Report Predicts Automotive Adhesives Market to Reach $7 Billion by 2022
LEATHERHEAD, UK – The automotive adhesives market is set to grow rapidly over the coming five years as manufacturers move to lightweight vehicle designs, meet increased demand for CUVs and SUVs, and use a wide range of different materials, according to a new Smithers Apex report that forecasts a $7 billion market by 2022.
The market for adhesives in automotive applications is currently estimated to be worth $4.33 billion in 2017, and is forecast to reach $7 billion by 2022, at a compound annual growth rate (CAGR) of 10.1%. By volume, the automotive adhesives market will increase from 637 tonnes in 2017 to 908 tonnes by 2022, at a CAGR of 7.4%.