Electric Vehicle Adhesives Market Booming at a CAGR of 28.5% by 2027 | Reports and Data

Electric Vehicle Adhesives
Electric Vehicle Adhesives

Electric Vehicle Adhesives Market Size – USD 38.6 Million in 2019, Growth – CAGR of 28.5%, Trends – High demand from developing nations.

 The global Electric Vehicle Adhesives market is forecast to reach USD 282.3 Million by 2027, 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.

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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.

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.

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Vehicle Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)

Resin Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)

  • Epoxy
  • Polyurethane
  • Silicone
  • Acrylic
  • Others

Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)

  • Pack & Module Bonding
  • Thermal Interface Bonding
  • Battery Cell Encapsulation
  • Others

Key Regional Markets Covered in the Report:

  • North America (U.S.A., Canada, Mexico)
  • Europe (Italy, U.K., Germany, France, Rest of Europe)
  • Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
  • Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

The Electric Vehicle Adhesives market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Electric Vehicle Adhesives market.

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Frequently Asked Questions Addressed in the Report:

  • What is the estimated market revenue growth over the forecast period?
  • What are the major factors driving the global Electric Vehicle Adhesives market revenue growth?
  • Which regional market is expected to account for the largest revenue share in the global Electric Vehicle Adhesives market over the forecast years?
  • Which are the leading players in the global Electric Vehicle Adhesives market?
  • What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?

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