Rising Demand from End Users in Asia-Pacific is Leading Global Automotive Adhesives Market
The global automotive adhesives market is estimated to reach $6.05 billion by 2021.
The global automotive adhesives market is estimated to reach $6.05 billion by 2021, at a compound annual growth rate (CAGR) of 8.5% between 2016 and 2021, according to “Automotive Adhesives Market 2017 - Global Forecast to 2021,” a recent report from Research and Markets.
Currently, the trend of making lightweight and fuel-efficient vehicles is encouraging the use of aluminum and other materials to decrease the weight of vehicles, which is boosting the use of adhesives in automobiles. In addition, the increasing average adhesive volume use per vehicle across the Asia-Pacific, South American, and Middle East and African markets is projected to fuel the overall demand for automotive adhesives during the forecast period. On the other hand, volatility in raw material prices and regulations limiting the use of hazardous chemicals are the major restraints to the growth of the market.
Globally, body in white application held the largest volume share of the automotive adhesives market in 2015. Better toughness, enhanced strength and reduced weight are all reportedly achieved using automotive adhesives in body in white. The assembly application segment is estimated to grow at the highest CAGR between 2016 and 2021 in all applications considered. This growth in assembly application is primarily due to the need for weight reduction and joining different substrates.
Passenger cars is the dominant segment among all vehicle types in the automotive adhesives market, and is estimated to grow at the fastest CAGR between 2016 and 2021. The rising sales of passenger cars is driven by the improved spending ability in countries such as India, China and Brazil. The per-capita income in these countries has witnessed significant growth and it is projected to follow the same trend during the forecast period.
Rising demand from end users in Asia-Pacific is the key driver of the global automotive adhesives market.
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