Electric Vehicle Adhesives Market Worth $ 1.8 Billion By 2026

CHICAGO, September 8, 2021 / PRNewswire / – According to the report Electric Vehicle Adhesives Market By Application (Powertrain, Exterior, Interior), Resin Type, Substrate, Shape (Liquid, Film & Tape), Vehicle Type (Electric Car, Electric Bus, Electric Bike, Electric Truck) and Region – Global Forecast to 2026 “, published by MarketsandMarkets ™, the market size is estimated at $ 0.4 billion in 2021 and should reach $ 1.8 billion by 2026, to a CAGR of 44.7% between 2021 and 2026.

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Rising trade tensions between the United States and China and low labor costs in China forced various end users of adhesives to relocate and establish their manufacturing base in ASEAN countries. This relocation is expected to increase the demand for adhesives in ASEAN countries. India offers a low-cost workforce, which can offer significant investment opportunities for companies. Government initiatives such as “Make in India“and the entrepreneurship development program proposed by the government could open up additional opportunities in the industrial construction and infrastructure segments. All of these factors are expected to boost the APAC market.

By application, exterior accounts for the largest share of the electric vehicle adhesives market

The increasing production and sale of electric cars has increased the demand for batteries, electric motors, doors, instrument cluster, infotainment system, seats, various panels and charging outlets. Batteries are the most important components in electric cars because they provide power to the car. The car battery is heavier than other parts. In order to counter the weight of the batteries and reduce the overall weight of electric cars, lightweight materials are used in electric car applications. In the electric vehicle industry, adhesives are used in place of welds, screws, rivets, gaskets and fasteners, which allows automakers to lighten the vehicle. Autonomy is one of the concerns of electric vehicles. Automakers are tackling this problem by increasing the capacity of the vehicle’s battery.

The design of electric vehicles should be lightweight to counter the weight of the battery system used in electric vehicles. Bonding dissimilar materials is done using structural adhesives to replace fasteners, rivets and spot welding, which helps reduce vehicle weight. The use of structural adhesives also addresses the issue of impact resistance and safety of battery systems in electric vehicles. With the continuous development of technology, the consumption of adhesives in exterior parts of electric vehicles will further increase during the forecast period.

By type of resin, polyurethane represents the largest share of the EV adhesives market

The use of adhesives in electric vehicles is expected to increase during the forecast period. The various applications of adhesives in electric vehicles require different types of adhesives derived from resins such as epoxy, polyurethane, silicone and acrylic. Adhesives made of different resins have different properties and are chosen according to the specific application.

Polyurethane adhesives are made from urethane polymers. They exhibit extraordinary elasticity and elongation up to 600% before breaking. There are three types of polyurethane adhesives, two-component polyurethane adhesives, one-component rigid polyurethane adhesives, and two-component elastic polyurethane adhesives. Bonds of polyurethane adhesives form in two stages: first, the adhesive cools to achieve hold-down strength, and second, the adhesive uses moisture to continue to cure for hours or even days to achieve structural strength. final.

By vehicle type, electric cars account for the largest share of the electric vehicle adhesives market

The demand for electric vehicles is growing at a rapid rate due to growing environmental concerns, even as the sale of ICE vehicles is declining. The implementation of pro-electric vehicle policies and technological advancements in the value chain will drive the electric vehicle market over the next five years. Growth of electric cars and buses is expected to drive the growth of electric vehicle adhesives during the forecast period.

Automakers have announced increasingly ambitious electrification plans. Of the world’s 20 largest automakers, which accounted for around 90% of new car registrations in 2020, 18 have announced plans to expand their model portfolio and rapidly increase production of light electric vehicles. The growth of electric cars is being driven by critical policy changes adopted by major countries in electric mobility. These countries have introduced stricter emission standards in addition to incentives for electric cars and are encouraging investments in the electric vehicle industry value chain to bring price parity between electric vehicles and electric vehicles. In an electric vehicle, adhesive technology plays an essential role in the lightness of the electric vehicle, as it is used in a number of applications. Growing markets for electric vehicles such as Europe, APAC and North America will provide growth opportunities for manufacturers of electric vehicle adhesives during the forecast period.

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APAC held the largest share of the global electric vehicle adhesives market

APAC accounted for the largest share of the EV adhesives market in 2020, followed by Europe and North America. Rising trade tensions between the United States and China and low labor costs in China forced various end users of adhesives to relocate and establish their manufacturing base in ASEAN countries. This relocation is expected to increase the demand for adhesives in ASEAN countries. India offers a low-cost workforce, which can offer significant investment opportunities for companies. Government initiatives such as “Make in India“and the entrepreneurship development program proposed by the government could open up additional opportunities in the industrial construction and infrastructure segments. All of these factors are expected to boost the APAC market.

The major players in the EV Adhesives market are Henkel (Germany), HB Fuller (United States), Sika AG (Switzerland), 3M (United States), Wacker Chemie AG (Germany), Bostik SA – An Arkema company (France), L&L Products (United States), Jowat SE (Germany), Ashland (United States), PPG Industries, Inc. (United States) and Permabond (United Kingdom).

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Associated reports:

Structural Adhesives Market by technology (solvent-based, water-based), resin (epoxy, polyurethane, acrylic, MMA, cyanoacrylate), application (building and construction, automotive, wind power, aerospace) and region

https://www.marketsandmarkets.com/Market-Reports/structural-adhesives-market-209974695.html

Aerosol Adhesives Market by chemistry (epoxy, polyurethane, synthetic rubber, ethylene vinyl acetate), type (solvent based, water based, hot melt), end use industry (transportation, construction, furniture) and region

https://www.marketsandmarkets.com/Market-Reports/spray-adhesive-market-201133268.html

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