Market Trends: Lightweighting is Strengthening the Global Automotive Adhesives and Sealants Market
Efficient technical support and close relationships with OEMs offer market participants a competitive edge.
Stringent fuel efficiency norms are compelling automotive original equipment manufacturers (OEMs) to reduce the weight of their vehicles, thus spurring the use of lightweight materials such as plastics, composites, and aluminum. This, along with surging automotive sales in Asia-Pacific and Latin America, is fueling the global demand for automotive adhesives and sealants. According to “Analysis of the Global Automotive Adhesives and Sealants Market,” a new report from Frost & Sullivan, Europe and North America are currently using the highest average volume of adhesives and sealants per vehicle. The market earned revenues of $3.61 billion in 2014; it is estimated to reach $6.88 billion in 2021.
“Adhesives and sealants are gaining traction with the assembly applications and in the ‘Body in White’ stage, as the rapid adoption of aluminum and composites in these segments increases the need for bonding and sealing capabilities,” said Ankit Mittal, Chemicals, Materials and Food research analyst. “These products are hugely sought after due to their ease of handling, ability to bond dissimilar substrates, and lower costs when compared to traditional welding methods.”