyurethane Resins To Lead The Automotive Adhesives Market
MarketsandMarkets identified polyurethane adhesives to have a high demand in the automotive adhesives market due to their unique properties, including high elongation properties and stronger bonding. These are used in bonding windscreens, side and rear windows of passenger cars, trucks, and special vehicles. In addition, they are also used for bonding fibreglass-reinforced plastic elements, such as roof, side, and front panels. These adhesives also have a competitive advantage over silicone products as they can be easily painted and offer a fissure-free coated surface for an extended period.
Application In BIW
The objective to reduce vehicle weight is to increase the use of aluminium in the BIW stage. Due to the ability to join thinner and lighter - materials along with aluminium is boosting the use of adhesive at the BIW stage. Epoxy adhesives play a significant role in joining dissimilar and default to bond substrates in the automotive body. With the increased usage of composites and plastics in the automotive body, the usage of adhesives has proportionally increased. These substrates cannot be welded or joined using nut bolts and rivets. Hence the demand for adhesives for the body in white is on the rise.
APAC To Account For The Largest Share
The APAC region is expected to drive the global industry growth during the forecast period due to the rising demand for the product from economies such as India, China, South Korea, Indonesia, and Thailand. Moreover, factors such as the improving living standards and rising per capita incomes in these countries are also fueling the growth of the Asia Pacific, eventually catalysing the automotive industry and automotive adhesives market, the research firm noted.
Courtesy: MarketsandMarkets. NB: Photo is representational; courtesy: Sika.