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The automotive adhesives market is projected to reach US$5.345 billion in sales by 2023.
Release time:
2017-10-25
[China Coatings Online News & Information]
Adhesives are lightweight substances used to bond composite materials and lightweight materials. In the automotive industry, the use of adhesives enables designers to explore more innovative designs and manufacturing concepts. Adhesives are also widely employed in lightweight construction; thin-walled components are typically fastened using adhesives. Moreover, adhesives can join together dissimilar materials—for example, aluminum alloys with other metals, plastics, and composites. If other methods were used, reliable bonding might not be achievable, or special protective measures would be required to prevent galvanic corrosion.
The global automotive adhesives market is currently experiencing significant growth, driven primarily by increasing demand for lightweight, low-carbon emission vehicles. Moreover, the growing use of aluminum alloys in automobile manufacturing to reduce vehicle weight is also boosting the application of automotive adhesives. Meanwhile, emerging economies are witnessing a rising trend toward using plastics and composite materials in the production of smart vehicles, and the adoption of sustainable adhesives for fastening these materials is another key factor driving market growth. High economic growth rates and expanding demand from end-use markets are further contributing to the expansion of the adhesives market.
The demand for automotive adhesives is driven by technological advancements in the automotive industry. Currently, these technological advances in automobile manufacturing are the primary force behind the expansion of the adhesive market.
In 2016, polyurethane resin-based adhesives accounted for one-third of total market consumption. Moreover, demand for these adhesives remains robust in countries such as Brazil, China, and Japan. This strong demand is primarily driven by their superior performance characteristics, including the ability to bond dissimilar materials, UV and thermal stability, rapid drying, excellent chemical resistance, and high optical transparency. These adhesives are also widely used in automotive repair and maintenance applications. In short, they can be employed in any application that requires higher efficiency and lower processing costs.
Key insights into the automotive adhesives market:
• The epoxy resin adhesives market is expected to see a 5.4% increase in value during the forecast period.
• The Asia-Pacific region will become the world’s largest market in 2023, with an estimated annual compound growth rate of 5.6% in output value.
• The adhesive market for light commercial vehicles accounted for approximately one-fifth of the total market in 2016.
• In 2016, China accounted for nearly half of the automotive adhesives market in the entire Asia-Pacific region.
• The Italian market’s output value is expected to achieve a compound annual growth rate of 5.9% between 2017 and 2023.
In 2016, the Asia-Pacific market accounted for nearly half of the global automotive adhesives market. Given the region’s rapidly growing automotive industry—particularly in China, India, Japan, and other developing countries—this trend is expected to continue in the future.
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