Pune, India, Dec. 02, 2021 (GLOBE NEWSWIRE) — The global electric vehicle adhesives market has been estimated to value USD 384.0 Million in 2021 and is projected to exhibit a CAGR of 48.0% during the forecast period, according to a recent market study by Quince Market Insights. The increasing requirement for lightweight and safety materials in the automotive sector is the major factor, which is driving the growth of the global electric vehicle adhesives market.
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Electric vehicle adhesives are a form of sticking material that allows two parts to stick together without interfering with their operation. It creates a strong light link between the battery sections while also allowing the components to operate smoothly. Adhesives can give flexibility while still possessing strong adhesion capabilities. It also decreases vibrations and aids in the absorption of impact 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 enable a thinner and lighter bond for several battery components, which can improve EV range, as well as the ability to attach different materials more quickly and with greater flexibility and strength than standard nuts and bolts. Adhesives are designed to connect parts like as battery cells, battery module side panels, cooling plates, and more with greater precision.
According to COP26 declaration in 2021, investors with significant shareholdings in automotive manufacturing will support an accelerated transition to zero emission vehicles in line with achieving 100% new car and van sales being zero emission in leading markets by 2035. Increasing vehicle production and government initiatives to promote the production and adoption of electric vehicles (EV), growing investment across the automotive industry and R&D activities to enhance adhesion capabilities are factors contributing to growth of the electric vehicle adhesives market.
Some Key Developments Offered in The Global Electric Vehicles Adhesives Market:
- July 2019: Henkel (Germany) had announced a USD 45 million investment in the upgrade of its North Carolina unit.
- May 2019: DuPont (US) had unveiled new HEV/EV battery assembly solutions. The company is also working on large-scale assembly as well as smaller orders.
Impact Of COVID 19 On Global Electric Vehicles Adhesives Market
The emergence of COVID-19 has had a significant impact on the demand for EV adhesives due to the shutdown of different industries throughout the world. In the early months of 2020, supply shortages, lockdowns, and production suspensions hampered vehicle manufacturing in key nations. Because of the pandemic’s lockdowns and restrictions, there was little demand for new automobiles in pandemic-affected nations. According to the European Car Manufacturers Association (ACEA), COVID-19 would cost the European automobile sector roughly USD 120 billion in 2020. However, with stringent implementation of carbon emission control policies the electric vehicles market is expected to witness growth, which in turn will drive the growth of the electric vehicle adhesives market over the forecast period.
Global Electric Vehicles Adhesives Market, by Resin Type
Based on the 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 the electric vehicles. Engineers utilise thermoset polyurethane adhesives to connect different materials to the car’s 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 vehicle weight, resulting in automobiles that are light, quick, and have a long charge range.
Global Electric Vehicle Adhesives Market, by Form
Based on the form, the global electric vehicle adhesives market is segmented into film & tape, liquid, others. Among these, liquid segments hold the highest market share. Liquid adhesives have characteristics, such as the ability to form a long-lasting and strong bind with cotton, polymers, and wood fibres. In fact, they’re commonly seen in the interiors of electric vehicles. Liquid adhesives also aid in the improvement of durability and optical properties.
Global Electric Vehicle Adhesives Market, by Substrate
Based on substrate, the global electric vehicle adhesives market is segmented into polymer, composite, metal, others. 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 brackets are quite important since they hold all other components together and prevent them from being destroyed.
Global Electric Vehicle Adhesives Market, by Application
Based on application, the market is segmented into powertrain system, exterior, interior. Among these, exterior segment is anticipated to hold the largest market share. The exterior parts will be in high demand as well as these are required in large quantities. They will be supplying these exterior parts to the automobiles. Interior segment is expected to have a significant demand as lightweight materials are employed in various components of the car to balance the weight of electric cars. Batteries are the most important components of electric cars.
Global Electric Vehicle Adhesives Market, by Vehicle Type
Based on the vehicle type, the global electric vehicle adhesives market is segmented into light motor vehicle, two-wheeler, heavy commercial vehicle. Among these, light motor vehicle holds the largest market share as a result of its growing application in a variety of sectors. The demand for light motor vehicles has grown at an exponential rate. The government’s tough policies on electric mobility have fuelled the rise of the light motor vehicle.
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Global Electric Vehicle Adhesives Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa and South America. Asia Pacific is witnessing the fastest growth and holds the largest market share among all other regions. China has been the world’s leading manufacturer of electric automobiles. However, owing to the COVID 19 pandemic, market development may slow due to a lack of personnel and raw materials, which would have an impact on the global electric vehicle adhesives market.
Some Major Findings of the Electric Vehicle Adhesives Market Report Include:
- An in-depth electric vehicle adhesives market analysis by the segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global electric vehicle adhesives market, which include Corbion (Netherlands), 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, Inc. (US) and Permabond (UK).
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global electric vehicle adhesives market.
- Impact of COVID-19 on the global electric vehicle adhesives market.
For more info regarding this market study, please visit the report titled, “Electric Vehicle Adhesives Market, by Resin Type (Polyurethane, Epoxy, Acrylic, Silicone, Cyanoacrylate, Others), by Form (Film & Tape, Liquid, Others), by Substrate (Polymer, Composite, Metal, Others), by Application (Powertrain System, Exterior, Interior), by Vehicle Type (Light Motor Vehicle, Two Wheeler, Heavy Commercial Vehicle), by Region (North America, Europe, Asia Pacific, the Middle East & Africa, South America)” — Industry Trends and Forecast to 2028” in-depth analysis along with the table of contents (ToC).