“The global automotive adhesives market is anticipated to surpass USD 8 billion by 2030 while growing at a lucrative CAGR of 4.4% during the forecast period from 2020 to 2030”, says Visiongain
09 January 2020
Visiongain’s new report Automotive Adhesives Market Report 2020-2030: Forecasts by Technology (Hot melt, Solvent-based, Water-based, Reactive, Others), Function (Bonding, Sealing/Protection, NVH), Vehicle Type (Light commercial vehicles, Heavy & medium commercial vehicles, Passenger cars), Application (Exterior, Interior, Powertrain, Electronics, Others), and by region and analysis of leading companies operating in this industry.
The global automotive adhesives market is anticipated to surpass USD 8 billion by 2030 while growing at a lucrative CAGR of 4.4% during the forecast period from 2020 to 2030.
The expansion of the global market size for automotive adhesive tapes is based on strong vehicle sales, technological innovations and advancements in automotive design & production among others.
The rise in the number of on-road vehicles has substantially increased carbon emissions globally for the last few decades. This has prompted developing and developed nations governments to revamp different aspects of vehicle designs to comply with environmental standards & laws and control vehicle carbon emissions.
Consequently, automotive manufacturers are focusing their attention on the use of lightweight materials, especially in the manufacturing of external and internal parts of cars, as the reduced weight would improve fuel efficiency. This is a major factor driving the advancement of adhesives in the automotive industry, thus adding to the growth of the global automotive adhesive tapes.
Higher manufacturing costs resulting from higher energy costs affect the adhesive industry. The steadily increasing global demand for chemicals & the capacity constraints in these primary chemicals & resin feedstock supply have fueled the rise in prices of raw materials. The supply shortages of monomers used to make adhesives have increased the cost of raw materials such as Piperylene and C9 monomers.
The raw materials used in the manufacturing of adhesive tapes are natural rubber, fabrics, foams, paper / PP / PVC, adhesives, etc. Most of these raw materials are derivatives dependent on petroleum that are susceptible to commodity price fluctuations. In the past, oil prices were highly volatile due to rising global demand and instability in the Middle East. The volatility and fluctuations in feedstock costs and availability have an effect on market growth.
The production of advanced sealing devices, coupled with increased research & development investment in the manufacturing of advanced high-strength adhesive bands, is anticipated to boost consumer demand over the forecast period. Furthermore, the development of the eco-friendly solvent recovery technology used for adhesive coating is anticipated to boost market growth over the forecast period.
Bio-plastic and paper-based tape backups are projected to see production increases as they do not cause serious environmental harm. However, the use of adhesives is subject to a number of regulations as it comprises toxic materials.
The growing usage of electronic equipment in cars is anticipated to boost demand for marking and masking tapes. Additionally, in the engine compartment, the adhesive tapes play a key role in heat management, which is anticipated to boost market growth over the forecast period.
In the year 2018, Asia Pacific dominated the global automotive adhesive tapes. Over the forecast period, this region is anticipated to experience exponential growth due to increased automotive production in China and India. In addition, robust economic growth and business spending growth are anticipated to have a positive impact on the growth of the industry. Also, rising disposable income, coupled with rapid urbanization, is anticipated to drive demand for automobiles, leading to lucrative revenue generation avenues for automotive adhesive tapes.
Some of the key automotive adhesives market players include 3M, ABI Tape Products, Adchem Corporation, Advanced Tapes International Ltd., Avery Dennison Corporation, Berry Plastics, Henkel AG, Intertape Polymer Group, L&L Products, Inc., Lida Industry Co,. Ltd., Lintec Corporation, Lohmann GmbH & Co.Kg, Nitto Denko Corporation, PPG Industries, Saint Gobain, Scapa, Shurtape, Sika Automotive AG, Tesa SE, ThreeBond Co., Ltd. among other prominent players.
Notes for Editors
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Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
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