The Automotive Adhesives Market is projected to grow from USD 8.1 billion in 2019 to USD 10.7 billion by 2024, at a CAGR of 5.7%, between 2019 and 2024. The Asia Pacific automotive adhesives market is expected to witness significant growth due to the rising requirements for automobiles in the region and shift of production bases of various automobile manufacturers to the region.
Based on applications, the assembly segment in the automotive adhesives market is projected to grow at the highest CAGR during the forecast period, 2019 to 2024. The assembly segment is expected to grow at a higher rate due to the increasing demand for increasing sensors, infotainment systems, interior trims. Automotive adhesives offer excellent adhesion, superior durability, chemical & temperature resistance, and lower shrinkage in bonding wind turbines.
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APAC is expected to be the largest and fastest-growing market for automotive adhesives, in terms of value and volume, during the forecast period. APAC encompasses a diverse range of economies with different levels of economic development and multiple industries.
According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other APAC countries had a combined population exceeding 4.2 billion (as of 2018), which is projected to become an increasingly important driver for various industries, including the automotive and transportation. The key market players are expanding their automotive adhesives production in APAC, especially in China and India.
On the basis resins, SMP is projected to grow at the highest CAGR during the forecast period. The SMP segment is expected to grow at a higher rate due to its superior properties higher bond strength, flexibility and its excellent adhesion ability to most substrates.
Moreover, major companies are focusing on strengthening their R&D facilities to provide eco-friendly products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the automotive adhesives market over the next five years.
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