iCrowd Newswire – Jul 2, 2020
The transportation industry has been growing at a rapid pace since the past few years, on account of the increase in the disposable income of people, due to which more people are able to afford private vehicles. However, different types of vehicles are also hugely responsible for the surging air pollution levels all across the globe. Because of this, different countries are focusing on reducing the emission of greenhouse gases from vehicles. The emergence of electric vehicles has been a major development in this scenario. These vehicles make use of electrical energy rather than petroleum or diesel for functioning.
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However, a major drawback associated with electric vehicles is their low range and reduced efficiency. Since the weight of the vehicle is directly related to its efficiency, reduction in the weight will result in increased efficiency. This is true for not just electric vehicle but traditional internal combustible engine vehicles as well. Therefore, in order to make vehicles more efficient, manufacturers are extensively making use of light weight materials in the production of vehicles. Before, different components of a vehicle were joined using bolts or other such items, but now, the manufacturers are using adhesives and sealants for bonding and sealing applications in the automobile industry.
As per a report by P&S Intelligence, in 2017, the global automotive adhesives and sealants market reached a value of $8,413.7 million and is predicted to generate a revenue of $11,871.6 million by 2023, advancing at a 6.0% CAGR during the forecast period (2018–2023). There are different types of adhesives and sealants, namely hot melt, epoxy, silicones, acrylics, polyvinylchloride, polyurethanes, and rubber. Due to the superior properties of epoxy-based adhesives, such as rigid bonding that helps in improving the structural integrity of vehicles, their demand was the highest in the past.
The adoption of silicones is also projected to increase significantly in the coming years because of the fact that silicone-based materials aid in reducing vibrations and have high temperature and heat resistance properties. The major applications of all these adhesives and sealants are under-the- hood and power train, assembly, body in white (BIW), and paint shop. In the past, the largest demand for adhesives and sealants was created for the BIW application, on account of the rising popularity of high-performance solutions in vehicles that further aid in reducing the overall vehicle weight, thereby increasing fuel efficiency.
Ascribed to the surging vehicles’ sales, the Asia-Pacific region has been the largest automotive adhesives and sealants market instead of North America. As per the Economic Times, the gross domestic product’s growth rate in the region was between 6.0%–6.5% in 2019. Because of this the region has been witnessing a growing sale of vehicles. Other than this, the demand for vehicles in European countries, such as Italy, Germany, France, and the U.K., is also rising, which is further expected to result in a rising requirement for automotive adhesives and sealants.
Hence, the demand for automotive adhesives and sealants is rising due to the rising sales of vehicles and growing need for light weigh vehicles.
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Keywords: Automotive Adhesives and Sealants Market, Global Automotive Adhesives and Sealants Market Growth, Automotive Adhesives and Sealants Market size, Automotive Adhesives and Sealants Market share