Major players in the automotive adhesive market are pushing for the product innovations aimed towards lower emissions and weight reduction for automotive manufacturing processes.
ROCKVILLE, MD / ACCESSWIRE / November 10, 2020 / The automotive adhesive market is expected to reach a US$ 7 billion valuation by the end of 2030. The global coronavirus pandemic has been estimated to impact the automotive adhesives sector owing to international lockdown restrictions on day-to-day operations of the automotive industry. Also, disruptions in raw material supplies and sharp reductions in automotive sales during the crisis will hurt short term industry prospects. Long-term prospects of the industry are positive owing to the transition towards electric and hybrid automobiles.
“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.
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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.
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. The market is likely to reflect gradual recovery towards 2021, with removal of lockdown restrictions in the coming months.
Explore the global Automotive Adhesive market with 114 figures, 261 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/3800/automotive-adhesives-market
Automotive adhesive manufacturers are in a fairly competitive industry are focused largely on product research and development, and long-term contracts with large-scale end user businesses in an effort to consolidate market share.
For instance, Huntsman International LLC has released new variants of araldite under the designations 2021-1