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Electric Vehicle Adhesives Market and Its Key Opportunities and Challenges

12-09-2019 12:00 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Markets and Markets

/ PR Agency: MNM
The Electric Vehicle Adhesives Market size is estimated at USD 223 million in 2019 and is projected to reach USD 2,158 million by 2024, at a CAGR of 57.0% between 2019 and 2024. The application of EV adhesives are increasing due to various requirements by the automakers, such as bonding similar and dissimilar materials, substitution of traditional substrates materials by synthetic substrates and the increasing focus on environmental concerns. The EV adhesives also addresses the issues in perspective to engineering and design as they are valued for their ability to resist vibration, lightweight and distribution of stress over a wide area.

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The design of electric vehicles has to be lightweight to counter the weight of the battery system used in electric vehicle. The bonding of dissimilar materials is done with the help of structural adhesives, which further replaces fasteners, rivets and spot welding, hence contributing to lightweight. The use of EV adhesives also addresses the issue of crashworthiness and safety of battery systems in electric vehicle. With the continuous development in technology, the consumption of adhesives in electric vehicle will further increase during the forecast period.

APAC is projected to be the fastest-growing silicon nitride market. In Asia, pacific EV adhesives market countries such as China, India, South Korea, and Japan has been considered. APAC will be the largest market in terms of volume. The increasing electric vehicle demand in China and other countries in the region with supportive policy pushes from the regional governments will drive the growth of electric vehicles in the APAC region.

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The growth of the electric bus segment is driven by the growing concerns about air quality, carbon emissions and high operational cost in the major cities of the world. In 2018, the global electric bus fleet reached 425,000, out of which 421,000 electric buses are in China and the global electric bus market grew by 32% in 2018 according to BloombergNEF. In an electric bus, adhesives are used in end-use applications such as front & rear shell bonding, roof bonding, door panel bonding, side panel bonding, luggage door, side glass bonding, roof hatch, air conditioning cover, interior parts, front dash & panel, front bumper & grill, and lithium-ion battery. The extensive application of adhesives in electric buses will ensure the growth of electric vehicle adhesives with the growing electric bus fleet across the world, which is expected to triple by 2024.

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