Automotive Adhesives Market is driven by rising sales owing underlying strength in vehicle sales, technological advancements in manufacturing of automobiles.
PORTLAND, OREGON, UNITED STATES, March 3, 2023 /EINPresswire.com/ — Automotive Adhesives Market is anticipated to reach $8.4 billion by 2030, And registering at a CAGR of 5.9% from 2021 to 2030. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the global automotive adhesives market, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 6.5% during the forecast period.
Based on resin type, the polymide segment held the highest market share in 2020, holding nearly one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the acrylics segment is estimated to register the highest CAGR of 7.1% from 2021 to 2030.
Rise in sales of automotive adhesives owing underlying strength in vehicle sales, technological advancements in manufacturing of automobiles, and adoption of smart cars drive the growth of the global automotive adhesives market. However, rise in raw material prices and effect of recession on end-use industries restrain the growth to some extent. On the other hand, growth in demand for automotive adhesives in Asia-Pacific present new opportunities in the upcoming years. The report offers detailed segmentation of the global automotive adhesives market based on product resin type, technology, application, and region.
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As per report automotive adhesives market based on technology, the water based segment held the largest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the solvent based segment is projected to register the highest CAGR of 6.7% from 2021 to 2030.
Key players in the global automotive adhesives market are:
Henkel & Co. KGaA
The DOW Chemical Company
Illinois Tool Works Corporation
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• The outbreak of the COVID-19 pandemic impacted the growth of the global automotive adhesives market negatively.
• The pandemic implemented restrictions on import & export activities. It also disrupted the supply chain, due to which the prices of raw materials to produce adhesives experienced a sharp incline.
• However, the market is expected to revive soon.
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