Pune, India, December 02, 2021 (GLOBE NEWSWIRE) – The global electric vehicle adhesives market was estimated at USD 384.0 million in 2021 and is expected to grow at a CAGR of 48.0% during the forecast period, according to a recent market research by Quince market overview. The growing demand for lightweight and safety materials in the automotive industry is the major factor driving the growth of the global electric vehicle adhesives market.
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Electric vehicle adhesives are a form of tacky material that allows two parts to stick together without interfering with their function. It creates a strong luminous bond between the sections of the battery while allowing the components to run smoothly. Adhesives can provide flexibility while having strong adhesion capabilities. It also decreases vibration and helps in shock absorption without crashing into parts.
In the design of electric vehicle batteries, adhesives can be used to replace or eliminate the use of heavy mechanical fasteners. They allow a thinner and lighter bond for multiple battery components, which can improve the range of electric vehicles, as well as the ability to attach different materials faster and with greater flexibility and strength than standard nuts and bolts. . Adhesives are designed to connect parts such as battery cells, battery module side panels, cooling plates and more with greater precision.
According to the COP26 statement in 2021, investors with significant stakes in automotive manufacturing will support an accelerated transition to zero-emission vehicles in line with the achievement of 100% sales of new cars and zero-emission vans on key markets by 2035. Increase vehicle production and government initiatives to promote the production and adoption of electric vehicles (EVs), increased investment in the automotive industry and R&D activities to improve Adhesion capabilities are factors contributing to the growth of the electric vehicle adhesives market.
Some key developments offered in the global electric vehicle adhesives market:
- July 2019: Henkel (Germany) announced a $ 45 million investment in the modernization of its North Carolina unit.
- May 2019: DuPont (US) unveiled new HEV / EV battery assembly solutions. The company also works on large-scale assemblies as well as smaller orders.
Impact of COVID 19 on the Global Electric Vehicle Adhesives Market
The emergence of COVID-19 has had a significant impact on the demand for adhesives for EVs due to the shutdown of various industries across the world. In the first months of 2020, supply shortages, lockdowns and production suspensions hampered vehicle manufacturing in key countries. Due to pandemic lockdowns and restrictions, there was little demand for new automobiles in countries affected by the pandemic. According to the European Automobile Manufacturers’ Association (ACEA), COVID-19 will cost the European automotive sector around USD 120 billion in 2020. However, with the strict implementation of carbon emission control policies, the electric vehicle market is expected to experience growth, which in turn will drive the growth of the electric vehicle adhesives market during the forecast period.
Global Electric Vehicle Adhesives Market, By Resin Type
Based on resin type, the global electric vehicle adhesives market is segmented into polyurethane, epoxy, acrylic, silicone, cyanoacrylate, and others. Among these, the polyurethane segment holds the highest market share due to its increasing use in electric vehicles. Engineers use thermosetting polyurethane adhesives to connect different materials to the car structure in some electric cars. Because the adhesives are so strong, they eliminate the need for heavy, bulky rivets and bolts. They help reduce the overall weight of the vehicle, resulting in automobiles that are light, fast and have a long charging range.
Global Electric Vehicle Adhesives Market, By Form
On the basis of form, the global electric vehicle adhesives market is segmented into films and tapes, liquids, etc. Of these, the liquid segments hold the highest market share. Liquid adhesives have characteristics, such as the ability to form a durable and strong bond with cotton, polymers and wood fibers. In fact, they are commonly seen inside electric vehicles. Liquid adhesives also help improve durability and optical properties.
Global Electric Vehicle Adhesives Market, By Substrate
Based on the substrate, the global electric vehicle adhesives market is segmented into polymer, composite, metal, etc. Among these, the polymer segment holds the largest market share because polymers are proven to provide long-term performance and efficiency to electric vehicles, they are a good choice. For example, polymer supports are very important because they hold all the other components together and prevent them from being destroyed.
Global Electric Vehicle Adhesives Market, By Application
Based on the application, the market is segmented into powertrain system, exterior, interior. Of these, the outdoor segment is expected to hold the largest market share. Exterior parts will be in high demand and these are needed in large quantities. They will supply these exterior parts to automobiles. The interior segment is expected to have significant demand as lightweight materials are used in various components of the car to balance the weight of electric cars. Batteries are the most important components in electric cars.
Global Electric Vehicle Adhesives Market, By Vehicle Type
Based on vehicle type, the global electric vehicle adhesives market is segmented into light motor vehicles, two-wheelers, and heavy-duty vehicles. Among these, the light motor vehicle holds the largest market share due to its increasing application in a variety of industries. The demand for light motor vehicles has grown at an exponential rate. Strict government policies on electric mobility fueled the rise of the light motor vehicle.
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Global Electric Vehicle Adhesives Market, By Region
Based on the region, the market is segmented into North America, Europe, Asia-Pacific, Middle East, Africa, and South America. Asia-Pacific is the fastest growing and has the largest market share among all other regions. China is the world’s largest manufacturer of electric automobiles. However, due to the COVID 19 pandemic, the development of the market may slow down due to a lack of personnel and raw materials, which would impact the global electric vehicle adhesives market.
Some of the key findings of the Electric Vehicle Adhesives Market report include:
- An in-depth analysis of the Electric Vehicle Adhesives market by segments, along with an information and factor analysis based on the trends.
- Profiles of the major market players operating in the global Electric Vehicle Adhesives Market including Corbion (Netherlands), Henkel (Germany), HB Fuller (US), Sika AG (Switzerland), 3M (US) , Wacker Chemie AG (Germany), Bostik SA – A company Arkema (France), L&L Products (United States), Jowat SE (Germany), Ashland (United States), PPG Industries, Inc. (United States) and Permabond (United Kingdom).
- The analysis of key impact factors across the regions includes analysis, along with drivers, restraints, opportunities, and challenges prevalent in the global Electric Vehicle Adhesives market.
- Impact of COVID-19 on the Global Electric Vehicle Adhesives Market.
For more information on this market research, please see the report titled, “Electric Vehicle Adhesives Market, by type of resin (polyurethane, epoxy, acrylic, silicone, cyanoacrylate, others), by shape (film and tape, liquid, others), by substrate (polymer, composite, metal, others), by application (transmission system, exterior, interior), by type of vehicle (light motor vehicle, two-wheeler, heavy utility vehicle), by region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) ” – Industry trends and forecasts to 2028“ an in-depth analysis with the table of contents (ToC).
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