Automotive Adhesives and Sealants Market
Report ID: SQMIG15E2290
Automotive Adhesives and Sealants Market Size, Share, Growth Analysis, By Technology(Water-based, Solvent-based, Hot melt, Reactive & others), By Function(Bonding, Noise, Vibration & Harshness (NVH), Sealing/Protection), By Product(Acrylic, PVA, Polyurethane, Styrenic Block), By Application(Exterior, Interior, Electronics, Powertrain), By Vehicle Type(Passenger Cars, Light Commercial Vehicles (LCV), Heavy & Medium Duty Commercial Vehicles (H/MCV)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2290 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
70
|Figures:
68
Automotive Adhesives and Sealants Market Insights
Automotive Adhesives and Sealants Market size was valued at USD 3.88 billion in 2021 and is poised to grow from USD 4.33 billion in 2022 to USD 11.64 billion by 2030, at a CAGR of 6.11% during the forecast period (2023-2030).
The Automotive Adhesives and sealants find diverse application in automobile industry. Stringent environmental regulations implemented by authorities with the aim of reducing carbon emissions have led to an increased demand for lightweight bonding materials instead of conventional heavy metal fasteners. Notably, Bostik's introduction of a new silyl modified polymer (SMP) technology is expected to enhance efficiency and safety standards in the automotive industry.
Consequently, automakers are increasingly shifting towards water-based adhesives, which are more environmentally friendly. Advancements in the market are primarily driven by factors like miniaturization and weight reduction. This has prompted businesses to develop specialized products with a wide range of features. With these technological developments, manufacturers now have the opportunity to create eco-friendly adhesives that cure rapidly, utilizing biobased and renewable resources. This is predicted to stimulate growth within the industry.
US Automotive Adhesives and Sealants Market is poised to grow at a sustainable CAGR for the next forecast year.
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Automotive Adhesives and Sealants Market Segmental Analysis
Global Automotive Adhesives and Sealants Market is segmented on the basis of resin type, Application, and region. By resin type, the market is segmented into Epoxy, Acrylics, SMP, Polyurethanes, Rubber, Polyvinylchloride, Silicones, and others. By Application, the market is segmented into Paint shop, Assembly, Body in White, UTH & Power Train, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Automotive Adhesives and Sealants Market Analysis By Resin Type
Polyurethane is the dominant segment based on resin type. Polyurethane adhesives and sealants are widely used in the automotive industry due to their exceptional flexibility, good adhesion to diverse substrates, and ability to withstand challenging environmental conditions. Additionally, polyurethane-based products offer strong resistance to chemicals, which further enhances their appeal for automotive manufacturing and assembly processes.
On the other hand, the SMP (Silyl Modified Polymer) resin type is experiencing the fastest growth among all segments. SMP technology has gained traction in recent years due to its superior performance characteristics, including high strength, durability, and resistance to environmental factors. Moreover, SMP adhesives and sealants are considered more environmentally friendly compared to traditional alternatives, aligning with the increasing demand for sustainable and greener automotive solutions. The growth of the SMP segment is primarily driven by factors such as stricter environmental regulations, which favor the adoption of eco-friendly materials in the automotive manufacturing process. Additionally, advancements in SMP technology and its ability to meet the industry's efficiency and safety requirements are further boosting its market appeal.
Automotive Adhesives and Sealants Market Analysis By Application
The Assembly application segment is the most dominated segment in the automotive adhesives and sealants market. This is because adhesives and sealants are extensively used during the assembly process of vehicles, where various components and parts are joined together to form the complete vehicle structure. The use of adhesives in assembly offers advantages such as improved structural integrity, reduced weight, and enhanced overall performance, which have led to its dominant position in the market.
On the other hand, the Body in White application segment is the fastest growing in the automotive adhesives and sealants market. Body in White refers to the stage of vehicle manufacturing where the car body's sheet metal components are welded or joined together before painting. The increasing adoption of lightweight materials like aluminum and composites in vehicle manufacturing has driven the demand for adhesives and sealants in this stage. These materials require specialized adhesives to ensure proper bonding and structural integrity. As automotive manufacturers focus on weight reduction to improve fuel efficiency and meet environmental regulations, the demand for adhesives and sealants in the Body in White application is expected to witness significant growth.
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Automotive Adhesives and Sealants Market Regional Insights
The North America region dominated the automotive adhesives and sealants market. This dominance can be attributed to several factors, such as a well-established automotive industry, stringent emission regulations, and a strong focus on adopting advanced technologies. Additionally, North America is home to several major automotive manufacturers and suppliers, which further contributes to the significant demand for adhesives and sealants in this region.
On the other hand, the Asia-Pacific region is expected to be the fastest-growing segment in the automotive adhesives and sealants market. The growth can be attributed to several factors, including the rapid expansion of the automotive industry in countries like China and India. These countries are witnessing a surge in vehicle production, driven by an increasing population, rising disposable income, and urbanization. Additionally, the Asia-Pacific region is experiencing a shift towards lightweight vehicles, which require advanced bonding materials like adhesives and sealants to meet fuel efficiency and emission standards.
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Automotive Adhesives and Sealants Market Dynamics
Automotive Adhesives and Sealants Market Drivers
Environmental Regulations
- Increasingly strict environmental regulations worldwide are pushing the automotive industry to adopt greener and more sustainable solutions. As a result, there is a growing demand for adhesives and sealants that have lower VOC (volatile organic compounds) emissions and are made from biobased or renewable resources. These regulations drive manufacturers to develop and use more eco-friendly products in order to comply with the standards and reduce their carbon footprint.
Lightweighting Trends
- The automotive industry is continually striving to reduce vehicle weight to improve fuel efficiency and meet emissions targets. Traditional mechanical fasteners add weight to the vehicle, whereas lightweight adhesives and sealants offer a viable alternative. The adoption of advanced lightweight bonding materials, such as high-performance adhesives, allows automakers to achieve significant weight reduction while maintaining structural integrity and safety, making them a preferred choice.
Automotive Adhesives and Sealants Market Restraints
High Development Costs
- Developing automotive-grade adhesives and sealants that meet the stringent requirements of the industry can be a costly and time-consuming process. Extensive research, testing, and compliance with safety standards are essential, which adds to the overall development expenses. These high costs can limit the entry of new players in the market and may affect the pricing of the final products, making them less competitive in price-sensitive markets.
Resistance to Change and Industry Practices
- The automotive industry has been traditionally reliant on mechanical fastening methods like welding, nuts, and bolts, which have been tried and tested over decades. Adopting new adhesive and sealing technologies may require re-engineering and redesigning manufacturing processes, which can be perceived as risky and disruptive. Resistance to change from established practices can slow down the adoption of adhesive and sealant solutions, particularly among conservative manufacturers who are hesitant to switch to newer methods.
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Automotive Adhesives and Sealants Market Competitive Landscape
Global Automotive Adhesives and Sealants Market is segmented by technology, function, product, application, vehicle type, and region. Based on technology, the market can be segmented into water-based, solvent-based, hot melt, and reactive & others. Based on function, the market is segmented into up to bonding, noise, vibration & harshness (NVH), and sealing/protection. Based on product, the market is segmented into acrylic, PVA, polyurethane, styrenic block, epoxy, EVA, and others. Based on application, the market is segmented into exterior, interior, electronics, powertrain, body-in-white, and others. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCV), and heavy & medium duty commercial vehicles (H/MCV). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Automotive Adhesives and Sealants Market Top Player’s Company Profiles
- Henkel Ibérica S.A.(Spain)
- Dow (US)
- Permabond LLC (US)
- 3M (US)
- Master Bond Inc. (US)
- Heartland Adhesives LLC (US)
- BASF SE (Germany)
- Avery Dennison Corporation (US)
- Jowat SE (Germany)
- ITW Performance Polymers (US)
Automotive Adhesives and Sealants Market Recent Developments
- In In November 2021, Sika AG, a prominent player in the market, finalized a definitive agreement to acquire MBCC, a leading global supplier of construction chemicals with sales of approximately 2.9 billion. This acquisition is aimed at accelerating Sika AG's growth strategy and solidifying its position as a sustainability leader in the global construction industry.
- In December 2021, 3M entered into a deal to merge its food safety unit with Neogen, valuing the combined company at USD 9.3 billion, including debt.
- In March 2022, Bostik signed an agreement with DGE for distribution across Europe, Middle East, and Africa. The agreement involves the distribution of Born2BondTM engineering adhesives, designed for precise 'by-the-dot' bonding applications in specific industries such as automotive, electronics, luxury packaging, medical devices, and MRO (Maintenance, Repair, and Operations.
- In April 2022, ITW Performance Polymers introduced Plexus MA8105, its latest adhesive product featuring fast room-temperature curing, excellent mechanical properties, and a wide range of adhesion capabilities.
- In May 2022, ITW Performance Polymers announced a distribution partnership with PREMA SA in Poland for its Devcon brand.
Automotive Adhesives and Sealants Key Market Trends
- Shift towards Eco-Friendly and Sustainable Solutions: As environmental concerns continue to grow, there is a significant trend towards using eco-friendly and sustainable adhesives and sealants in the automotive sector. Manufacturers are increasingly focusing on developing products that reduce carbon footprint and use biobased or renewable resources. Water-based adhesives, in particular, are gaining popularity due to their greener and less harmful nature compared to solvent-based alternatives.
- Increased Adoption of Advanced Technologies: The automotive industry is constantly evolving, with a focus on innovations that improve performance, safety, and efficiency. Adhesives and sealants are no exception to this trend. The market is witnessing the adoption of advanced technologies, such as silyl modified polymers (SMP), that offer enhanced bonding strength and durability. These advanced materials meet the ever-growing demands for lighter and stronger bonding solutions in modern vehicles, while also adhering to strict safety regulations.
Automotive Adhesives and Sealants Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Application team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Automotive Adhesives and Sealants Market analyses, the market is poised for significant growth in the coming years, due to increased demand for lightweight bonding materials and stricter environmental regulations. Innovations like Bostik's silyl modified polymer (SMP) technology have raised efficiency and safety standards for automakers, leading to a shift towards greener water-based adhesives. Challenges include adapting to miniaturization and weight reduction trends, and ensuring the rapid curing of environmentally friendly adhesives using biobased and renewable resources. Manufacturers now have new opportunities to meet evolving demands and contribute to a more sustainable automotive sector. However, they must navigate complexities in formulation, testing, and compatibility with different automotive materials.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 3.88 billion |
| Market size value in 2030 | USD 11.64 billion |
| Growth Rate | 6.11% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Adhesives and Sealants Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Adhesives and Sealants Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Adhesives and Sealants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Adhesives and Sealants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Adhesives and Sealants Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Adhesives and Sealants Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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