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The global automotive adhesives & sealants market is expected to reach USD 13.6 billion by 2024 and is also expected to witness CAGR of 6.1% during the forecast period 2018 – 2024. It has been observed that automobile manufacturers are majorly concentrating upon automotive constituents that are developed from thermoplastic elastomers to upgrade automobiles performance and manufacture vehicles that are lightweight. Moreover, increasing concerns about greenhouse gas emissions and fuel consumption is projected to bolster the demand for automotive adhesive and sealants market in passenger as well as commercial vehicles in the near future. Increasing regulations for fuel by the government agencies, enhanced emphasis upon the utilization of insubstantial constituents and increased prominence upon safety norms and regulations are the major factors that are driving the growth of global automotive adhesive and sealants market.
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Industry Overview • The global automotive adhesive & sealants market is expected to reach USD 13.6 billion by 2024, owing to increasing concerns about greenhouse gas emissions and fuel consumption that is projected to bolster the demand of adhesive and sealants in passenger as well as commercial vehicles. It is considered that approximately 5% to 8% of fuel is saved when the weight of the automobile is reduced. Additionally, the decreased weight of the automobile assists in managing the CO2 emission from the vehicles during its complete life span. Moreover, automobile manufacturers are concentrating majorly upon automotive constituents that are developed from thermoplastic elastomers to upgrade automobiles performance and manufacture vehicles that are lightweight. • Explore Full Report Description at: https://www.vynzresearch.com/chemicals-materials/automotive-adhesives-and-sealants-market
market segmentation • On the basis of type, global automotive adhesive and sealants market are segmented into epoxy, polyurethanes, acrylics, PVC, rubber, hot melts and silicones. Among all the segments, the global epoxy segment have been contributing largest revenue of USD 2.2 billion in 2017, registering a CAGR of 6.0% during 2014-2017.
Geographic Overview • Geographically, Asia Pacific accounted for largest revenue in the global automotive adhesive & sealants market in 2017 and is further expected to become largest revenue holder in this market by 2024. The increasing growth of this market is accounted towards extensive manufacturing capacity for passenger vehicles and LCV segment in this region that is projected to hold approximately 50% of the global manufacturing process. Additionally, accelerating demand for LCV and passenger cars in this region is exaggerating the demand for automotive adhesive and sealants in Asia-Pacific.
Competition among keyplayers • The key companies operating in the global automotive adhesive & sealants market include Henkel AG & Co. KGaA, 3M Company, Dow Chemical Co., Kommerling, PPG Industries, Inc., Permatex, Krayden, Inc., and Sika AG.
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