The growing requirement for lightweight vehicles is fueling the demand for automotive adhesives and sealants. To maximize power and speed, several automobile manufacturing companies are making huge investments in research and development (R&D) projects for developing lightweight vehicles. In recent times, many automakers have focused on replacing conventional steel fixtures, such as bolts and nuts, with structural adhesives that provide excellent bonding. The use of these adhesives allows automakers to avoid the utilization of heavy steel fixtures, which, in turn, helps them develop lightweight vehicles.
As lightweight vehicles provide excellent fuel efficiency, their popularity is soaring across the globe. Furthermore, the implementation of strict vehicle safety regulations and standards by the governments of several countries is also propelling the progress of the automotive adhesives and sealants market. Moreover, the growing requirement for greater vehicle safety, on account of the rising incidence of road accidents, is also pushing up the demand for automotive adhesives and sealants, as these materials improve the strength of vehicle parts.
Additionally, these adhesives can easily absorb the impact of accidents and head-on collisions. Mastics, which are basically rubber compounds utilized in various non-structural application areas, assist in filling the vacuum in an automobile, thereby aiding in shock absorption and improving the safety of passengers. Owing to these factors, the value of the automotive adhesives and sealants market is predicted to grow from $6,414.1 million in 2020 to $11,643.5 million by 2030.
Across the globe, the sales of automotive adhesives and sealants are expected to soar in the Asia-Pacific region in the coming years. This will be because of the growing investments being made by various European automakers for expanding their presence in Southeast Asian countries. In addition, the booming automobile sales, on account of the growing disposable income of people in developing countries, such as India, Thailand, Indonesia, and China, are also creating lucrative growth opportunities for the players operating in the APAC automotive adhesives and sealants market.
Thus, it can be safely said that the demand for automotive adhesives and sealants will rise sharply in the coming years, mainly because of the growing requirement for lightweight vehicles and greater vehicular safety, owing to the rising prevalence of road accidents all over the world.
Read More: https://www.psmarketresearch.com/market-analysis/global-automotive-adhesive-and-sealant-market
