Automotive adhesives and sealants are rapidly becoming the latest buzzwords in the automotive industry. The mushrooming requirement for luxury vehicles and the rapid incorporation of advanced driver assistance systems in both commercial vehicles and passenger cars are pushing up the demand for automotive adhesives and sealants, especially in North America. Moreover, the ballooning popularity of lightweight vehicles, on account of their high fuel efficiency, is causing a steep rise in the sales of these materials across the world.
Due to the above-mentioned factors, the demand for automotive adhesives and sealants are surging sharply all over the world. This is subsequently fueling the expansion of the global automotive adhesives and sealants market. As a result, the value of the market is predicted to surge from $7,438.2 million in 2019 to $12,646.8 million by 2030. According to various estimates, the market would advance at a CAGR of 7.0% from 2020 to 2030.
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Globally, the automotive adhesives and sealants market would register the fastest growth in Asia-Pacific (APAC) in the future years, as per the forecast of P&S Intelligence, a market research company based in India. This would be due to the surging investments being made by several European automakers for expanding their operations in the Southeast Asian market. Additionally, the soaring disposable income of people in the developing countries will further boost the market advancement in the region in the coming years.
Hence, it is safe to say that the sales of automotive adhesives and sealants would explode all over the world in the coming years, mainly because of the rising demand for lightweight vehicles and the growing requirement for higher vehicular safety.
Read more: https://www.psmarketresearch.com/market-analysis/global-automotive-adhesive-and-sealant-market
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