Electric Vehicle (EV) Adhesives Market Is Expected To Reach USD 625.32 Million By 2032.
The global Electric Vehicle Adhesives market is forecast to reach USD 625.32 Million by 2032, according to a new report by Reports and Data. The market is seeing an expanded interest from the pack & module bonding applications with increasing production of electric vehicles, and the market growth can be attributed to the shift in trend from welding and metal fasteners to adhesives since the latter contributes significantly to weight savings and lower carbon emissions. Moreover, governments of various nations have emphasized to encourage electric vehicle (EV) production and adoption, such as offering subsidies in the form of tax credits, tax deductions, and other benefits.
Adhesives play an essential role in EVs, not only by decreasing their weight but also by increasing their performance. Adhesives are used in many applications in EVs, such as connecting components and shielding them from shock and vibration damage, helping to allow a path to move heat away from modules and cells by isolating components and avoiding fire risk by minimizing shorts. For example, Henkel and Covestro, in March 2020, produced a method that was able to patch lithium-ion cylindrical battery cells in a plastic cell container. This technology will prove beneficial for both OEMs and customers, as it will provide the OEMs with a cost-effective large-scale cell assembly and customers with reduced EV costs. Increasing focus on business technical innovations is projected to have a significant impact on consumer development in the years ahead.
Adhesives are used primarily in module and pack bonding, followed by thermal interface bonding and encapsulation of the battery cells. In EVs, serious concerns are the heat generation and thermal management. The battery manufacturers should, therefore, use thermal interface materials, such as adhesives, over mechanical fasteners for smooth operation. Adhesives used to bind thermal interfaces to possess stable thermal conductivity, mechanical flexibility, and resistance to vibration and environment.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are rapidly changing their practices and purchasing priorities to meet the demand of a pandemic that has reduced the need for market-based electric vehicle adhesives. A sequence of both positive and negative shocks will arise over a few months, as producers and their vendors adapt to changing demands of customers. The export-dependent economies of many regions look vulnerable, with an unfortunate global situation. Global Electric Vehicle Adhesives markets are reshaped by the impact of this pandemic when certain manufacturers either close down or decrease their production because of a lack of downstream demand. While some are having their production suspended as a precautionary measure by the governments of their respective nations to combat the spread of the virus. For certain countries, consumers are centered on being more regional by looking at the magnitude of the epidemic and the consequent actions of the national authorities themselves. In these situations, business dynamics in Asia Pacific regions were very dynamic, weakening regularly, making stabilizing themselves difficult.
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Further key findings from the report suggest
- Based on vehicle type, BEV generated a revenue of USD 15.1 million in 2019 and projected to rise with a CAGR of 30.7% in the forecast period, as battery-powered vehicles do not have an Engine, fuel tank, or exhaust pipe, and rely on electricity for propulsion only, thus, reducing the harmful emissions to a great extent.
- The polyurethane resin expected to grow with a CAGR of 29.1% in the forecasted period, owing to its superior characteristics such as adhesion to smooth and porous surfaces, abrasion tolerance, excellent physical strength, and high durability, thereby suitable for binding of varied materials such as wood, paper, cardboard and sandwich panels.
- The pack & module bonding application is the major contributor to the Electric Vehicle Adhesives market. The pack & module bonding application of the Asia Pacific region is the major shareholder of the market and held around 42.9% of the market in the year 2019, owing to advantages such as improved crashworthiness and battery pack integrity, multi-substrate and uncoated metals bonding.
- The Asia Pacific dominated the market in 2019. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region held approximately 53.0% of the market, followed by North America, which contains around 22.0% market in the year 2019.
- Key participants include 3M, Henkel, Wacker Chemie AG, H.B. Fuller, L&L Products, PPG Industries, Sika AG, Permabond, Ashland, and Jowat SE, among others.
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For the purpose of this report, Reports and Data have segmented into the global Electric Vehicle Adhesives market on the basis of vehicle type, resin type, application, and region:
Vehicle Type Outlook (Volume, Kilo Tons; 2017-2032) (Revenue, USD Million; 2017-2032)
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
Resin Type Outlook (Volume, Kilo Tons; 2017-2032) (Revenue, USD Million; 2017-2032)
Application Outlook (Volume, Kilo Tons; 2017-2032) (Revenue, USD Million; 2017-2032)
- Pack & Module Bonding
- Thermal Interface Bonding
- Battery Cell Encapsulation
Regional Outlook (Volume, Kilo Tons; 2017-2032) (Revenue, USD Million; 2017-2032)
- North America
- Asia Pacific
- Latin America
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