The forecast is based on an F&S study which identified growth opportunities around ‘high-performance’ products such as crash safety adhesives, liquid applied sound deadeners (LASD), advanced high-temperature-resistant silicones.
Opportunities are emerging due to a growing need to bond dissimilar substrates, increased safety concerns, and OEMs’ focus on enhancing aesthetic appearance, said Dr Leonidas Dokos, business unit leader, chemicals and materials, EIA at F&S.
“Rapid adoption of aluminium, magnesium, plastics and composites in the body in white (BIW) and assembly segments boosts the demand for adhesives and sealants,” said Dokos.
F&S also expects market consolidation with larger companies looking to acquire regional or application-specific participants to expand their product portfolios.
Players should “emulate Henkel and Sika and offer end-to-end solution capabilities across all chemistries and applications,” advised Dokos.
“They should also focus on adopting robust R&D capabilities and establish strong relationships with automotive OEMs,” he added.
F&S went on to list key trends in the market, including a surge in uptake of electric vehicles: driving higher adoption of adhesives and sealants for parts-consolidations and the use of lightweight materials to compensate for the heavy battery packs.
Among other important trends, it said, were: global automotive OEM adoption of common vehicle platforms across regions; increased demand for SUVs in China; and regulation of vehicle emissions and fuel efficiency.
Dokos also pointed to a need for manufacturers “to develop advanced adhesives and sealants that offer superior performance over currently used silicone materials in engine and transmission components, and with oily substrates.”