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Automotive Adhesives Market by Expected Reach from $5,459 Million, By Leading & Growing at a CAGR of 5.4% from 2017 to 2023

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Automotive Adhesives Market by Expected Reach from $5,459 Million, By Leading & Growing at a CAGR of 5.4% from 2017 to 2023

March 17
00:53 2020
Automotive Adhesives Market by Expected Reach from $5,459 Million, By Leading & Growing at a CAGR of 5.4% from 2017 to 2023

Automotive Adhesives Market
Demand for automotive adhesives is based on the advancement of automotive industry. Ongoing technological advancements in the manufacturing of automobiles acts as a major driver of the automotive adhesives market.

Automotive Adhesives Market Report, published by Allied Market Research, forecasts that the global market was valued at $3,771 million in 2016, and is projected to reach $5,459 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. The polyurethane resin type segment accounted for one-third of the total maximum share in 2016.

Presently, the global automotive adhesives market is witnessing significant growth, owing to increase in demand for lightweight and low carbon emitting vehicles. Moreover, rise in use of aluminum in automobile manufacturing to reduce the weight of automobiles fuels the adoption of automobile adhesives. In addition, increase in use of plastics and composite materials in the process to manufacture smart vehicles based on sustainable adhesives in developing economies is another factor that boosts the market growth. High economic growth rate and the increase in demand from end-use industry is further supplement the growth of the market.

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Adhesives are lightweight components used to bind composites and lightweight materials. The use of adhesives in automotive manufacturing processes offers the designer additional possibilities to exploit new, innovative design and manufacturing concepts. Adhesives are particularly popular for lightweight constructions, where thin-walled parts are joint. In addition, adhesive bonding allows combining different types of materials such as aluminum with other metals, plastics, and composites, which otherwise are not reliably joint or would require additional measures to avoid galvanic corrosion effects.

The polyurethane resin type segment accounted for one-third of the total market share, in terms of volume, in 2016. Moreover, this segment witnesses strong demand in countries such as Brazil, China, and Japan, owing to its superior properties such as bonding on different surfaces, UV & heat stability, rapid curing, superior chemical resistance, and enhanced optical clarity. Furthermore, these adhesives are increasingly utilized for the repair and maintenance work in automobiles. In addition, these are majorly used where there is requirement for higher efficiency at low operating costs.

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In 2016, Asia-Pacific accounted for nearly half of the total automotive adhesives market, and is expected to continue this trend, owing to rapid growth of automotive industry, specifically in China, India, Japan, and other developing countries.

Leading market players:-

Leading market players analyzed in the research include Henkel & Co. KGaA, Bostik S.A., 3M Company, The DOW Chemical Company, Sika AG, H.B. Fuller, PPG Industries, Illinois Tool Works Corporation, Jowat AG, and Solvay S.A.

 

Similar Reports:

Non-woven Adhesives Market by Type, by Application – Global Opportunity Analysis and Industry Forecast, 2014-2022

Adhesives and Sealants Market by Type, Application – Global Opportunities Analysis and Industry Forecasts, 2015 – 2022

 

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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