(PRWEB) October 25, 2013
China is the world’s largest automotive manufacturers with a complete portfolio of automotive products, surpassing United States and other mature markets. However, strong growth in automotive market is contributing to the environmental problems, such as pollution and energy shortages. About one third of the 100 major cities across the country failed to meet air quality standards in 2012 because of the increasing CO2 emissions from vehicles. The growing environmental concerns has initiated the development of various policies in favor of electric vehicles and lightweight vehicle production in China. This is anticipated to drive the market for automotive adhesives, due to their mandatory application in joining composite or plastic materials.
According to a recently published report by TechSci Research “China Automotive Adhesives Market Forecast & Opportunities, 2018”, the automotive adhesives market revenues are expected to grow at the compounded annual growth rate of more than 16% during 2013-2018. The market for automotive adhesives is highly fragmented in China with presence of more than 300 manufacturers for engineering adhesives. The major market share for automotive adhesives is held with Henkel (China) Co. Ltd, which can be attributed to its innovative and tailor made adhesive solutions.
Automotive adhesives are the adhesives used in bonding of automotive components during manufacturing process. These adhesives have gained a noteworthy share in the overall adhesives market due to their ability to replace mechanical fasteners which helps in reducing the weight of the automotive, without compromising on the performance. The growth of automotive adhesives is directly dependent on automotive production as well as application of lightweight materials, such as plastics or composites.
“The consumption of composite materials for automotive production in China was restricted to global auto companies till 2012. However, with thrust provided by the government of China in terms of subsidies to consumers as well R&D support to manufacturing companies, it is expected that by 2018 various domestic players will enter lightweight vehicles market. China’s domestic OEM manufacturers have also formed technological alliance with various global resin suppliers in order to increase plastic usage in automotive. These trends are expected to increase the usage of composite and plastic materials in automotive, which will surely drive the market for automotive adhesives in China,” said Mr. Karan Chechi, Research Director with TechSci Research a research based global management consulting firm.
“China Automotive Adhesive Market Forecast & Opportunities, 2018” has analyzed the potential of the automotive adhesives market in China 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 decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers and key challenges faced by the industry.