Automotive Adhesives and Sealants Market to Reach $3.8 Billion
Silicone sealants occupied the largest share, with over 32% of the volume in 2016.
The global automotive adhesives and sealants market is expected to reach $3.89 billion by 2021, according to a new report by Grand View Research Inc. Growing concerns regarding fuel consumption and greenhouse gas (GHG) emissions are expected to boost the demand in commercial and passenger vehicles.
A 10% reduction in the weight of an automobile results in approximately 5-7% fuel saving, according to the report. In addition, the reduced weight also aids in controlling the emission of CO2 throughout the life cycle of the vehicle. Auto manufacturers are reportedly focusing mainly on auto components that are manufactured from various types of thermoplastic elastomers in order to enhance the performance of automobiles and follow the trend of lightweight vehicles. Stringent government regulations for the usage of bio-based adhesives are further expected to positively influence the industry growth.
Silicone sealants occupied the largest share with over 32% of the volume in 2016. Silicone-based materials also withstand structural movement, offer protective qualities and may be utilized in extreme temperatures and weather conditions. These factors, along with the introduction of new modified silicones and novel applications being developed for automobiles, are expected to drive growth in this segment over the forecast period.
For more information, visit www.grandviewresearch.com.