Adhesives and sealants market booms
Frost & Sullivan anticipates the global automotive adhesives and sealants market to grow at a CAGR of 4.4% until 2024 and reach $12,209.9m.
Frost & Sullivan’s recent analysis of the Global Automotive Adhesives and Sealants Market revealed that increased adoption of high-performance products such as crash safety adhesives, liquid applied sound deadeners (LASD), advanced high-temperature-resistant silicones, and water-borne acrylics are expected to drive new growth opportunities and revenues.
‘Rapid adoption of aluminium, magnesium, plastics and composites in the body in white (BIW) and assembly segments—prompted by the growing need to bond dissimilar substrates, increased safety concerns, and OEMs’ focus on enhancing aesthetic appearance—boosts the demand for adhesives and sealants,’ said Leonidas Dokos, business unit leader, chemicals and materials, EIA at Frost & Sullivan.
Market consolidation is expected as larger companies are constantly exploring opportunities to acquire regional or application-specific participants to expand its product portfolios. To gain a competitive advantage, Leonidas recommends sealant and adhesive players emulate Henkel and Sika and offer end-to-end solution capabilities across all chemistries and applications.
They should also focus on adopting robust research and development capabilities and establish strong relationships with automotive OEMs to understand the OEM’s new product development activities and futuristic needs.