LONDON, June 22, 2022 (GLOBE NEWSWIRE)
According to The Business Research Company’s research report on the automotive adhesives market, the rise in demand for eco-friendly automotive adhesives to meet the highest possible standards of environmental regulations and safety is a key trend in the automotive adhesives market.
Companies are mainly focusing on replacing solvents with environmentally compatible solutions.
Unlike mechanical fasteners, green adhesives are rust-free and they also decrease the likelihood of water and snow penetration, making a stronger and long-lasting bond for vehicles. For example, in September 2019, Ingevity, a US-based provider of adhesives, launched its environmentally friendly, Altatac™ ECO 100 resin at the FEICA European Adhesive and Sealant Conference.
Altatac ECO 100 is a high-performance tackifier designed for enhanced stability in thermoplastic hot melt adhesives. It helps formulators and brand owners improve their environmental footprint, differentiate product offerings, and address consumer demand for more sustainable offerings. Similarly, Sika AG, a Swiss multinational specialty chemical company, launched SikaPower® adhesives which include all types of steel, aluminum and carbon fiber reinforced plastics (CFRP), and combinations of these substrates, in mixed material bonding for reducing CO2 emissions from vehicles.
The global automotive adhesives market size is expected to grow from $4.82 billion in 2021 to $5.11 billion in 2022 at a compound annual growth rate (CAGR) of 6.06%.
Automotive adhesives market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $6.51 billion in 2026 at a CAGR of 6.24%.
Favorable government initiatives towards the automotive industry are contributing to the growth of the automotive adhesives market in the forecast period. For example, in September 2021, the Indian government issued a notification regarding a Production Linked Incentive (PLI) scheme for automobiles and auto components worth INR 25,938 crore (US $3.49 billion). This scheme is expected to bring investments of over INR 42,500 (US $5.74 billion) by 2026.
India’s Automotive Mission Plan FAME-II, started in 2019, emphasizes providing government support to the country’s growing automotive and components manufacturing industry. Such government initiatives will contribute to the growth of the market in the forecast period.
Major players in the automotive adhesives market are Henkel AG & Co. KGaA, Arkema S.A., 3M Company, DuPont de Nemours, Inc, H.B. Fuller Company, Sika AG, Huntsman Corporation, The DOW Chemical Company, Jowat SE, Hexion Speciality Chemicals, Covalence Adhesives, Solvay S.A., Bayer A.G, Hindustan Adhesives Limited, PPG Industries, ITW Performance Polymers, Ashland Speciality Company, Tesa SE, Bostik S.A, Cytec Solvay, and BASF SE.
The global automotive adhesives market is segmented by adhesive type into structural, tapes and films, threadlocks and retainers, liquid gaskets; by vehicle type into passenger cars, LCVs, trucks, buses, aftermarket; by resin type into polyurethane, epoxy, acrylics, silicone, SMP, MMA, others; by application into BIW, glazing, powertrain, paint shops, upholstery.
Asia Pacific was the largest region in the automotive adhesives market in 2021. The regions covered in the automotive adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Automotive Adhesives Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive adhesives market overviews, automotive adhesives market analyze and forecast market size and growth for the whole market, automotive adhesives market segments and geographies, automotive adhesives market trends, automotive adhesives market drivers, automotive adhesives market restraints, automotive adhesives market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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