Automotive Adhesive and Sealants Market to Surpass US $7 Billion by 2026
The global automotive adhesive and sealants market is anticipated to grow with a CAGR of 6.9% through the year 2026 and reach US $7.01 billion.
SELBYVILLE, Del., November 27, 2019 (Newswire.com) - According to the recent study available at MarketStudyReport.com under the title "Automotive Adhesive and Sealants Market Share, Size, Trends & Industry Analysis Report By Resin Type (Epoxy, Acrylics, Polyurethanes, Rubber, Polyvinylchloride, Silicones); By Technology (Hot Melt, Pressure Sensitive); By Vehicle Type; By Sales Channel; By Regions and Segment Forecast, 2019 – 2026", the global automotive adhesive and sealants market is anticipated to grow at a CAGR of 6.9% through the year 2026 and reach US $7.01 billion.
Burgeoning expansion of the automotive industry around the globe is the major driver for the automotive adhesive and sealants market. Rising consumer preference for lightweight vehicles, coupled with increasing awareness about electric and hybrid vehicles, is further aiding the market growth. The need for the enhancement of vehicles by reducing noise and vibration is compelling the manufacturers to modernize automobiles. This factor, along with the extensive adoption of sustainable adhesives, strict government regulations, technological advancements and the emergence of the new market will augment the automotive sealants and adhesive market.
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The report analyzes the automotive adhesive and sealants market based on adhesive type, adhesive technology, application spectrum, vehicle type and sales channels. As per vehicle type, the industry is divided into commercial vehicles and passenger vehicles, wherein the later segment dominated the automotive sealants and adhesive market with the highest revenue share in 2018.
Considering the regional landscape, the Asia-Pacific automotive adhesives and sealants market held the largest regional share in 2018, pertaining to the booming population, rapid urbanization, and introduction of electric and hybrid vehicles. As the disposable income is increasing across the emerging nations of India, China, and Japan, the living standard is also improving, which is fueling the demand for automobiles, thereby propelling the regional market's growth. Other factors contributing to this escalation are high R&D investments, technological advancements, and establishment of market players in the region.
The key players of the automotive sealants and adhesive market are Bostik S.A., The Dow Chemical Company, 3M Company, Henkel & Co., Solvay S.A., Franklin Adhesives and Polymers, Evonik Industries AG, Sika AG, BASF SE, and Illinois Tool Works Corporation, among others.
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Question & Answer: Automotive Adhesive and Sealants Market
Question 1: Why is the automotive adhesive and sealants market witnessing constant growth?
Answer: Burgeoning expansion of the automotive industry around the globe is the major driver for the automotive adhesive and sealants market. Rising consumer preference for lightweight vehicles, coupled with increasing awareness about electric and hybrid vehicles is further aiding market growth. The need for the enhancement of vehicles by reducing noise and vibration is compelling manufacturers to modernize automobiles.
This factor, along with the extensive adoption of sustainable adhesives, strict government regulations, technological advancements, and the emergence of the new market will augment the automotive sealants and adhesive market.
Question 2: How will the automotive adhesive and sealants market grow in the upcoming years?
Answer: The global automotive adhesive and sealants market is anticipated to grow with a CAGR of 6.9% through the year 2026 and reach US $7.01 billion.
Question 3: Which region dominated the global automotive adhesive and sealants market in 2018?
Answer: The Asia-Pacific automotive adhesives and sealants market held the largest regional share in 2018, pertaining to the booming population, rapid urbanization, and introduction of electric and hybrid vehicles. As the disposable income is increasing across the emerging nations of India, China, and Japan, the living standard is also improving, which is fueling the demand for automobiles, thereby propelling the regional market's growth. Other factors contributing to this escalation are high R&D investments, technological advancements, and establishment of market players in the region.
Question 4: What companies constitute the competitive landscape of automotive adhesive and sealants market?
Answer: The key players of the automotive sealants and adhesive market are Bostik S.A., The Dow Chemical Company, 3M Company, Henkel & Co., Solvay S.A., Franklin Adhesives and Polymers, Evonik Industries AG, Sika AG, BASF SE, and Illinois Tool Works Corporation, among others.
Related Report:
Construction Sealants Market Share & Forecast, 2019 - 2024
Construction Sealants Market is set to cross USD 6.5 billion at the end of 2024, according to a new research report.
Growth in residential renovation and remodeling projects, along with huge investments in this sector, mainly in China and India, should contribute to the construction sealants market. Shifting trends towards smart, energy-saving, modern construction projects, along with a rise in durable and minimal maintenance demand, should favor product growth.
U.S. construction sealants' demand for flooring and joining applications may surpass USD $250 million during the forecast timeframe. The growing demand for construction repair, alteration and restoration projects, along with the adoption of green building concepts, owing to mandatory environmental policies, should drive regional product demand.
The rise in consumer inclinations towards green building, owing to growing environmental concerns, should positively influence product demand. These products offer minimal VOC content, less toxicity reduced cost by controlling energy consumption, which reduces adverse effects on the environment. Increasing R&D spending to formulate biomass-based sealants using soy from renewable technology is likely to act as another driving factor towards industry growth.
The polyurethane construction sealants market is anticipated to exceed USD $2 billion at the end of 2024. The product proves to have a wide application scope in flooring and joining in public infrastructure, including roads, bridges and tunnels, owing to its excellent mechanical resistance, which helps them to withstand water, smoke, UV degradation, cracking and yellowing, thereby stimulating industry growth.
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