Use of lightweight materials and demand for electric vehicles will create significant growth opportunities that could take the market past $12 million by 2024, finds Frost & Sullivan
London, UK /PRNewswire/ - Frost & Sullivan's recent analysis of the Global Automotive Adhesives and Sealants Market reveals that increased adoption of high-performance products such as crash safety adhesives, liquid applied sound deadeners (LASD), advanced high-temperature-resistant silicones, and water-borne acrylics are expected to drive new growth opportunities and revenues. Frost & Sullivan anticipates the global automotive adhesives and sealants market to grow at a CAGR of 4.4% until 2024 and reach $12,209.9 million.
"Rapid adoption of aluminium, magnesium, plastics and composites in the body in white (BIW) and assembly segments—prompted by the growing need to bond dissimilar substrates, increased safety concerns, and OEMs' focus on enhancing aesthetic appearance—boosts the demand for adhesives and sealants," said Dr. Leonidas Dokos, Business Unit Leader, Chemicals and Materials, EIA at Frost & Sullivan.
For further information on this analysis, please visit: http://frost.ly/2nn
Market consolidation is expected as larger companies are constantly exploring opportunities to acquire regional or application-specific participants to expand their product portfolios. To gain a competitive advantage, Dr. Dokos recommends sealant and adhesive players emulate Henkel and Sika and offer end-to-end solution capabilities across all chemistries and applications. They should also focus on adopting robust research and development capabilities and establish strong relationships with automotive OEMs to understand the OEM's new product development activities and futuristic needs.
Five key trends creating growth opportunities in the market include:
"Performance of adhesives and sealants is a key concern in applications that operate in high-temperature environments. Similarly, the adhesion capacity is less with oily substrates, which restrains adoption in applications where the components are exposed to fuel, lubricants, and greases," noted Dr. Dokos. "It is therefore increasingly important for manufacturers to develop advanced adhesives and sealants that offer superior performance over currently used silicone materials in engine and transmission components, and with oily substrates."
Global Analysis of the Automotive Adhesives and Sealants Market, Forecast to 2024 market intelligence identifies disruptive technologies, drivers and restraints, Mega Trends, market share and the competitive environment for players such as Henkel, Dow Automotive, Sika, EMS-EFTEC, Arkema, and others. Unit shipment, revenue forecast, percent revenue forecast by product, and engineering measurements for segments such as body in white, under the hood and powertrain, paint shop, and assembly adhesives and sealants are also provided.
Global Analysis of the Automotive Adhesives and Sealants Market, Forecast to 2024 is part of Frost & Sullivan's global Future of Chemicals & Materials in Infrastructure & Mobility Growth Partnership Service program.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Global Analysis of the Automotive Adhesives and Sealants Market, Forecast to 2024 K27A_39
SOURCE: Frost & SullivanCopyright 2018 PR Newswire. All Rights Reserved