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SOURCE TechSci Research
BURNABY, British Columbia, June 3, 2014 /PRNewswire/ --
Growing environmental concerns, increasing inclination towards fuel efficient vehicles and changing federal regulations to drive US automotive adhesives through 2019
The US automotive industry is the second largest in world and has been witnessing growth revival post 2008 recession. Use of automotive adhesives in light vehicles is witnessing significant increase within the automobile market. The crucial driving factor for this trend is the imperative need to reduce vehicle weight without compromising the structural integrity and strength of a vehicle. In order to address weight reduction requirements, companies are increasing the usage of lightweight materials such as plastics, composites and aluminum in automotive exterior as well as interior applications. As composites are made up of dissimilar substrates, automotive structural adhesives offer a viable bonding technique for joining these composites.
According to a recently published report by TechSci Research, "United States Automotive Adhesives Market Forecast & Opportunities, 2019", the country's automotive adhesives market revenues are forecast to grow at a CAGR of more than 5% during 2014-19. Henkel, Dow, H.B. Fuller and EFTEC are some of the major automotive adhesive suppliers in the US. The report reveals that the North Central region of the US accounts for the highest demand for these adhesives as the big three auto majors (Ford, General Motors and Chrysler) are situated in this region.
The US government has been targeting inclusion of around 1 million electric vehicles by 2015. These vehicles contain heavy batteries and have low mileage issues. To overcome this problem, the body weight of the vehicles needs to be decreased by using composites. As adhesives are most suitable for joining composites in vehicles, their demand is expected to rise in the country over the next few years.
"Light weighting trend is driving the demand for structural automotive adhesives in the US automotive industry. The necessary requirement for manufacturers to abide by governmental regulations on fuel economy and weight standards coupled with tax redemptions on electric vehicles is expected to positively influence the market for light vehicles, thereby boosting market size for automotive adhesives over the next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
"United States Automotive Adhesives Market Forecast & Opportunities, 2019" has analyzed the potential of the automotive adhesives market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
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