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The global automotive adhesives and sealants market generated a revenue of $7,438.2 million in 2019 and is expected to reach a value of $12,646.8 million in 2030 — progressing at a CAGR of 7.0% between 2020 and 2030.
This is according to a new report from Research and Markets, currently the world’s largest market research center.
The prominent factors fueling the advancement of the market are the rising requirement for lightweight automobiles and the increasing implementation of strict vehicular safety regulations and norms in several countries.
There has been a sharp rise in the demand for lightweight vehicles having high speeds, power, and fuel-efficiency. As a result, many automobile manufacturing companies are increasingly making huge investments in R&D activities aimed at developing lightweight vehicles. Moreover, they are rapidly replacing the conventionally used steel fixtures such as bolts and nuts with structural adhesives that offer excellent bonding between parts and components.
The use of these adhesives in place of the heavier steel fixtures massively reduces the overall weight of the vehicle. Another major factor fueling the progress of the automotive adhesives and sealants market is the rising enactment of stringent safety norms for automobiles across the globe.
Additionally, the use of rubber compounds called mastics for filling the vacuum in an automobile during the body-in-white (BIW) stage greatly reduces the impact of head-on collisions, thereby increasing passenger safety.
Based on type, the automotive adhesives and sealants market is classified into acrylics, epoxy, rubber, polyurethanes, hot melts, silicones, and polyvinylchloride (PVC). Among these, the epoxy category recorded the highest growth in the market in the past years, on account of the rising incorporation of epoxy adhesives in the automotive industry.
This is mainly because of the superior properties of these adhesives such as the ability to provide rigid bonding, which helps in improving the structural integrity of an automobile.
Apart from providing rigid bonding, these adhesives also offer greater surface hardness, dimensional stability, and temperature stability in comparison to the other adhesives. These properties make the epoxy adhesives ideal for use in automobiles. Hence, with the surging automotive manufacturing across the globe, the requirement for epoxy adhesives will shoot-up, which will, in turn, cause the expansion of the market.
Filed Under: Adhesives • epoxies
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