The automotive adhesives and sealants market size is expected to grow from $7,438.2 million in 2019 to $12,646.8 million by 2030, registering 7.0% CAGR during 2020–2030. This can be attributed to the surging demand for lightweight vehicles and rising safety standards and regulations. Currently, the market is observing a shift from spot-welding to new assembly methods. Automakers are employing these methods to create efficient vehicle designs by using coated steels, lighter-gauge metals, non-ferrous metals, and plastics, in their offerings. Thus, the manufacturers extensively use adhesives and sealants to bond these automotive components.
The soaring demand for lightweight vehicles is one of the key growth drivers for the automotive adhesives and sealants market. To cater to this high demand, automakers are making notable investments in research and development (R&D) for developing lightweight automobiles, to maximize their power and speed. The manufacturers across the world are substituting steel fixtures, like bolts and nuts, with structural adhesives that provide exceptional bonding properties. Thus, the rising adoption of these fuel-efficient, lightweight vehicles, will boost the demand for automotive adhesives in the coming years.
Globally, the Asia-Pacific (APAC) region generated the highest revenue for the automotive adhesives and sealants market in 2019. This is due to the rapid economic growth, robust development in urban infrastructure, and high purchasing power of middle-class population of the region. Additionally, automakers of APAC countries are making huge investments to increase their production capacities, due to the easy availability of cheap labor and raw materials, thereby, driving the regional market growth.
Thus, the burgeoning demand for lightweight vehicles and the amplifying customer awareness about reducing carbon emissions and enhancing fuel economy will propel market growth in the coming years.
Factors Contributing to the Growth of Market:
• Need for reducing carbon emissions
• Strict regulations implemented by governments regarding fuel efficiency
• Increasing requirement for lightweight vehicles
Source: https://www.psmarketresearch.com
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