Automotive Sealants Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3309
Automotive Sealants Market size is set to witness high CAGR to 2025 led by rising vehicle production along with increasing usage of sealants offering a barrier to air, dust, and liquids from transferring from one substrate to other. The superior mechanical and chemical properties offered by sealants including adhesion, corrosion resistance along with insolubility in most solvents are further expected to boost the industry share over the study timeframe.
Industry players are continuously investing in R&D for developing advanced automotive sealants for catering to a wide range of automotive applications and expanding their automotive sealants market share. For instance, in 2016, Sika AG launched a low-density adhesive and sealants for buses with significant weight reduction compared to the traditional sealants. The weight reduction has also resulted in considerable savings in fuel efficiency and minimize carbon emissions.
Stringent regulatory and government policies mandate the appropriate testing and evaluation of sealants prior to commercializing in the automotive sealants market. Multiple tests include heat resistance, emission control, crush column, and VOC content test among others are conducted before commercializing, thereby providing a positive outlook for the industry expansion. Moreover, regulatory bodies including the ASTM International provides multiple standards that enable sealant manufacturers to invest and properly test sealants for diversified applications.
Most of the automotive sealant manufactures are investing in innovative manufacturing processes for producing advanced sealants based on biotechnology for complying to the stringent efficiency norms. Renewable technologies are gaining significant popularity in the market share owing to reducing reliance on petrochemical products along with improving the sealants adhesion properties.
Based on application, the automotive sealants market share is segmented into interior, exterior, and others. The interior segment will account for a significant share owing to the requirement for appropriate adhesion and boding for multiple vehicle interior components. Additionally, the proliferation of a diversified range of electronics and interior trims along with expanding customization alternatives to the consumers further supports the industry share.
Based on vehicle, the automotive sealants market share can be classified into PCV, LCV, and HCV. The PCV will account for a significant share owing to the rising vehicle production globally. Additionally, improvements in sealants including water-proof capabilities, UV resistance, and chemical stability further expands the segment share. Increasing investments by automobile manufactures to upgrade vehicle manufacturing technologies along with adoption of technologically advanced materials for vehicle production are expected to further boost the revenue generation.
Based on material, the market share can be categorized into epoxy, acrylic, rubber, silicones, polyurethane, and others. The silicones will account for a significant share owing to the benefits offered by the material including superior adhesion and bonding. The material is also ideal for inducing enhanced NHV properties in vehicles. The higher temperature resistance along with superior design flexibility further expands the segment share over the study timeframe.
The automotive sealants market share based on distribution channel can be segmented into OEM and aftermarket. The rising cases of automobile accidents across the globe are boosting the aftermarket growth over the projected timeframe. Additionally, the requirement for replacements and refurbishments of sealants after a certain driving age owing to wear and tear further expands the segment size.
Asia Pacific will account for a significant share in the automotive sealants market. This can be credited to the increasing vehicle production across the region. Moreover, the presence of major automobile manufacturers including Suzuki, Toyota, Honda, and Hyundai among others offering a wide portfolio of vehicles catering to diversified customers further expands the business demand.
Major manufacturers across the region are also focusing on expanding their production and manufacturing facilities for increasing their vehicle production and increasing their market share. For instance, in October 2018, Maruti Suzuki announced its plans to setup a manufacturing and production plant in Gujarat with an estimated project cost of around USD 1.3 billion.
Few of the key industry players include H.B. Fuller Company, PPG Industries, DowDuPont Inc., 3M Company, Henkel AG & Co., and EFTEC AG. Industry participants are adopting multiple strategies including strategic acquisitions and joint ventures for expanding their market share. For instance, in 2016, Henkel AG in collaboration with Anand Group announced the construction of its adhesive and sealant manufacturing plant in India.
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