Market Trends of Glass Bonding Adhesives Industry
This section covers the major market trends shaping the Glass Bonding Adhesives Market according to our research experts:
Automotive and Transportation Industry to Dominate the Market
- The automotive and transportation industry dominated the market owing to the growing requirement to reduce the weight of the body to reduce harmful emissions. Glass bonding adhesives find extensive applications in the automotive & transportation industry.
- In the automotive industry, they are employed in windscreens, sunroof assemblies, door glass, sensor bonding, and others. In the aerospace industry, glass bonding adhesives are used for seals, sidewalls, luggage racks, light covers, microelectronics applications, and others.
- The glass bonding adhesives are an excellent substitute for nuts & bolts used in the automotive and aerospace industry and hence its increasing application automatically minimizes the overall weight of the vehicle.
- The global automotive industry is currently undergoing a dull phase with a decrease in production in 2018 and 2019. In 2019, various developed and developing countries across the world, including China, Germany, South Korea, Canada, the United Kingdom, and Italy, experienced a decline in automotive production.
- With the increasing air travel, the demand for commercial aircraft is rapidly increasing across the globe. To cater the need to accomodate more passenger, the manufacturing of aircraft are rapidly growing. This is expected to further drive the glass bonding adhesives market.
- Hence, owing to the above mentioned factors, the demand for glass bonding adhesives from automotive & transportation industry is expected to further increase over the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is projected to be the largest and the fastest-growing market for glass bonding adhesives. High economic growth rate, growing manufacturing industries, cheap labor, increasing foreign investments, increased applications of glass bonding adhesives in the automotive & transportation, and electronics applications, are some of the key factors expected to boost the growth of the market.
- Countries like China, South Korea, and Taiwan, which are major hubs to produce electronic components and significant product consumption in OEM and aftermarket operations, are expected to surge the growth of the glass bonding adhesives market in the Asia-Pacific region.
- Stringent regulations governing the VOC emissions from glues utilized in the industrial assembly of automotive body components, electronic components, and building & construction products are likely to propel the manufacturing and use of radiation cured, solvent-free, and isocyanate-free glass bonding agents.
- In the Asia-Pacific region, the governments have adopted favourable policies toward the adoption of electric vehicles and expanding the manufacturing infrastructure pertaining to electric vehicles.
- The Chinese automotive manufacturing industry is the largest in the world. The industry witnessed a huge slowdown in 2018, wherein the production and sales declined. The similar trend continued in 2019, with the production witnessing a 7.5% decline in 2019. According to the China Association of Automobile Manufacturers (CAAM), the automotive production is expected to decline by about 2% in 2020 as well.
- In India, major automotive manufacturers, like Maruti, Tata, Honda, and Mahindra, have shut down their production, owing to the unsold stock. This is expected to have a huge negative impact on India's automotive production in the near future.
- However, over the forecast period, the automotive production is expected to stabilize in the region with increase in production expected. All the above mentioned factors are expected to drive the demand for glass bonding adhesives market in the region over the forecast period.
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