The growing trend of lightweight vehicles is driving the growth of the adhesives and sealants market.The global Adhesives and Sealants market was valued at USD 55.8 billion in 2018 and is expected to reach USD 84.4 billion in 2026, growing at a CAGR of 5.3% during the forecast period.
The automotive industry is striving to create energy-efficient, eco-friendly, and quality automobiles and its products. One of the easiest and least expensive ways to reduce the energy consumption and emissions of a vehicle is to reduce the weight of the vehicle. It is estimated that every 10% reduction in vehicle weight results in 5-7% fuel saving. Thus, for every 50 kilograms of vehicle weight reduction, there is the potential to reduce carbon dioxide emissions by 5 gm per kilometer. It has become a necessity and common need for many manufacturers to incorporate plastics as a material in automotive products. Therefore, the deployment of plastics in place of metal is increasing the demand for adhesives and sealants for binding automotive parts.
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A shift from gasoline driven vehicle to electricity-driven vehicle and this shift is likely to increase in the coming future, owing to limit the carbon emissions and greenhouse effect sustainability. According to the International Energy Agency (IEA), the number of electric vehicles on roads across the globe rose to 3.1 million in 2017 which is 57% more compared with 2016. China accounted for about 40% of the global total electric vehicle production including battery-electric, plug-in hybrid electric and fuel cell electric passenger light-duty vehicles in 2016. Boosting electric vehicle production and need for light-weight electric vehicles are likely to positively influence the plastics market, which in turn, will drive the growth of adhesives and sealants market.