Automotive coatings, adhesives, sealants - New investments by companies along with increasing number of production facilities are expected to further stimulate the global market
According to a new market report published by Stratistics MRC the Global Automotive Coatings, Adhesives, Sealants Market is accounted for $10.83 billion in 2015 and is expected to reach $15.51 billion by 2022 growing at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period. Rapid growth in the production of medium and heavy vehicle has influenced the market growth. The adhesive and sealants market is primarily driven by the huge demand from emerging economies, advancement in chemical technology and driving comfort. Moreover new investments by companies along with increasing number of production facilities are expected to further stimulate the global automotive coatings market.
Global Automotive Coatings, Adhesive and Sealant market is segmented by Application into Interior, Exterior, Under the Hood and Other Applications. Exterior holds the largest market share. However UTH and Power Train segment is anticipated to move at highest Compound annual growth rate during forecast period. Hard and damage tolerant coatings prevent wear of powertrain components and improve the efficiency of energy production by the combustion process.
Global Automotive Coatings, Adhesive and Sealant market is segmented by Substrate into Solvent-Based, Water-Based and Other Substrates. Solvent-Based Substrate accounted for the largest market revenue in 2015. Strict regulations towards the emission of volatile organic compounds (VOCs), European and American countries are forcing automotive Original Equipment Manufacturers to develop eco-friendly alternatives. The growing awareness about the eco-friendly alternatives is foreseen to increase their consumption significantly in the coming years.
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Global Automotive Coatings, Adhesive and Sealant market is segmented by Material into Urethane, Epoxy, Rubber, Silicones, Hot Melts, PVC, Polyurethanes and Acrylics. Acrylics segment accounted for the largest market share during forecast owing to High growth in automotive industry is expected to fuel demand for acrylic adhesives during the forecast period. Demand for acrylic adhesives is extremely dependent on consumer markets thus; macroeconomic factors such as GDP growth are among major growth driver for the market. Whereas epoxy segment is anticipated to grow at highest CAGR because of it form the strongest bonds among reactive adhesive systems and have gained broad acceptance in diverse
Global Automotive Coatings, Adhesive and Sealant market is segmented by End User into Original Equipment Manufacturers (OEM) and Aftermarket. Original Equipment Manufacturers (OEM) segment commanded the market with largest revenue. It is due to increase in automobile production in Asia Pacific region
This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. North America has the leading market for automotive coatings, adhesives, and sealant market. Rising production of light weight vehicles is pushing the growth of global CAS market in this region. Europe is anticipated to hold the largest CAGR during forecast period. The Europe automotive CAS market recovered at a high rate midway through 2012 after witnessing a slower growth on account of the financial crisis suffered by European economies in 2011.
Some of the key players in global Automotive Coatings, Adhesives and Sealants market are ADCO Global, Akzo Nobel, Arkema SA, Ashland Incorporated, BASF SE, Bayer AG, Bemis Associates, Cytec Industries, Dow Chemical Company, DuPont (EI) de Nemours, EMS-Chemie Holding, Finish Master Incorporated, Forbo Holding, Fujikura Kasei, Henkel AG & Company, Huntsman Corporation.
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