Germany Automotive Adhesives and Sealants Market | Industry Outlook, Top Players and Forecast - 2023by Deepak Kumar Sr. SEO Executive
The Germany automotive adhesives and sealants market is projected to reach $1,156.8 million by 2023. The market growth is mainly driven by the expanding domestic demand as well as exports for German automobiles such as passenger cars and commercial vehicles.
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Automotive adhesives and sealants are the substances that are used for various bonding and sealing applications in the automotive industry. These materials are chemically similar but functionally different. They help in improving driving comfort, performance, reliability, and safety of vehicles.
On the basis of type, epoxy was the most widely consumed adhesive and sealant in German automotive industry. Epoxy-based adhesives and sealants offer excellent properties such as higher strength bonds, resistance to chemicals, shock, and impact. Such favorable properties are attributing to the largest share of the category in the Germany automotive adhesives and sealants market.
Germany is the one of the largest automotive manufacturers in the world. In Europe, it is the leading automotive market, accounting for significant proportion of total sales of passenger cars in the region. The German made cars have large international market, which results in high exports of automobiles from the country. Besides this, the country has a growing production base for electric vehicles, which has emerged as a growing automotive segment in the recent years.
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Over the recent years, Germany is one of the emerging market for electric vehicles in the world as large number of owners of electric vehicles are opting for environment friendly mobility solutions. The government of Germany, under its national plan to achieve 1 million electric cars on German roads by 2020, offers various tax incentives to car manufacturers in order to bring down the overall prices of electric vehicles.
Some of the major players operating in the Germany automotive adhesives and sealants market are Henkel AG & Co. KGaA, DowDuPont Inc., Sika AG, 3M Company, H.B. Fuller Company, and tesa SE.
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Created on Jun 25th 2018 02:51. Viewed 257 times.