Rising lightweight vehicle demand and growing automobile production are some of the prime factors behind the progress of the automotive adhesives and sealants market. In 2017, the market attained a size of $8,413.7 million, and it is predicted a reach $11,871.6 million by 2023, progressing at a CAGR of 6.0% during the forecast period (2018–2023). Adhesives and sealants are used for different bonding and sealing applications in the automotive industry, whereby they help in enhancing the performance, driving comfort, and safety of vehicles
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The use of adhesives and sealants also helps in improving the safety of automobiles. According to the World Health Organization, about 1.35 million people die due to traffic accidents every year. To deal with factors like this, vehicle safety standards and regulations are becoming stricter worldwide. For example, The European New Car Assessment Programme (Euro NCAP) offers consumers information on the safety of new cars.
The organization provides an independent assessment of the safety level for the cars that are sold in Europe. Initiatives such as this certainly help customers take an informed decision on which model to purchase. Such vigilance is compelling automotive manufacturers to focus on improving the safety level of vehicles. Because adhesives and sealants provide integrity to the bonnet and boot and are capable of absorbing the impact of head-on collisions, their use for manufacturing better, lightweight, and safe vehicles is increasing.
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The use of adhesives and sealants in electric vehicles is quite low owing to their less engine parts. But the rising focus on structural integrity along with the desire to decrease the overall vehicle weight is anticipated to escalate the usage for these materials during the forecast period, thereby resulting in automotive adhesives and sealants sector growth.
Further, automobile manufacturers are looking for ways to produce the lightest vehicle to maximize the power and speed. Manufacturers are using lightweight materials such as composites, plastics, and aluminum in place of steel for producing auto parts. These materials can’t be bolted or welded to keep the vehicle parts together, and therefore adhesives and sealants are extensively used by the manufacturers. Thus, the surging production and sales of lightweight vehicles is predicted to accelerate the growth of the automotive adhesives and sealants sector during the forecast period.
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