Germany Automotive Adhesives and Sealants Market to Reach $1,156.8 Million by 2023: P&S Market Research
Thursday, 17 May 2018 NEW YORK, May 17, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, the Germany automotive adhesives and sealants market is projected to reach $1,156.8 million by 2023. The market growth is mainly driven by the expanding domestic demand as well as exports for German automobiles such as passenger cars and commercial vehicles.Automotive adhesives and sealants are the substances that are used for various bonding and sealing applications in the automotive industry. These materials are chemically similar but functionally different. They help in improving driving comfort, performance, reliability, and safety of vehicles.
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On the basis of type, epoxy was the most widely consumed adhesive and sealant in German automotive industry. Epoxy-based adhesives and sealants offer excellent properties such as higher strength bonds, resistance to chemicals, shock, and impact. Such favorable properties are attributing to the largest share of the category in the Germany automotive adhesives and sealants market.
Germany is the one of the largest automotive manufacturers in the world. In Europe, it is the leading automotive market, accounting for significant proportion of total sales of passenger cars in the region. The German made cars have large international market, which results in high exports of automobiles from the country. Besides this, the country has a growing production base for electric vehicles, which has emerged as a growing automotive segment in the recent years. With the rising production base of German automobiles, the Germany automotive adhesives and sealants market is expected to rise during the forecast period.
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In Germany, epoxy-based adhesives and sealants are witnessing rapid surge in consumption, for the production of various automotive components. The dominance of this category in the automotive adhesives and sealants market is due to its strong bonding capability, higher resistance against moisture, and ease of application. Additionally, they offer higher, durability, flexibility, and good impact resistance. Epoxy based adhesives and sealants are used during the production of signal lights, headlights, and are also used during the bonding of bumpers in the vehicles. Owing to its extensive consumption, epoxy-based solutions are expected to drive the Germany automotive adhesives and sealants market.
Some of the major players operating in the Germany automotive adhesives and sealants market are Henkel AG & Co. KGaA, DowDuPont Inc., Sika AG, 3M Company, H.B. Fuller Company, and tesa SE.
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*APAC Automotive Adhesives and Sealants Market*
China was the largest revenue generating country, with a share of more than 50.0% in the APAC automotive adhesives and sealants market in 2017. The country is an emerging economy and is largest in terms of purchasing power parity, the second-largest economy in terms of nominal GDP, and one of the largest exporters of adhesives and sealants to many countries.
Asia-Pacific is expected to be the fastest growing plastisols market during the forecast period, showcasing a CAGR of 8.1% in terms of value. The leading position of the region is powered by high plastisol production capacity of regional players and high economic stability. The market in the region is also characterized by technological innovations and increasing demand from the textile and transportation industries. In addition, major players are establishing export-oriented facilities in the region, which is further expected to fuel the market growth in APAC.
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