The sales volume of automobile adhesive market is expected to reach US $5.345 billion in 2023
Adhesive is a kind of lightweight material, which is used for bonding composite materials and lightweight materials. The use of adhesives in the automotive industry allows designers to try out more innovative design and manufacturing concepts. Adhesive is also widely used in light-weight buildings, thin-walled parts are generally fastened with adhesive. At the same time, adhesives can fix different materials together, such as aluminum alloy and other metals, plastics and composite materials. If other methods are used, it may not be reliably fixed or special protection is required to place galvanic corrosion effect.
At present, the global automobile adhesive market is experiencing significant growth, which is mainly caused by the increasing demand for light and low-carbon vehicles in the market. Moreover, the application of aluminum alloy in automobile manufacturing is increasing to reduce the weight of automobile, which also helps to increase the application of automobile adhesive. At the same time, the trend of using plastics and composite materials to make smart cars is emerging in developing economies, among which the sustainable adhesive used for fixation is also a factor to promote market growth. The high economic growth rate and the demand growth of the terminal market also contributed to the expansion of the adhesive market.
The demand for automotive adhesives is based on technological advances in the automotive industry. At present, the technological progress in automobile manufacturing is the main driving force to promote the expansion of adhesive market.
In 2016, polyurethane resin adhesives accounted for one third of the total market consumption. Moreover, the demand of this kind of adhesives in Brazil, China, Japan and other countries is also very strong. Mainly due to its superior performance, such as the ability to bond different materials, UV and thermal stability, fast drying, superior chemical resistance, high optical fiber transparency and so on. This kind of adhesive is also used in the repair and maintenance of automobiles. All in all, it can be used in the work requiring higher efficiency and lower processing cost.
Key information on the automotive adhesive Market:
• the epoxy adhesive market is expected to grow by 5.4% in the analysis cycle.
• the Asia Pacific region will become the largest market in the world in 2023, and the annual compound growth rate of output value is expected to reach 5.6%.
• the light commercial vehicle adhesive market accounted for about one fifth of the total market in 2016.
• China accounted for nearly half of the automotive adhesive market in the Asia Pacific region in 2016.
• Italian market output is expected to grow at a compound rate of 5.9% between 2017 and 2023.
In 2016, the Asia Pacific market accounted for nearly half of the global automotive adhesive market, which is expected to continue in the future due to the region's rapidly growing automotive industry, especially in China, India, Japan and other developing countries.