Global Automotive Adhesive and Sealants Market to Witness 6.1% CAGR During 2018–2024
The global automotive adhesives and 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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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. Asia-Pacific accounted for largest share in the global automotive adhesive & sealant market in 2017 and is further expected to become largest revenue holder in this market by 2024. Extensive production volume and stringent government regulations in the automotive sector in this region has majorly contributed towards the popularity of adhesive and sealants.
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The key players are concentrating upon enhancing the integrity and design of the vehicle along with meeting the increasing demand of electric vehicles of the consumers that is ultimately contributing towards the growth of global 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.
Global Automotive Adhesive and Sealants Market Coverage
Application Insight and Forecast 2014 – 2024
UTH and Power Train
Type Insight and Forecast 2014 – 2024
Automotive Adhesive and Sealants Market by Region
Rest of Europe
Rest of Asia-Pacific
Rest of Latin America
Middle East and Africa
Rest of Middle East and Africa