Epoxy Adhesives For Automotive Market - Forecast(2023 - 2028)

Report Code: CMR 40667 Report Format: PDF + Excel

Epoxy Adhesives For Automotive Market Overview

Epoxy Adhesives For Automotive Market size is forecast to reach US$2.3 billion by 2027, after growing at a CAGR of 5.8% during 2022-2027. Epoxy adhesive is a synthetic mixture of a resin or epoxy polymer and a hardener used to attach or join a variety of components in the automotive sector. They help to set the components strong, and durable and help to withstand extreme stress and environmental conditions. Automotive adhesives include different types such as acrylic, polyurethane, and cyanoacrylate among others. The growth in lightweight vehicles is one of the major factors driving the market growth for epoxy adhesives. The growing incorporation of lightweight materials in the automotive and transportation industry is also supporting the market growth during the forecast period. Adhesives help to a reduction in the overall weight of the final product, which has become a crucial factor in the automotive industry in recent years.

Impact of Covid-19

The COVID-19 outbreak led to major economic problems and challenges for the oil & gas and industries globally. According to the International Monetary Fund (IMF), the global GDP growth declined by 3.5% owing to the economic impact of COVID-19. Governments all across the globe announced strict measures to slow the spread of the coronavirus and only the production of essential commodities was allowed, which impacted the non-essential commodity industries, thereby impacting the production of epoxy adhesives. According to OICA, in 2020 approximately 78 million motorized vehicles are produced in the world, which is 16% down compared to 2019.

Report Coverage

The Report: “Epoxy Adhesives for Automotive Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Epoxy Adhesives For Automotive industry.

By Type: One-Component, Two-Component.
By Vehicle Type: Passenger cars, LCVs, Trucks, Buses, and Others.
By Engine Type: ICE and Electric.
By Electric Vehicle: BEV, 2HEV, 3PHEV, and FCEV.
By Application: Structural bonding [Body in White {Front Fender, Floor Panel, Sill, Sash, Trunk}, Chassis, Glass Applications {Roof Ditch Molding, and Mirror Buttons and Brackets}, and Others], and Hemming adhesion.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, France, Germany, Italy, Spain, Netherlands, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), and Rest of the world (Middle East (Saudi Arabia, UAE, Israel, and Rest of Middle East), and Africa (South Africa, Nigeria, and Rest of Africa).

Key Takeaways

  • The Asia Pacific dominated the epoxy adhesives for the automotive market in the year 2021. One of the key drivers driving the market is the growing production of passenger and light vehicles in the region.
  • The one-component segment is expected to grow at a high CARG of 6.6% during the forecast period.
  • However, fluctuating oil prices along with the availability of other Adhesives for the Automotive industry are likely to hamper the market growth during the forecast period.

Figure: Asia Pacific Epoxy Adhesives For Automotive Market Revenue, 2021-2027 (US$ Billion)

Epoxy Adhesives for Automotive Market

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Epoxy Adhesives For Automotive Market Segment Analysis – By Type

The two-component segment held the largest share with 42% in the Epoxy adhesives for the automotive market in 2021 and is anticipated to grow at a significant CAGR during the forecast period 2022-2027. Two-component is widely preferred for structural adhesives due to its high strength property. They offer various advantages such as vibration & shock resistance, fast curing at ambient temperatures, long-term durability, strong adhesion to different substrates, and dimensional stability among others. These are some of the major properties driving the demand for a two-component type segment. According to the data published by Jerry a car insurance company, in 2020, electric car sales made up just 2% of new automotive sales in the U.S., compared to 10% in Europe and 6% in China. According to European Environment Agency, Electric car registrations in 2020 were close to 1,325,000 units, up from 550,000 units in 2019.

Epoxy Adhesives For Automotive Market Segment Analysis - By Engine Type

The ICE engine type segment held the largest share with 92% in the epoxy adhesives for the automotive market in 2021 and is anticipated to grow at a significant CAGR during the forecast period 2022-2027. Internal combustion engines (ICE) are the most common form of heat engines, as they are used in vehicles, boats, ships, airplanes, and trains. They are named as such because the fuel is ignited in order to do work inside the engine. Epoxy adhesives are used in different applications during car manufacturing they are used in chassis, glassworks, body in white among others, In the automotive industry adhesives are used for joining seats, spoilers tailgates, and side skirts, bumpers, headlights, and dashboards, among others. The electric engine segment is expected to grow at a high CAGR during the forecast period. Many car manufacturers are slowly replacing ICE engines with electric engines. According to the BMW organization, the company plans to invest 400 million euros ($475 million) for a manufacturing line for electric vehicles in place of those with conventional engines at its historic Munich factory.

Epoxy Adhesives For Automotive Market Segment Analysis – By Geography

The Asia Pacific region dominated the Epoxy Adhesives For Automotive Market in terms of revenue with a share of 48% in 2021 and is projected to dominate the market during the forecast period (2022-2027). The presence of key manufacturers including DuPont, Ashland, Huitian New Materials Co. Ltd., and Henkel AG, are driving the market growth for Epoxy Adhesives For Automotive in the Asia Pacific region. The growing production of passenger vehicles in developing nations such as India and China is supporting the market growth during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automobile production in China reached 2,60,82,220 units in 2021, an increase from 2,52,25,242 units in 2020, and 2,57,20,665 units in 2019 respectively. The electrical vehicle industry is picking at a rapid pace with 100% FDI. According to the article published by India Briefing (Dezan Shira & Associates), in September 2021, a production-linked incentive scheme for the automotive sector was approved by the Cabinet to boost the manufacturing of electric vehicles and hydrogen fuel cell vehicles and India reported sales of over 300,000 EV units in 2021. Hence the growth in the automotive sector is driving the market for epoxy adhesives market.

Epoxy Adhesives For Automotive Market Driver

Growing Demand for Lightweight and Low Carbon-Emitting Vehicles

Epoxy Adhesives are generally used in the automotive industry for bonding different components. Modern lightweight design requires new bonding technologies in addition to new materials to decrease the weight of the vehicle. Automotive manufacturing companies have been involved in the use of multi-material joining with structural adhesives to lower vehicle weight, fuel consumption, and carbon dioxide emissions. Epoxy adhesives provide structural advantages for bonded components. Structural bonding adhesives offer stable bonding and increase the overall efficiency and effectiveness of a conventionally joined structure. Epoxy adhesives are used in joining non-weldable and/or heat-sensitive components and materials, joining various metallic and non-metallic substrates with regard to avoiding galvanic corrosion, and also reducing cycle times and costs by reducing spot welds. The major economies are majorly concentrating and reduction of on co2 emissions, so the automobile manufacturers are investing hugely in developing lightweight vehicles. According to the US Department of Energy (DOE), the total vehicle's weight is being reduced by 10% by manufacturers to increase fuel economy. According to Hedges Company review, the United States has around 17.55 million light vehicles registered in 2020. They also mentioned, Toyota company has registered around 2,112,940 units of light vehicle sales in the US during 2020-2021.

Increasing Demand for Non-Hazardous, and Sustainable Adhesives

Epoxy adhesive is an extremely strong adhesive, used for building automobiles, bicycles, boats, and other products that require high strength bond. Epoxy is safe for the user, and it doesn't emit toxic fumes. It may leach small quantities of hardeners and other toxic compounds through hydrolysis. Bio-based epoxies are a relatively new class of bio-sourced resins that are produced from renewable sources such as unsaturated vegetable oils, saccharides, tannins, and cardanols, among others. Hence growing demand for sustainable adhesives from the automobile industry is driving the market for epoxy adhesives.

Epoxy Adhesives For Automotive Market Challenges

Availability of substitute products in the market

The adhesives for automotive have several substitutes such as PU, acrylic, silicone, silyl modified polymer, and more. These substitutes have similar chemical properties, performance, and other similar factors such as bonding different materials such as wood, metal, glass, fiber, and others. Silyl modified polymers adhesives also find significant usage in the automotive & transportation industry. They also reduce the weight of vehicles and offer excellent performance characteristics and find their application in auto components as well as in the interiors and exteriors of automobiles. The average price of epoxy adhesives ranges from US$ 6,300-to 6,700/ton whereas other adhesives range from US$4,500 to 6,000/ton.

Epoxy Adhesives for Automotive Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Epoxy Adhesives For Automotive Market. Epoxy Adhesives For Automotive top 10 players include:

  1. Henkel AG
  2. Sika AG
  3. 3M Company
  4. H.B. Fuller
  5. DuPont
  6. Illinois Tool Works Incorporation
  7. Ashland
  8. RPM International
  9. Lord Corporation
  10. Huntsman Corporation
  11. Other Compnaies

Recent Developments

  • In April 2021, Sika AG acquired Hamatite, the adhesives business of The Yokohama Rubber Co. Ltd. Hamatite is involved in the development of adhesives and sealants to the automotive and construction industries. The acquisition would expand and strengthen Sika’s market position in Japan location.
  • In February 2021, Kisling launched its new product “ergo® 7440 epoxy adhesive”, which allowed Ferrari to solve existing adhesive issues, by delivering a fast buildup of handling strength and temperature resistance, among other benefits.
  • In March 2019, H.B. Fuller established an engineering adhesives business in Japan. This expansion has strengthened its engineering adhesive (EA) businesses in Japan by focusing on high-performance epoxy adhesives, including reactive adhesive chemistries and applications.

Relevant Reports

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1. Epoxy Adhesives For Automotive Market- Market Overview
    1.1 Definitions and Scope 
2. Epoxy Adhesives For Automotive Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Vehicle Type
    2.3 Key Trends by Engine Type
    2.4 Key Trends by Electric Vehicle Type
    2.5 Key Trends by Application
    2.6 Key Trends by Geography
3. Epoxy Adhesives For Automotive Market– Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Epoxy Adhesives For Automotive Market - Startup Companies Scenario Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Epoxy Adhesives For Automotive Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Epoxy Adhesives For Automotive Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Epoxy Adhesives For Automotive Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Epoxy Adhesives For Automotive Market – By Type (Market Size -US$ Million)
    8.1 One-Component
    8.2 Two-Component
9. Epoxy Adhesives For Automotive Market – By Vehicle Type (Market Size -US$ Million)
    9.1 Passenger cars
    9.2 LCVs
    9.3 Trucks
    9.4 Buses
    9.5 Others 
10. Epoxy Adhesives For Automotive Market – By Engine Type (Market Size -US$ Million)
    10.1 ICE
    10.2Electric
11. Epoxy Adhesives For Automotive Market – By Electric Vehicle Type (Market Size -US$ Million)
    11.1 BEV
    11.2 HEV
    11.3 PHEV
    11.4 FCEV
12. Epoxy Adhesives For Automotive Market – By Application (Market Size -US$ Million)
    12.1 Structural bonding
        12.1.1 Body in White
            12.1.1.1 Front Fender
            12.1.1.2 Floor Panel
            12.1.1.3 Sill
            12.1.1.4 Sash
            12.1.1.5 Trunk
        12.1.2 Chassis
        12.1.3 Glass Applications
            12.1.3.1 Roof Ditch Molding 
            12.1.3.2 Mirror Buttons and Brackets
        12.1.4 Others
    12.2 Hemming adhesion
13. Epoxy Adhesives For Automotive Market -By Geography (Market Size -US$ Million)
    13.1 North America
        13.1.1 USA
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 Netherlands
        13.2.6 Spain
        13.2.7 Belgium
        13.2.8 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zealand
        13.3.6 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 Rest of the World
        13.5.1 Middle East
            13.5.1.1 Saudi Arabia
            13.5.1.2 UAE
            13.5.1.3 Israel
            13.5.1.4 Rest of the Middle East
        13.5.2 Africa
            13.5.2.1 South Africa
            13.5.2.2 Nigeria
        13.5.3 Rest of Africa
14. Epoxy Adhesives For Automotive Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Epoxy Adhesives For Automotive Market – Industry/Segment Competition Landscape Premium
    15.1 Company Benchmarking Matrix – Major Companies
    15.2 Market Share at Global Level - Major companies
    15.3 Market Share by Key Region - Major companies
    15.4 Market Share by Key Country - Major companies
    15.5 Market Share by Key Application - Major companies
    15.6 Market Share by Key Product Type/Product category- Major companies
16. Epoxy Adhesives For Automotive Market – Key Company List by Country Premium Premium
17. Epoxy Adhesives For Automotive Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10  Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"    

LIST OF TABLES

1.Global Epoxy Adhesive For Automotive Market, by Type Market 2019-2024 ($M)
2.Global Epoxy Adhesive For Automotive Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
3.Global Epoxy Adhesive For Automotive Market, by Type Market 2019-2024 (Volume/Units)
4.Global Epoxy Adhesive For Automotive Market Analysis and Forecast by Type and Application Market 2019-2024 (Volume/Units)
5.North America Epoxy Adhesive For Automotive Market, by Type Market 2019-2024 ($M)
6.North America Epoxy Adhesive For Automotive Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
7.South America Epoxy Adhesive For Automotive Market, by Type Market 2019-2024 ($M)
8.South America Epoxy Adhesive For Automotive Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
9.Europe Epoxy Adhesive For Automotive Market, by Type Market 2019-2024 ($M)
10.Europe Epoxy Adhesive For Automotive Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
11.APAC Epoxy Adhesive For Automotive Market, by Type Market 2019-2024 ($M)
12.APAC Epoxy Adhesive For Automotive Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
13.MENA Epoxy Adhesive For Automotive Market, by Type Market 2019-2024 ($M)
14.MENA Epoxy Adhesive For Automotive Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)

LIST OF FIGURES

1.US Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
2.Canada Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
3.Mexico Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
4.Brazil Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
5.Argentina Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
6.Peru Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
7.Colombia Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
8.Chile Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
10.UK Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
11.Germany Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
12.France Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
13.Italy Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
14.Spain Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
16.China Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
17.India Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
18.Japan Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
19.South Korea Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
20.South Africa Global Epoxy Adhesive For Automotive Industry Market Revenue, 2019-2024 ($M)
21.North America Global Epoxy Adhesive For Automotive Industry By Application
22.South America Global Epoxy Adhesive For Automotive Industry By Application
23.Europe Global Epoxy Adhesive For Automotive Industry By Application
24.APAC Global Epoxy Adhesive For Automotive Industry By Application
25.MENA Global Epoxy Adhesive For Automotive Industry By Application