Global Automotive Adhesives Market Size Will Reach US$ 5.86 Billion By 2024, From US$ 5.16 Billion In 2018
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The Automotive Adhesives industry is relatively concentrated, the top 5 manufacturers accounted 57% in 2018, and high-end products mainly come from North America and Western Europe.
In the world wide, major manufactures mainly are Henkel, Dow Chemical, H.B. Fuller, 3M, Sika, Wacker-Chemie, Huntsman, Arkema Group, PPG Industries, Lord, BASF, Ashland, ITW, Hubei Huitian, ThreeBond, Cytec Solvay and etc.
The global Automotive Adhesives market size will reach US$ 5.86 billion by 2024, from US$ 5.16 billion in 2018. The global automotive adhesives market size is estimated to growth at a CAGR of 1.6%. In terms of the volume, the global Automotive Adhesives consumption was 2.0 M MT in 2018 and will reach 2.5 M MT in 2024.
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.
North America and Europe are the largest consumers of Automotive Adhesives and are expected to 1.4% growth rate during the next five years due to recovery of downstream industries. China has witnessed a major chunk of the production and consumption of Automotive Adhesives in the Asia Pacific region. And China led the demand for adhesives due to increased production of vehicles in the last 5 years.
Automotive adhesives are used in various applications such as body in white, paint shop, powertrain, and assembly. In 2018, the body in white application segment accounted for the largest market share among all the applications.