The automotive adhesives market is projected to grow from USD 6.6 billion in 2020 to USD 9.3 billion, at a CAGR of 5.9% between 2021 and 2026. The growing trend for lightweight and low carbon-emitting vehicles and the high demand for automotive adhesives from APAC are the drivers in the market. The major growth opportunities in the automotive adhesives market are in India, China, Brazil, Mexico, and other emerging economies. adhesives improve the aesthetic appeal of end products as bolts, rivets, and welds are not required to be used, and thus making these viable for numerous applications involving assembly line, body in white and others.
The key market players are Henkel (Germany), Arkema (Bostik) (France), 3M (US), Dupont (US), H.B. Fuller (US), Sika (Switzerland), and Huntsman (US). These players have adopted various strategies, such as new product launches and mergers & acquisitions between 2016 and 2020, to enhance their market shares and expand their global presence.
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Henkel is one of the leading solution providers for adhesives, sealants, and functional coatings. The company has three business segments, namely, adhesive technologies, laundry & home care, and beauty care. The company manufactures automotive adhesives under its adhesive technologies segment. Henkel is a leader in the adhesives industry. It has a strong network for distributing and manufacturing adhesives with 138 production sites to meet the changing demands of the automotive adhesives industry, worldwide. The company continuously focuses on its organic & inorganic growth.
In April 2019, the company announced the opening of its new OEM Application Center in Rocky Hill, CT. The lab expands Henkel’s capabilities to deliver innovative solutions and design customized applications, technologies, and production processes to serve customer needs better.
In May 2017, the company launched four new adhesives (LOCTITE HY 4090, LOCTITE HY 4080, LOCTITE HY 4070 and LOCTITE HY 4060 GY) in its LOCTITE’s automotive bonding range using the patented hybrid technologies. These adhesives are expected to meet the rising demands in assembly design and maintenance repair applications.
Sika is a specialty chemical company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing and protecting in the building sector and the motor vehicle industry. It operates through two business segments, namely, construction and industry. The company offers automotive adhesives under industry segment.
In June 2018, to broaden its product portfolio, the company launched Sikaflex-268 PowerCure, an accelerated one-component polyurethane adhesive and sealant for the transportation market for vehicle glass and assembly applications. Sikaflex-268 PowerCure has strong weathering resistance and unique resistivity against a wide variety of cleaning agents, especially those used in the rail industry.
Automotive Adhesives Market by Resin Type(PU, Epoxy, Acrylic, Silicone, SMP, MMA), Application (Body In White, Paint Shop, Assembly, Powertrain), Vehicle Type (Passenger Cars, LCVS, Trucks, Buses, Aftermarkets), & Region - Global Forecast to 2026
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