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.
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Increasing demand for high application offerings that works effectively in replacing automated fastenings and attaches rubber, plastic and aluminium products that are gaining traction in development of new cars, for instance Mercedes Benz that is rapidly driving the growth of automotive adhesive and sealants market across the globe.
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.
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Additionally, accelerating demand for LCV and passenger cars in this region is exaggerating the demand for automotive adhesive and sealants in Asia-Pacific. Increasing disposable income, mounting economy and improved standards of living of the citizens in countries such as China and India, are the major factors attributed towards the increasing growth of automotive adhesive and sealants market.
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.