Increasing Product of Electric Vehicles to Complement Sales Growth of Automotive Adhesives and Sealants

ROCKVILLE PIKE, MD, UNITED STATES, June 7, 2024 /EINPresswire.com/ -- Rising sales of electric cars and bikes will be the primary driving force behind increasing consumption of adhesives and sealants in the automotive sector, primarily in the body-in-white stage. The global automotive adhesive and sealant market, estimated at US$ 8.11 billion in 2024, is projected to expand at 5.7% CAGR and reach a valuation of US$ 14.12 billion by the end of 2034.

Electric vehicles require lightweight bonding solutions to boost mileage, which welding does not allow for. Thus, producers use automotive adhesives and sealants to achieve this. Market competitors are always introducing lightweight solutions to fulfill customer expectations and regulatory norms.
Growing concerns about pollution in many nations are boosting the demand for electric vehicles. EVs produce less pollution compared to petrol- and diesel-based vehicles. These factors are creating lucrative opportunities for the players in the automotive adhesive and sealant market.

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Key Takeaways from Market Study

The global automotive adhesive and sealant market is projected to reach US$ 8.11 billion in 2024. The market is forecasted to expand at a CAGR of 5.7% and reach US$ 14.12 billion by the end of 2034. East Asia is projected to account for 38.4% of the global market share by 2034. The North American market is forecasted to expand at a CAGR of 5.9% through 2034. Demand for automotive adhesives and sealants in paint shops is projected to increase at 6.4% CAGR through 2034.

Under application, body-in-white is estimated to account for 31.5% market share in 2024. The market in South Korea is forecasted to advance at 8% CAGR through 2034. Sales of adhesives and sealants in Canada are projected to rise from US$ 378.1 million in 2024 to US$ 690.2 million by 2034-end.

“Automobile manufacturers are investing heavily in research and development to build lightweight vehicles that maximize speed and fuel efficiency. This is driving increased sales of automotive adhesives and sealants,” says a Fact.MR analyst

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Market Benefiting from Growing Demand for Lightweight Vehicles

Adhesives have great tensile and shear strength, whereas sealants are flexible, making them the preferable option for bonding and holding applications in the automotive industry. Adhesives and sealants are commonly used in the automobile industry to seal, bind, reduce vehicle weight, and provide heat resistance.

Automotive adhesives and sealants are employed in a wide range of applications, including tiny sensors and passive components like automotive chassis. Automotive manufacturers increasingly choose adhesives and sealants over welding because they reduce vehicle weight and increase fuel economy. This is driving the automotive adhesive and sealant market growth.

Competitive Landscape

Key players in the automotive adhesive and sealant market, including BASF SE, H.B. Fuller Company, and 3M, are focusing on innovation, market expansion, and strategic mergers and acquisitions to strengthen their positions. Companies are investing heavily in R&D to introduce new solutions and capture emerging opportunities, while start-ups are also contributing innovative products. Recent activities highlight this trend: Dow's $40 million investment in China to boost production capacity by 20%, Henkel's new LOCTITE SI 5950 silicone sealant designed for electric vehicles, and ITW Performance Polymers' partnership with PREMA SA in Poland to distribute its Devcon brand.

Other significant developments include Bostik's agreement with DGE to distribute its products across EMEA, Sika's acquisition of Hamatite from Yokohama Rubber, PPG Industries' inauguration of an advanced adhesives and sealants laboratory, and LG Chem's acquisition of Uniseal to expand in the U.S. market. These moves underscore the industry's focus on enhancing product offerings and expanding global reach to meet growing demand for advanced automotive adhesives and sealants.

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