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.