Global Automotive Adhesives Market
As per the GMI Research report, the Automotive Adhesives Market valued USD 6209 million in 2019, exhibiting a growth of 6.1% over the coming years. This is because of the growing trend of lighter weight and low carbon-emitting vehicles, and the ongoing modernisation in the automobiles, such as higher application of sensors.
Automotive Adhesives Market Dynamics
The augmenting demand for lighter-weight materials in automotive is one of the prime forces stimulating the growth of the global automotive adhesives market. Its higher mechanical strength, greater contrivance, faster production speed, more potency, less time, and cost over conventional products will further drive the market growth. The automotive adhesives possess the potential to increase fuel effectiveness, reduce the hazardous vehicular discharge and weight of vehicles, and resilience towards temperature and chemicals with less shrinkage. These are some other forces projected to compel the market growth. In addition, the ongoing technological modernizations and enlargement in the automotive sector have raised the market demand. However, the excessive price of raw materials needed for the fabrication will restrain the Automotive Adhesives market size.
Additionally, the sudden spread of the coronavirus has significantly influenced the economic aspect of several financial and industrial sectors, such as production, aviation, and travel and tourism. With the accelerating number of nations enforcing lockdowns, economic activities are decreasing, influencing the international economy.
Based on regional analysis, the Asia-Pacific region is forecasted to seize the market with the largest share during the forecast period. This is because of the attained economic congestion level in areas such as North America & Europe. As per the Automotive Adhesives Market Global Forecast, augmentation of the industrial sector and the growing opportunities in the emerging countries has further raised the market growth.
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