The Asia-Pacific automotive adhesives and sealants market generated a revenue of $3,403.6 million in 2017 and is predicted to attain a valuation of $4,938.0 million by 2023. According to the estimates of P&S Intelligence, a market research company based in India, the market will demonstrate a CAGR of 6.5% between 2018 and 2023. The prominent factors driving the advancement of the market are burgeoning utilization of lightweight materials in automobile manufacturing and the soaring vehicle manufacturing in APAC.
For instance, the RENUVA technology was developed by DowDuPont Inc. for adhesives and sealants and it offers various benefits that cover several applications such as greater water resistance, good adhesion on various substrates, and improved flexibility. These technologies are predicted to create lucrative growth opportunities for the players operating in the APAC automotive adhesives and sealants market in the future years. Based on type, the market is divided into acrylics, epoxy, rubber, polyurethanes, silicones, hot melts, and PVC.
Out of these, the epoxy category is predicted to register the fastest growth in the market in the forthcoming years. This will be because of the superior properties of these adhesives over the others such as higher surface hardness, excellent heat-resistance, high temperature stability, good dimensional stability, fire-resistance, low flammability, and cost-effectiveness. The APAC automotive adhesives and sealants market is also classified, on the basis of application, into under-the-hood (UTH) and power train, assembly, paint shop, and body-in-white (BIW).
Hence, it is safe to say that the market will register huge growth in the coming years, primarily because of the soaring automobile manufacturing and the growing requirement for lightweight vehicles in the region.
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