NEW YORK, March 22, 2016 /PRNewswire/ -- "Focus on reducing weight and improving fuel efficiency of vehicles is a prime factor for the growth of automotive adhesives market"
The global automotive adhesives market size (2015–2020) is estimated to reach USD 5.56 billion by 2020 at a CAGR of 8.2%. The strong focus on decreasing weight and improving fuel efficiency of vehicles is a prime factor for the growth of automotive adhesives market. The increasing average adhesive use per vehicle across the Asia-Pacific and RoW markets is projected to fuel the overall demand for automotive adhesives in the next five years.
"Body in White is the largest application of automotive adhesives"
Automotive adhesives are used in various applications such as body in white, paintshop, powertrain, and assembly. In 2015, the body in white application segment accounted for the largest market share among all the applications, in terms of volume, followed by paintshop, assembly, and powertrain applications. The assembly application is estimated to grow at the highest CAGR between 2015 and 2020 among all the applications considered in the report.
"Rising demand from Asia-Pacific is the major driver for automotive adhesives "
In 2015, Asia-Pacific is estimated to account for the largest market share, in terms of volume, and is projected to grow at the highest CAGR during the period of study. The robust demand in Asia-Pacific is the major driving factor for the global automotive adhesives market. China led the demand for adhesives due to increased production of vehicles in the last 2–3 years. It is also the largest consumer of automotive adhesives at the global level. Other emerging economies, such as Brazil, India, Mexico, the markets in these countries are projected to grow rapidly.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below.
- By Company Type - Tier 1 - 37 %, Tier 2 – 50 % and Others - 13 %
- By Designation - C level - 50%, Director level - 31%, Others - 19%
- By Region - North America - 38%, Europe - 36%, Asia-Pacific - 25%, RoW – 6%
The key companies profiled in this market research report are Henkel AG & Company (Germany), The Dow Chemical Company (U.S.), 3M Company (U.S.), HB Fuller (U.S.), Bostik SA (France), Sika AG (Switzerland), Illinois Tool Works Corporation (U.S.), PPG Industries (U.S.), Jowat SE (Germany), and Cytec Industries (U.S.).
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the automotive adhesives market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes new product developments, partnerships, and mergers & acquisitions.
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