(MENAFN- GetNews) The market for Electric Vehicle Adhesives is expected to grow from US$ 410.2 million in 2021 to US$ 2,605.2 million by 2027 with a CAGR of over 36.1% during the forecast period from 2021 to 2027.
The market for Electric Vehicle Adhesives is expected to grow at a CAGR of more than 36.1 percent from 2021 to 2027, from US$ 410.2 million in 2021 to US$ 2,605.2 million by 2027.
Global Electric Vehicle Adhesives Market, 2020 – 2027 (USD Million)
The automobile industry is undergoing significant transformation. With today's customers becoming more socially and environmentally conscious, there is a greater demand for energy-efficient automobiles. As a result, global investments in the design and development of electric vehicles are being made. Designers, in particular, are experimenting with various materials and chemistries in order to meet the required performance objectives. Vehicle light weighting and thermal management are important factors driving the demand for adhesives in electric vehicles.
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The popularity of electric vehicles among consumers continues to rise. Driven by increasingly stringent emissions regulations, falling battery prices, improved charging infrastructure, and longer driving ranges, optimistic predictions show that by 2025, electric vehicles will account for one-third of new vehicle sales, with peak demand in megacities with the strictest pollution controls. For quite some time, the market success of electric vehicles has been hotly debated. Some of the industry leaders, such as Tesla, have raced ahead, while current market leaders have continued to rely on internal combustion engines. As electric vehicle penetration grows, the transition will be bridged by hybrid ICE/EV technology with combustion performance enhancements aimed at reducing fuel consumption, as well as CO2 and NOx emissions. Carmakers and tier suppliers will use the revenue generated by ICE technology to fund EV development and new mobility concepts as connected vehicles progress to fully autonomous driving. This type of radical repositioning frequently necessitates new management, as firms sell off portions of their business that are focused on outdated technology and refocus their strategy on new market circumstances.
The polyurethane resin type dominated the market.
Based on resin type, the market is segmented into epoxy, polyurethane, silicone, and acrylic resin. Polyurethane dominates the market in 2020 and is expected to do so for the foreseeable future. Polyurethane can be used not only to connect, but also to provide strength and rigidity to the final assembly, allowing lighter materials and structures to be used in the pack. Due to their high strength and ability to bind to metals, polyurethanes are widely used in a wide range of applications.
North America electric vehicle adhesive market is expected to grow with the highest CAGR in the forecast period.
Based on region, the market is divided into North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. Because of rising investment for EV production, North America is expected to be the fastest-growing regional market over the forecast period. For example: In July 2019, LG Chem announced plans to build a second electric vehicle battery factory in the United States. LG Chem is a major battery manufacturer that supplies batteries to GM and Volkswagen. The facility should be operational by 2022. The region's increasing production of batteries and electric vehicles is expected to drive market growth.
Global Electric Vehicle Adhesives Market key Players:
3M, Ashland, Bostik S.A., Dowdupont, H.B. Fuller, Henkel, Jowat Se, L & L Products, Lord Corporation, Permabond LLC., Delo Industrie Klebstoffe GmbH & Co. KGaA, PPG Industries, Sika AG, Uniseal, Inc., Wacker Chemie AG are some of the key players operating in the global electric vehicle adhesives market are some of the key players operating in the global electric vehicle adhesives market. In April 2021, Sika AG purchased Hamatite, The Yokohama Rubber Co., Ltd.'s adhesives business.
Market Segmentation
Global Electric Vehicle Adhesives Market by Application, 2015 – 2027
- Powertrain Systems
- Exterior
- Interior
Global Electric Vehicle Adhesives Market by Resin Type, 2015 – 2027
- Epoxy
- Polyurethane
- Silicone
- Acrylic
Global Electric Vehicle Adhesives Market by Form, 2015 – 2027
- Liquid
- Film & Tape
- Others
Global Electric Vehicle Adhesives Market by Vehicle Type, 2015 – 2027
- Electric Car
- Electric Bus
- Electric Bike
- Electric Truck
Global Electric Vehicle Adhesives Market by Substrate, 2015 – 2027
- Polymer
- Composite
- Metal
- Others
Global Electric Vehicle Adhesives Market by Company
- 3M
- Ashland
- Bostik S.A. (An Arkema Company)
- Delo Industrie Klebstoffe GmbH & Co. KGaA
- Dowdupont
- B. Fuller
- Henkel
- Jowat Se
- L & L Products
- Lord Corporation
- Permabond LLC.
- PPG Industries
- Sika AG
- Uniseal, Inc.
- Wacker Chemie AG
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Blog: Global Electric Vehicle Adhesives Industry- Target Market Size
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