Electric Vehicle Adhesives Market – Global Forecast to 2024: Market to Grow at a CAGR of 57%
DUBLIN, Nov. 8, 2019 /PRNewswire/ — The “Electric Vehicle Adhesives Market by Resin Type (Epoxy, Polyurethane, Silicone, Acrylic), Application (Exterior, Interior, Powertrain), Form (Liquid, Film & Tape), Substrate (Polymer, Composite, Metals), and Region – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The electric vehicle adhesives market size is expected to grow from USD 223 million in 2019 to USD 2,158 million by 2024, at a compound annual growth rate (CAGR) of 57.0% during the forecast period.
The electric vehicle adhesives industry is driven by various factors such as EV adhesives are used in different applications of electric vehicles such as exterior, interior and electric vehicle battery. The transition of internal combustion engine (ICE) to electric vehicles will be key to the increasing consumption of EV adhesives. The increasing climate change concerns and stricter emission controls are pushing the growth of electric vehicle across the world.
Epoxy resin type is expected to grow at a higher CAGR during the forecast period.
Epoxy adhesives are used in battery packs to improve the integrity and crashworthiness of it. Of all the resin type, epoxies have the greatest strength and durability in all the structural adhesives and in addition to this, the epoxy bonds have exceptional resistance to shock, vibration and impact loads. Its property of distributing stress along the entire bond helps to use thinner and lighter materials in Electric vehicle.
Electric cars are the fastest growing vehicle type in the EV adhesive market
The global battery electric car fleet has crossed 1 million and has reached a total of 1.3 million in 2018. The new registration in 2018 has doubled as compared to 2017. China remains the world’s largest electric car market, which is followed by Europe and the US. The growth of battery electric car was driven by critical policy changes adopted by the leading countries in electric mobility. These countries have introduced stricter emission standards in addition to incentives for battery electric cars and are promoting investments in the electric vehicle value chain to bring price parity between electric vehicle and ICE vehicles.
The same drivers will further accelerate the growth of battery electric vehicles in the world. In an electric vehicle, adhesive technology plays a critical part in making the electric vehicle lightweight as it is used in a number of applications. The growing electric vehicle markets such as Europe, Asia Pacific and North America will provide growth opportunities for electric vehicle adhesive manufacturers during the forecast period.
APAC to be the largest and fastest-growing market during the forecast period
APAC to be the largest and fastest-growing market during the forecast period. The increasing electric vehicle demand in China and other countries with supportive government policies will drive the growth of electric vehicles in the APAC region. The increasing concern of improving air quality in metropolitan cities acts as a major factor for the growth of electric buses in China and will be an important segment for the EV adhesive manufacturers during the forecast period.
The major players in this market are Henkel (Germany), H.B. Fuller (US), Sika AG (Switzerland), 3M (US), Wacker Chemie AG (Germany), Bostik SA – An Arkema company (France), L&L Products (US), Jowat SE (Germany), Ashland (US), PPG Industries, (US) and Permabond (UK).
- Avery Dennison
- Bostik S.A. (An Arkema Company)
- Delo Industrie Klebstoffe GmbH & Co. KGaA
- Dupont (Dow Chemical)
- Dymax Corporation
- Evonik Industries AG
- H.B. Fuller
- Illinois Tool Works Corporation
- Jowat SE
- L&L Products
- Lord Corporation
- Metlok Private Limited.
- Permabond LLC.
- PPG Industries
- Rid B.V.
- Sika AG
- Threebond Co., Ltd.
- Uniseal, Inc.
- Wacker Chemie AG
- Weicon GmbH & Co. KG
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