Surging Production of Vehicles Driving Automotive Adhesives and Sealants Market

In 2017, the global automotive adhesives and sealants market generated $8,413.7 million and is expected to attain $11,871.6 million in 2023, registering a 6.0% CAGR during the forecast period (2018–2023). The various factor driving the growth of the market are rising production of vehicles around the world, surging demand for lightweight vehicles, and vehicle safety and regulations. Automotive adhesives and sealants are utilized for different sealing and bonding applications in the automotive industry. These materials help in improving driving comfort, reliability, safety, and performance of vehicles.

Request to get the sample pages of the report: https://www.psmarketresearch.com/market-analysis/global-automotive-adhesive-and-sealant-market/report-sample

In terms of type, the automotive adhesives and sealants market is categorized into acrylics, rubber, silicones, epoxy, polyurethanes, polyvinylchloride (PVC), and hot melts. Among these, the market was dominated by the epoxy category during the historical period (2013–2017), holding a volume share of more than 20.0% in 2017. This is due to the superior properties of epoxy-based adhesives which help in improving the structural integrity of the vehicle.The silicones category is predicted to grow at the fastest pace during the forecast period.

A major driving factor of the automotive adhesives and sealants market is the rising requirement for lightweight vehicles. In order to maximize the speed and power of the vehicle, manufacturers are looking for new ways for creating lightweight vehicles. The manufacturers have started making use of lightweight materials including composites, plastic, and aluminum. However, these materials can’t be welded or bolted, which is why adhesives and sealants are used for maintaining the integrity of lightweight vehicles. The application of adhesives and sealants in automotive industry is wide, ranging from small sensors to the chassis of vehicles.

The growing penetration of electric vehicles in different countries around the world is a key trend in the automotive adhesives and sealants market. As per the International Energy Agency, the registrations for electric cars hit a new record in 2016, with the sale of more than 750 thousand units around the globe. The demand for adhesives and sealants is growing for usage in electric vehicles as the focus on increasing the structural integrity and reducing the weight of electric vehicles is rising.

Hence, the rising requirement for lightweight vehicles and surging production of vehicles around the world are driving the market.