One of the prominent drivers for the expansion of the market is the stringent environmental regulations developed by authorities with the purpose of diminishing carbon emissions have directed towards the requirement of lightweight which promotes the utilization of materials, for instance, aluminum for lessening the automotive weight, which directs towards automotive adhesives market utilization. The technical progressions in the production of automobiles in addition to the acceptance of smart cars are fuelling the utilization of automotive adhesives. The increase in utilization of standard adhesive volume with the growing complexness in the design of vehicles is moreover encouraging the market. On the other hand, the growth might be constrained by the vast volatility in the costs of raw materials.
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The market includes various types of products that are accessible globally such as styrene block, EVA, PVA, acrylic, epoxy, polyurethane and other product types. Among these, the polyurethane has been a lucrative product type. The market foresees a rise in sales due to fundamental strength in vehicle sales. In addition, metallic components are interchanged with composites to adhere with adhesives that result in the diminution of automobiles weight as well as advancement in fuel efficiency. Makers are therefore gradually shifting in the direction of water-based adhesives that are environment-friendly as well as hold a lower quantity of VOCs.
The Asia-Pacific market is likely to foresee a boost in the demand over the approaching years. Consistent presence, as well as an expansion of a wide range of manufacturers, distributors and suppliers, is some of the features of the market. Latin America Eastern Europe apart from Asia-Pacific, account for the potential for growth. However, the Asia Pacific regional market is the quickest growing region for the industry as a result of increasing adhesives demand in Japan, South Korea, Malaysia, China, Vietnam, India and Australia.
Irrespective of reflecting potential growth opportunities, the market is consolidated as a result of the presence of a fewer number of market players centralized in a few nations. These prominent companies have acquired a variety of organic in addition to inorganic growth strategies such as new product launches, mergers & acquisitions, expansions, joint ventures, agreements, partnerships along with others to strengthen their positioning in this market.
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The industry is yet considered to remain fragmented, with several medium-sized market players with a high level of customization, in particular, the highest-value adhesive categories. Growing entrance of medium & small sized market players into the sector is considered to put on the test the multinational market players who are already competing in the sector. The expenditure of manufacturing automotive adhesives is on account of the price of the raw materials together with the necessary service component of training consumers as well as helping them conclude constructing issues.
A few of the prominent market players in this market are The Dow Chemical Company (U.S.), Sika AG (Switzerland), Bayer (Germany), BASF (Germany), Henkel (Germany), 3M Company (U.S.), H.B. Fuller Company(U.S.), Ashland Specialty Chemical Company (U.S.), Hindustan Adhesives Limited (India), Dynea International Oy (Finland) , ExxonMobil Chemical Company (U.S) , Forbo Adhesives Switzerland (Switzerland), Covalence Adhesives (U.S.) and Hexion Specialty Chemicals (U.S) amid others.
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