Due to the surging adoption of lightweight materials in the manufacturing of vehicles by various automobile manufacturing companies, the demand for adhesives and sealants is expected to observe significant growth in Asia-Pacific (APAC) in the coming years. Since the last few years, automobile manufacturers have been increasingly adopting lightweight materials, such as aluminum and plastic composites, in place of steel, in order to enhance the speed and power of the vehicle and reduce its weight. This is predicated to push the demand for adhesives and sealants, as these materials are required for maintaining the integrity of the vehicles.
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The other major factor responsible for the surge in the demand for adhesives and sealants in the APAC region is the booming automobile manufacturing sector in various countries, such as India and China, which are among the top five automobile producers on earth. Due to these factors, the APAC automotive adhesives and sealants market is expected to progress at a CAGR of 6.5% during the forecast period (2018–2023), at which it would ultimately grow from $3,403.6 million in 2017 to $4,938.0 million by 2023.
Automotive adhesives and sealants refer to substances used in various bonding and sealing processes in the automotive industry, primarily due to their ability to provide enhanced driving comfort, safety, and performance to vehicles. Although adhesives and sealants are chemically similar substances, their functions are quite different. These substances are used in various vehicle production processes, such as under-the-hood (UTH) and power train manufacturing, body-in-white (BIW), assembly, and painting. Amongst these, the assembly stage is expected to record the fastest growth in the consumption of these materials in the near future.
The APAC automotive adhesives and sealants market is currently subject to the automotive fuel economy policies being implemented in various countries. For instance, various fuel economy standards are being adopted in several countries, such as the light-duty vehicles (LDV) standards in Thailand, Philippines, Vietnam, and Indonesia and high-duty vehicles (HDV) standards in China and Japan. Due to the ability of the adhesives and sealants to improve the fuel economy of vehicles, these materials are being increasingly adopted by the manufacturers for meeting these strict regulatory standards.
In APAC, the Chinese automotive sector recorded the highest demand for adhesives and sealants in 2017. This is primarily attributed to the fact that China is an emerging economy and has the largest purchasing power parity in the region. In addition to this, nearly all the major automotive adhesive and sealant companies have their manufacturing plants in China, which significantly increases the adoption these materials in the country. However, the single biggest reason behind this is that China is the global leader in automobile production, which naturally creates a heavy demand for different materials that go into vehicle production.
Therefore, due to the rising need for lighter materials in the automobile manufacturing process, in order to produce fuel-efficient and faster vehicles, and the presence of major adhesive and sealant manufacturing factories, the demand for these products is expected to register huge growth in APAC in future.
Get a sample copy of the market analysis: https://www.psmarketresearch.com/market-analysis/apac-automotive-adhesives-and-sealants-market/report-sample
The other major factor responsible for the surge in the demand for adhesives and sealants in the APAC region is the booming automobile manufacturing sector in various countries, such as India and China, which are among the top five automobile producers on earth. Due to these factors, the APAC automotive adhesives and sealants market is expected to progress at a CAGR of 6.5% during the forecast period (2018–2023), at which it would ultimately grow from $3,403.6 million in 2017 to $4,938.0 million by 2023.
Automotive adhesives and sealants refer to substances used in various bonding and sealing processes in the automotive industry, primarily due to their ability to provide enhanced driving comfort, safety, and performance to vehicles. Although adhesives and sealants are chemically similar substances, their functions are quite different. These substances are used in various vehicle production processes, such as under-the-hood (UTH) and power train manufacturing, body-in-white (BIW), assembly, and painting. Amongst these, the assembly stage is expected to record the fastest growth in the consumption of these materials in the near future.
The APAC automotive adhesives and sealants market is currently subject to the automotive fuel economy policies being implemented in various countries. For instance, various fuel economy standards are being adopted in several countries, such as the light-duty vehicles (LDV) standards in Thailand, Philippines, Vietnam, and Indonesia and high-duty vehicles (HDV) standards in China and Japan. Due to the ability of the adhesives and sealants to improve the fuel economy of vehicles, these materials are being increasingly adopted by the manufacturers for meeting these strict regulatory standards.
In APAC, the Chinese automotive sector recorded the highest demand for adhesives and sealants in 2017. This is primarily attributed to the fact that China is an emerging economy and has the largest purchasing power parity in the region. In addition to this, nearly all the major automotive adhesive and sealant companies have their manufacturing plants in China, which significantly increases the adoption these materials in the country. However, the single biggest reason behind this is that China is the global leader in automobile production, which naturally creates a heavy demand for different materials that go into vehicle production.
Therefore, due to the rising need for lighter materials in the automobile manufacturing process, in order to produce fuel-efficient and faster vehicles, and the presence of major adhesive and sealant manufacturing factories, the demand for these products is expected to register huge growth in APAC in future.