Growing Demand for Lightweight Vehicles Driving Sales of Automotive Adhesives and Sealants

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

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How Is Healthcare Sector Supplementing Water-Based Adhesive Specialty Tapes Market Growth?

A number of factors such as the booming automotive sector, surging public awareness about the advantages of such tapes, burgeoning demand for medical products, and rapid technological advancements in the healthcare industry, are expected to drive the water-based adhesive specialty tapes market at a CAGR of 6.5% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $5,093.2 million in 2020 and it will generate $9,514.9 million revenue by 2030. 

The expanding automotive industry is driving the demand for water-based adhesive specialty tapes worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), 77,621,582 vehicles were manufactured and 77,971,234 vehicles were sold globally in 2020. In addition, rapid technological developments in the automobile sector and the introduction of new vehicles are also fueling the demand for water-based adhesive specialty tapes. The automotive industry uses water-based adhesive specialty tapes as double-sided tapes, foam tapes, and protection tapes because they are easy to fix and remove.

In recent years, the players in the water-based adhesive specialty tapes market have been engaging in product launches to stay ahead of their competitors. For example, in April 2018, Shurtape Technologies LLC launched Shurtape FM 200 flagging tapes to expand its safety and marking product portfolio. The new tapes are used for temporary applications, such as tagging, marking trails, color coding, indicating survey boundaries, and designating hazards. Other players like Nichiban Co. Ltd., Intertape Polymer Group Inc., Scapa Group plc, and 3M Company are also expanding their product portfolio to gain a competitive edge. 

Globally, the Asia-Pacific water-based adhesives specialty tapes market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period. This can be credited to the expanding healthcare, electrical and electronics, and automotive industries and surging disposable income of people in the region and the prospering economy of the regional countries. For example, the OICA states that China, India, Japan, and South Korea manufactured 25,225,242 units, 3,394,446 units, 8,067,557 units, and 3,506,774 units of vehicles, respectively, in 2020. 

Therefore, the prospering automotive industry and soaring demand for healthcare products are prominent growth drivers of the market.

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Why Is Asia-Pacific Largest Polypropylene Market?

A number of factors, primarily the increasing consumption of polypropylene in the manufacturing of food packaging products, hinged caps, sweet & snack wrappers, pipes, microwave containers, banknotes, automotive parts, and nonwoven polypropylene fibers, are expected to drive the growth of the polypropylene market at a significant rate in the years to come. A key trend presently is polypropylene compounds, wherein the base material is mixed with impact modifiers, additives, fillers, pigments, and strength enhancers, such as glass fiber and mineral fillers.

One of the prime factors propelling the polypropylene market is the surging consumption of the chemical in the packaging industry. As polypropylene resin has a high tensile strength, it is widely used in plastics production, owing to the increasing demand for plastics in the packaging industry. For instance, according to PlasticsEurope, in 2018, the global production of plastics stood at 359 million tons. Moreover, retailers and brand owners are responding to the consumer need for more-sustainable packaging materials. Thus, the surging need for rigid, sustainable packaging is fueling the consumption of polypropylene.

Moreover, the growing nonwoven polypropylene fiber sector is another key driving factor that boosts the growth of the polypropylene market. The demand for polypropylene staple fibers is increasing in applications such as needle punch durables for geotextiles, vehicle components, upholstered furnishings, indoor & outdoor carpets, blankets, and bedding. As per an article in the International Fiber Journal, 14.9 million tons of nonwoven roll goods were consumed in 2018. The staple fiber represented around 59% of the total sales of nonwoven, out of which polypropylene staple fibers accounted for an around 11% share.

Geographically, the Asia-Pacific polypropylene market held the largest revenue share in the past, and it is also expected to witness the fastest growth in the years to come. This is attributed to the surging consumption of the chemical in the packaging, transportation, machinery, consumer & institutional, building & construction, furniture & furnishings, and electrical & electronics industries of the region. Furthermore, APAC is home to some of the key companies in the market, such as Exxon Mobil Corporation, Washington Penn, PolyOne Corporation, A. Schulman, and Ferro Corporation.

Thus, the rising consumption of polypropylene for the production of food packaging and the growing nonwoven polypropylene fiber sector are expected to propel the market growth during the forecast period.

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Why will Oxygen-Free Copper Market Surge in Asia-Pacific in Upcoming Years?

Due to the surging utilization of oxygen-free copper wires in the electronics and electrical industry and electric vehicles (EVs), on account of their high thermal and electrical conductivity, ease of welding, good creep resistance, high impact strength, and high ductility, the global oxygen-free copper market is predicted to exhibit rapid expansion during 2021–2030. Furthermore, as per the estimates of the market research company, P&S Intelligence, the market revenue surged to $20.0 billion in 2020.

The soaring sales of electric vehicles are propelling the expansion of the market across the world. As oxygen-free copper has low thermal and electrical resistance, it is being increasingly used in the manufacturing of EVs including plug-in hybrid electric vehicles (PHEVs). Additionally, in order to reduce the carbonization level in the automotive industry and mitigate the emission of greenhouse gases, automobile manufacturers such as BMW AG, Tesla Inc., and Hyundai Motor Company are actively focusing on manufacturing EVs, thereby fueling the growth of the oxygen-free copper market.

Geographically, the Asia-Pacific (APAC) region contributed the highest revenue to the oxygen-free copper market in 2020, and it is predicted to retain its market dominance during the forecast period as well. This is ascribed to the availability of raw materials and cheap labor in the region, which massively reduces the production costs of various materials, and the soaring deployment of electric vehicles, on account of the increasing concerns being raised over the escalating greenhouse gas emissions in the region. 

Thus, owing to the growing requirement for oxygen-free copper in the electrical and electronics industry and the mushrooming deployment of electric vehicles, the market will register substantial growth all over the world in the upcoming years. 

Market Size Breakdown by Segments

Based on Grade

• Oxygen-Free
• Oxygen-Free Electronic

Based on Product

• Wires
• Strips
• Busbars
• Rods

Based on End user

• Electrical and Electronics
• Automotive

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa

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How Is Polyethylene Glycol Market Driven by Growing Pharmaceutical Sector?

The polyethylene glycol market is primarily witnessing growth on account of the rising usage of this chemical as a specialty solvent and surface-active agent in toothpaste, lotions, creams, shampoos, lipsticks, soaps, deodorants, bath oils, detergents, and conditioners. Moreover, due to the importance of the compound in the medical device, automobile, paper and ceramics, paint and coating, and construction sectors, its sales already generated ~$4.5 billion revenue in 2020, which is set to increase massively during 2021–2030 (forecast period).

The grade segment of the market is categorized into PEG 6000, PEG 4000, PEG 3350, PEG 400 FCC Grade, PEG 400, PEG 300, and PEG 200. Among these, the PEG 400 category dominated the market for PEG in 2020, and it is set to advance significantly during the forecast period. PEG 400 has a low molecular weight and toxicity, which makes it useful in numerous applications. Moreover, this grade’s hydrophilic nature allows for its usage in drugs to improve the bioavailability and solubility of drug molecules that are weakly soluble in water.

On the basis of application, the polyethylene glycol market is divided into medical, industrial, construction & infrastructure, and personal care. During the historical period (2015–2020), the largest share, in terms of volume and value, was held by the medical category due to the wide usage of PEG in drugs as an excipient (inactive agent). Some of the most-common medicines have this ingredient, such as acetaminophen, cetirizine, diclofenac, ibuprofen, and tramadol. Moreover, PEG 3350 is used to treat constipation, by helping in the retention of water in the stool.

The polyethylene glycol market garnered the highest revenue from the Asia-Pacific (APAC) region in 2020 because of the region’s vast and growing pharmaceutical industry. India is one of the largest exporters of medical drugs, which keeps the demand for PEG and other raw materials high here. Moreover, PEG is an important raw material in the automotive and construction chemical sectors, which are also witnessing rapid growth in APAC. China and India are already two of the largest construction and automotive markets globally, and their booming population is giving a further boost to these industries. 

Therefore, the market will continue to grow with the rising demand for pharmaceutical products across the globe.

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Why Is North America Leading 3D Printing High-Performance Plastics Market?

Factors such as the escalating demand for mass customization of products and increasing applications of 3D printing technology in the automotive, defense, aerospace, and aviation industries will facilitate the 3D printing high-performance plastics market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue reached around $73.5 million in 2020. In recent years, increasing shift of manufacturers from traditional production methods to 3D printing, due to the zero-material wastage, more customizability, and cost-effectiveness offered by this technology, has become a major market trend.

One of the key catalysts for the market growth is the widening application base of 3D printing high-performance plastics in the aerospace industry. The rising production of aircraft components, primarily on account of the mushrooming demand for aircraft to ferry more cargo and passengers. 3D printing technology is an effective method of producing aircraft parts, as it uses filaments, which help in reducing the weight of the manufactured products. Furthermore, the usage of filaments also assists in enhancing strength and designing and creating complex structures for aircraft components. 

Currently, players operating in the 3D printing high-performance plastics market are engaging in partnerships to gain a significant position. For instance, in March 2021, Stratasys Ltd. partnered with Xometry to offer a wide range of high-performance nylon materials to end users. With this partnership, the customer base of Xometry, which includes Fortune 100 companies and startups, got access to the selective laser sintering (SLS) 3D printing technology of Stratasys Ltd. Other companies focusing on improving their presence through partnerships include Saudi Basic Industries Corporation (SABIC), EOS GmbH Electro Optical Systems, Solvay, and Victrex plc.

Geographically, North America held the largest share in the 3D printing high-performance plastics market in 2020, and it is expected to maintain its dominance throughout the forecast period as well. This can be ascribed to the increasing investments being made in the research and development (R&D) of 3D printing materials, on account of the escalating focus on technological advancements. Moreover, the expanding manufacturing base of the robotics, aerospace, medical prostheses, and automobile industries in the region will also catalyze the market growth in the forthcoming years. 

Thus, the increasing demand for aircraft and automobiles will supplement the market growth in the foreseeable future.

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