What Has Been the Progress and Growth of the Automotive Adhesives Market in Recent Years?
The automotive adhesives market has seen considerable growth due to a variety of factors.
• In recent times, the automotive adhesives market has witnessed significant growth. It is projected to increase from $5.69 billion in 2024 to $6.05 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%.
The growth in the historical period was driven by robust economic growth in developing markets, a surge in global population, governmental assistance to the automobile sector, an escalating trend towards improved ease, safety, and convenience for users, and a heightened emphasis on light-weighting (reducing vehicle weight).
What are the Forecasted Growth and Key Factors of the Automotive Adhesives Market?
The automotive adhesives market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to witness significant growth in the coming years, the automotive adhesives market is projected to expand to a market value of $8.18 billion in 2029, with a compound annual growth rate (CAGR) of 7.8%.
This predicted growth for the forecasted period can be attributed to factors such as the enlargement of the global population and increased urbanization, burgeoning e-commerce trends, supportive government initiatives, and a concentrated focus on the development of electric vehicles (EVs). Foreseen trends within this time frame include a heightened focus on environmentally-friendly automotive adhesives, an emphasis on water-based automotive adhesives, the utilization of aluminum adhesive technologies, the incorporation of 3D vision systems, and the adoption of innovative technologies for the dispensing and pre-activation processes.
What Are The Leading Drivers Of Growth In The Automotive Adhesives Market?
The surge in preference for light, low-carbon emission automobiles is anticipated to bolster the expansion of the automotive adhesives market. As a response to stricter emission regulations due to elevated exhaust emissions, car manufacturers are concentrating on creating lightweight vehicles to minimize CO2 emissions. Automotive adhesives are leveraged to supplant nuts, bolts, and welding, among other things, to make vehicles lighter and tougher, resulting in improved fuel efficiency and reduced emissions. For instance, in June 2024, the Canada Energy Regulator, a federal agency based in Canada, revealed that zero-emission vehicles (ZEVs) are on the rise in Canada, with nearly 185,000 new registrations in 2023. This signifies a 49% increase from 2022 and accounts for 11% of all new motor vehicle registrations in 2023. Therefore, the escalating demand for lightweight and low-carbon emission vehicles is set to stimulate the automotive adhesives market.
How Is the Automotive Adhesives Market segmented?
The automotive adhesives market covered in this report is segmented –
1) By Resin Type: Polyurethane, Epoxy, Acrylics, Silicone, SMP, MMA, Other Resin Types
2) By Adhesive Type: Structural, Tapes And Films, Threadlocks And Retainers, Liquid Gaskets, Automotive Adhesives
3) By Vehicle Type: Passenger Cars, LCVs, Trucks, Buses, Aftermarket
4) By Application: BIW, Glazing, Powertrain, Paint Shops, Upholstery
Subsegments:
1) By Polyurethane: Flexible Polyurethane Adhesives, Rigid Polyurethane Adhesives
2) By Epoxy: Structural Epoxy Adhesives, Non-Structural Epoxy Adhesives
3) By Acrylics: Reactive Acrylic Adhesives, Non-Reactive Acrylic Adhesives
4) By Silicone: RTV Silicone Adhesives, Structural Silicone Adhesives
5) By SMP (Silyl Modified Polymer): SMP Adhesives For Automotive Applications
6) By MMA (Methyl Methacrylate): MMA Adhesives For Bonding And Sealing
7) By Other Resin Types: Thermoplastic Adhesives, Cyanoacrylate Adhesives
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What New Trends Are Influencing the Automotive Adhesives Market?
Key participants in the automotive adhesives sector are prioritizing the creation of sophisticated conductive adhesives including injectable thermally conductive adhesives for electric vehicles to improve battery operation and safety. Henkel, a company based in Germany, debuted Loctite TLB 9300 APSi in May 2023, an injectable thermally conductive adhesive specifically designed for the battery systems in electric vehicles (EV). This two-component polyurethane adhesive, demonstrating a high thermal conductivity of 3 W/mK, structural bonding potential, and electric insulation, is perfectly suitable for tasks like attaching battery cells to modules and cooling systems. It hardens at room temperature without solvents, aiding in sustainability by minimizing emissions and resource consumption and boosting production effectiveness and safety.
Who Are the Key Players in the Automotive Adhesives Market?
Major companies operating in the automotive adhesives market include:
• Henkel & Co. KGaA
• 3M Company
• Arkema
• Sika AG
• H.B. Fuller
• Illinois Tool Works Inc
• PPG Industries
• Dow Inc
• Avery Dennison
• Huntsman
• Benson Polymers Limited
• Acme Corp
• Chadha Corporation Pvt. Ltd
• Adfast Polymers
• Proten Exim Private Limited
• Hunan Magpow Adhesive Group Co. Ltd
• Wuhan Boli Chemical Ltd
• Zibo Chico International Co. Ltd
• Tengxin Chuzhou New Material Co. Ltd
• Megabond (Huangshan) Adhesive Co. Ltd
• Shanghai Hansi Industrial Co. Ltd
• Beijing Comens New Materials Co. Ltd
• Japan Sika Corporation
• Henkel Japan Ltd
• Dow Chemical Japan Ltd
• Afinitica
• ITAC Adhesives
• Bostik UK
• Antala Ltd
• tesa SE
• NPT SRL
• Permabond
• LIKK
• Bondmaster
• Camie
• Chem-Calk
• Chemseal
• Chipbonder
• ConProTec
• Conap
• Conapoxy
• Cytec
• Devcon
• Double/Bubble
• Dow Corning
• Dymax
• Dynaloy
• E-Max
• Eccobond
• Eclectic
• EconoDot
• Elastoplastic
• Ellsworth
• Emerson & Cuming
• Epoxi-Patch
• FISHMAN
• Oasn Me Ltd
• Amazonas Industria E Comercio Ltd
• Hotmelt Adhesives
• Fixa Tudo
• Jowat SE.
What Is The Most Dominant Region In The Automotive Adhesives Market?
Asia-Pacific was the largest region in the automotive adhesives market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
