The global automotive adhesive market is expected to expand at a compound annual growth rate (CAGR) of 5.4%, leading to global revenue of $5.45 billion by 2023, according to a report from Research and Markets.
The growth of the automotive adhesives market is reportedly driven by strong vehicle sales, technological advancements in manufacturing of automobiles, adoption of smart cars, and a rise in demand for sport-utility vehicle and crossover utility vehicles.
Moreover, stringent regulations concerning carbon dioxide emissions drives demand for light weighting of vehicles, improvement in fuel efficiency of automobiles and providing enhanced performance are key driving factors behind the advancement of adhesives in the automotive industry. Asia-Pacific is reportedly the fastest growing region for the automotive adhesives industry due to growing demand in South Korea, Japan, Malaysia, Vietnam, China, Australia and India.
For more information, visit www.researchandmarkets.com.