Automotive Adhesives and Sealants Market: Current Analysis and Forecast (2022-2028)

Report Description

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Global Automotive Adhesives and Sealants Market is expected to grow at a significant rate of around 6% during the forecast period. There are many applications for automotive adhesives and sealants, ranging in size from a sensor to a car chassis. In addition, applications such as thread locking, sealing, and bonding for powertrains assembly and lamination of the interior exterior trim, lighting bonding that is structural, and multi-material auxiliary electronics are increasing the demand for automotive adhesives and sealants in the market. Furthermore, the construction of high-performance cars reduces overall vehicle weight by using lightweight composite materials in the vehicles. Because mechanical fasteners must be utilized because these composite materials cannot be fused, the car’s weight is raised, they are unattractive, and they run the risk of vibrating loose while enhancing performance to spur market expansion.

BASF SE, Henkel AG & Co. KGaA, The Dow Chemical Company, Sika AG, PPG Industries Inc., 3M, H.B. Fuller Company, Bostik, Evonik Industries AG, Akzo Nobel N.V. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst vehicle type, the heavy & medium duty commercial vehicles (H/MCV) category is expected to grow at a significant CAGR”

Based on vehicle type, the automotive adhesives and sealants market has been classified into passenger cars, light commercial vehicles (LCV), and heavy & medium duty commercial vehicles (H/MCV). The heavy & medium duty commercial vehicles (H/MCV) category is expected to grow at a significant CAGR owing to carrying heavy loads. heavy & medium duty commercial vehicles meet the requirement of low speed and high torque to deal with different kinds of surfaces. In addition, construction vehicles, and agricultural vehicles are considered heavy & medium duty commercial vehicles to attain more power & speed. Furthermore, many market key players have raised their production rates with the growing demand for heavy & medium duty commercial vehicles. For instance, in 2022, Daimler Truck starts local production of Mercedes-Benz trucks in China.

“Amongst resin type, polyurethanes witnessed the highest CAGR during the forecast period”

On the basis of resin type, the market is categorized into silicones, polyurethanes, acrylics, epoxy, and others. Among these, polyurethanes witnessed the highest CAGR during the forecast period because polyurethanes are specifically used for interior and exterior applications. This is mainly preferred because of properties such as waterproofing, paint ability, curing in challenging environments, environmentally friendly, wide operating temperature range, and others. Furthermore, many major players are investing in their product portfolios. For instance, in July 2020, SIKA launched its new PURFORM® polyurethane technology and invests in production facilities in Düdingen.

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“North America to hold a significant share in the market”

North America is expected to grow with a considerable CAGR during the forecast period. This is mainly due to the rising environmental concern, volatile prices of raw materials, high vehicle sales, and continuous growth of the automotive industry are increasing the demand for vehicles in the region which will further increase the demand for automotive adhesives & sealants market. In addition, the rising population, and improving lifestyle coupled with rising investments in adhesives & sealants by key players are the primary driver of the automotive adhesives & sealants market in North America. For instance, in April 2022, ITW Performance Polymers launched Plexus MA8105 as its newest adhesive with fast room-temperature curing, excellent mechanical properties, and a broad range of adhesion. Thus, increasing the demand for automotive adhesives & sealants across the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Automotive Adhesives and Sealants Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive adhesives and sealants market were the three major steps undertaken to create and analyze the adoption of automotive adhesives and sealants in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Automotive Adhesives and Sealants market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Automotive Adhesives and Sealants market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Automotive Adhesives and Sealants market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as cure type, resin type, vehicle type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive adhesives and sealants market. Further, we conducted factor analysis using dependent and independent variables such as various cure types, resin types, vehicle types, and applications of automotive adhesives and sealants. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive adhesives and sealants market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive adhesives and sealants market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive adhesives and sealants market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automotive adhesives and sealants market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive adhesives and sealants market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of cure type, resin type, vehicle type, and application in the global automotive adhesives and sealants market.

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The main objective of the Global Automotive Adhesives and Sealants Market Study

The current & future market trends of the global automotive adhesives and sealants market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automotive adhesives and sealants market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of cure type, resin type, vehicle type, and application.
• Define and analysis of the regulatory framework for the automotive adhesives and sealants
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the automotive adhesives and sealants market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the automotive adhesives and sealants market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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