“Increasing usage of electric vehicle adhesives as a replacement to glass to drive market growth”
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 is the fastest growing vehicle type in the EV adhesive market
The global battery electric car fleet has crossed 1 million and have 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 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 is 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 of 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.
- By Company type: Tier1:30% Tier2:50% Tier3:20%
- By Designation: C-level executives: 40% Directors: 20% and Others: 40%
- By region: North America: 10% Europe: 40% APAC: 30% South America: 10% Middle East & Africa: 10%
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 (Germay), Ashland (US), PPG Industries, (US) and Permabond (UK).
- This research report categorizes the global electric vehicle adhesives market based on resin type, form, vehicle type, substrate, application, and region.
- The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges.
- Detailed analysis of the key market players provides insights into business overviews, services, key strategies, and recent developments associated with the market.
Reasons To Buy the Report
The report will help the leaders/new entrants in this market in the following ways:
- This report segments the global electric vehicle adhesives market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
- The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, and opportunities.
- This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business.
- The competitive landscape section includes expansions, acquisitions, and agreements.