The automotive adhesives and sealants market size is expected to see a 6.1% CAGR between 2020 and 2030 — from $6,414.1 million in 2020 to $11,643.5 million by 2030. This is according to a new market research report from P&S Intelligence, a P&S multi-dimensional analytics firm.
This growth will be attributed to the increasing demand for lightweight vehicles and greater vehicle safety standards and regulations. Typically, the use of adhesives and sealants provide greater reliability and integrity to vehicle parts, enhancing their ability to withstand impact and collisions.
Automotive manufacturers are increasingly using lightweight materials, including plastics, composites, and aluminum. These materials are replacing the use of steel in auto manufacturing. However, unlike steel or cast-iron components, lightweight materials cannot be welded or bolted to keep them together. So, to maintain the integrity of lightweight vehicles, adhesives and sealants are now often used by global manufacturers.
The use of adhesives for automotive applications is quite extensive, ranging from small sensors to vehicle chassis. As a result, the adhesives and sealants market is growing.
In fact, the use of epoxies accounted for the largest share in the market in 2020, based on type. The superior property of epoxy-based adhesives is rigid bonding, which aids in enhancing the structural integrity of vehicles. With the continued demand for vehicles, the need for epoxy-based adhesives and sealants is also expected to rise in the coming years.
The passenger car category held the largest share in the market in 2020, based on vehicle. This is majorly attributed to the increasing demand for passenger cars among people. Moreover, the rising number of mobility services around the globe is also boosting the demand for passenger cars — which also propels the need for adhesives and sealants.
The body-in-white (BIW) category is projected to record the fastest growth during the forecast period. BIW is the stage in automobile manufacturing whereby a vehicle’s frame has been joined together, but before the motor, chassis sub-assemblies, or paint and trim have been integrated into the structure. This can be ascribed to the increasing popularity of high-performance adhesion solutions for BIW application of vehicles, which help in reducing overall vehicle weight, thereby saving fuel consumption.
Key findings of Automotive Adhesives and Sealants market report
- The automotive adhesives and sealants market will grow the fastest in body-in-white (BIW) applications as the usage of these materials for BIW purposes makes vehicles lighter and fuel-efficient.
- Passenger car production accounted for the higher consumption of these materials as it outnumbers commercial vehicle production. With people’s rising disposable income, automakers are augmenting their passenger car output.
- The burgeoning electric-vehicle (EV) production is also boosting the use of these materials. With the rising environmental awareness and numerous supporting government schemes in place, electric car sales hit the three-million mark in 2020. Adhesives and sealants are being widely used to enhance EVs’ structural integrity, thereby driving the industry.
- The COVID-19 pandemic has had a mostly negative impact on automotive adhesive and sealant producers by shutting down auto production and decreasing the demand for vehicles due to worldwide financial instability. However, that’s expected to change in the next few years.
- Another key driver for the automotive adhesives and sealants market is the rising sale of lightweight automobiles due to the increasing vehicular emissions. To make lightweight vehicles, plastics, aluminum, and carbon fiber are used instead of iron and steel, which leads to the usage of adhesives and sealants over nuts, bolts, and welding.
- Asia-Pacific is the biggest consumer of automotive adhesives and sealants as it is the world’s largest producer of automobiles. Moreover, many European and North American companies are setting up plants here to manufacture automotive adhesives and sealants, thereby leading to their easy availability.
Tell Us What You Think!