According to a new market report published by Lucintel, the future of adhesives in the Spanish automotive industry looks good with opportunities in the passenger car and light commercial vehicles. Adhesives in the Spanish automotive industry are forecast to grow at a CAGR of 8.5% by value from 2016 to 2021. The major drivers of growth for this market are growth in the production of passenger car and light commercial vehicles, and increase in the demand for lightweight materials.
In this market, epoxy, polyurethane, and acrylic are the major adhesives by product type which are used in the automotive industry. On the basis of its comprehensive research, Lucintel forecasts that the polyurethane adhesives and epoxy adhesive segments are expected to show above-average growth during the forecast period.
Within the adhesives in Spanish automotive industry, the polyurethane adhesive segment is expected to remain as the largest market. Diverse applications of polyurethane adhesives in the automotive industry, such as bonding of windows in car body, carpet bonding, and bonding of headliners, door panels, dashboard, instrument panels, and seat upholstery system industry are expected to drive adhesive consumption, which would spur growth for this segment over the forecast period.
In this market, passenger car is largest segment by vehicle type and it is expected to remain as the largest segment due to increase in passenger car production, increasing use of lightweight materials.
Adhesive usage in non-structural application is expected to remain the largest segment due to its usage in bonding non-structural automotive parts made of lightweight materials.
For business expansion, report suggests innovation and new product development to reduce curing time, improved cohesion strength and improved temperature resistance adhesives. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing use of composites and lightweight materials in vehicles. Henkel AG & Co KGaA, 3M Company, Dow Chemical Company, Sika AG., and H.B. Fuller Co., are the major suppliers of adhesives in the Spanish automotive industry. Some companies are opting for merger & acquisition as strategic initiatives for driving growth.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for adhesives in the Spanish automotive industry by product type, vehicle, and application type and has come up with a comprehensive research report, “Growth Opportunities for Adhesives in the Spanish Automotive Industry 2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the growth opportunities for adhesives in the Spanish automotive industry by product type, vehicle, and application type as follows:
By Product Type [Volume M lbs. and $ M Shipment analysis for 2010 to 2021]:
· Epoxy Adhesives
· Polyurethane Adhesives
· Acrylic Adhesives
· Other Adhesives
By Vehicle Type [Volume M lbs. and $ M Shipment analysis for 2010 to 2021]:
· Passenger Cars
· Light Commercial Vehicles
By Application Type [Volume M lbs. and $ M Shipment analysis for 2010 to 2021]:
· Structural Components
· Non-Structural Components
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 10 key questions:
Q. 1 What are some of the most promising, high-growth opportunities for adhesives in the Spanish automotive industry by product type, by vehicle type, and by application type?
Q. 2 Which product segments will grow at a faster pace and why?
Q.3 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.4 What are the business risks and competitive threats in this market?
Q.5 What are emerging trends in this market and reasons behind them?
Q.6 What are some changing demands of customers in the market?
Q.7 What are the new developments in the market? Which companies are leading these developments?
Q.8 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.9 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via materials / product substitution?
Q.10 What M & A activity has transpired in the last 5 years in this market and what is its impact on the industry?