Automotive Adhesive Market to Witness Increased Demand for Water-Based Offerings, Says FACT.MR
Major players in the automotive adhesive market are pushing for the product innovations aimed towards lower emissions and weight reduction for automotive manufacturing processes.
"Automotive adhesives are used for holding sealing, and structural processes in the automotive sector. Further, higher demand for weight reduction and corrosion resistance, are bolstering the scope of use for product offerings customized towards varying automobile formats," says the FACT.MR analyst.
Automotive Adhesive Market- Key Takeaways
• Automotive adhesive applications for powertrain and upholstery will contribute significantly to revenues, driven by changing consumer preferences towards electric and hybrid automobiles.
• Structural automotive adhesives will account for significant revenue contribution, for higher efficacy in comparison to traditional spot-welding processes.
• Asia Pacific is a dominant regional market owing to the presence of major automotive production facilities run by international OEMs in China and India.
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Automotive Adhesive Market- Driving Factors
• Prevalent light-weighting trends in the automotive and aerospace industries are the primary drivers behind demand in the automotive adhesives market.
• Growing sales of premium cars, with high-end interiors provides lucrative opportunities to market players.
Automotive Adhesive Market- Major Restraints
• Toxicity of conventional automotive adhesives remains a major concern in terms of environmental impact, hurting adoption.
• Issues on the basis of aging, curing, and surface preparation, restrains speed of bonding, as compared to alternatives like welding, which will limit use.
COVID-19 Impact on Automotive Adhesive Market
The coronavirus pandemic is expected to negatively affect the global automotive adhesives market. Lockdown restrictions imposed by governments have limited operations in the automotive and manufacturing sectors. Also, issues in terms of cash flow during the crisis are likely to affect short term prospects.
As market players consider health concerns for employees, manufacturers are being forced to incorporate work-from-home operations, in addition to strict social distancing guidelines, which will hurt prospects of the industry for the short-term.
Some of the leading players in the automotive adhesive market include DuPont, Arkema S.A., Jowat SE, Sika AG, H.B. Fuller Company, 3M, and Ashland.
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