Automotive Adhesive and Sealants Market (By Application: BIW, UTH and Power Train, Paint Shop, Assembly; By Type: Epoxy, Acrylics, Polyurethanes, Rubber, PVC, Silicones, Hot Melts; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Global Automotive Adhesive and Sealants Market Report, published by Variant Market Research, forecast that the global market is expected to reach 2,217 kilo tons by 2024 from 1,353 kilo tons in 2016; growing at a CAGR of 6.4% from 2016 to 2024.
The factors supporting the growth of the market are high development in the global automotive market over the past years. Adhesives and Sealants are most favoured because of their ability to reduce noise and vibration.
Miniaturization & weight decrease are key factors prompting technology trends in the market.
New breaks are available for manufacturers to harvest environment-friendly and fast curing adhesives from bio-based or natural and renewable resources, which are expected to increase industry growth.
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The market for global automotive adhesive and sealants is classified on the basis of application, type, and geography. Application includes BIW, paint shop, UTH and power train, and assembly.
BIW accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016-2024 owing to the growing acceptance of adhesive and sealants in the market around the globe. Type is bifurcated as epoxy, acrylics, rubber, polyurethanes, PVC, silicones, and hot melts.
PVC dominated the type segment with largest market share.
Global automotive adhesive and sealants market by geography has been bifurcated into North America, Europe, Asia-Pacific and Rest of the World (RoW).Asia-Pacific is expected to grow at a fastest 7.4% during the forecast period 2016-2024. The growth is attributed to the expanding technological advancements in the countries such as India and China, among others.
The region also held the largest market share of 49% in 2016, due to increasing market for automotive and also due to cheaper products.
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The major key players operating in the market are BASF, DSM Inc., Evonik Industries, Henkel, 3M Inc., Avery Dennison, Bostik, Franklin Adhesives & Polymers, AkzoNobel N.V., H.B. Fuller & Co, among others.
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Scope of Global Automotive Adhesive and Sealants Market
- Hot Melts
- UTH and Power Train
- Paint Shop
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East
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