Electric Vehicle Adhesives Market Global Industry Growth, Size, Trends, Insights and 2022 Forecast
Electric Vehicle Adhesives Market was valued at USD 205.34 Million in 2021 and is expected to reach USD 894.70 Million by the year 2028, at a CAGR of 23.4%.
An adhesive solution that offers adhesion between two pieces without affecting their functionality is known as an electric vehicle adhesive. It offers a solid optical connection between the battery's component sections and also enables the components to operate without interruption. The industry is driven by the adhesives' capacity to offer flexibility and their high adherence properties. It also lessens vibrations and aids in absorbing shock without passing it along to the parts, which is quickening the landscape of the sector.
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Over the course of the projection period, it is predicted that the market for electric vehicle adhesives will expand more strongly due to the rising trend toward supporting ecologically friendly vehicles to reduce carbon footprints on the planet. Adhesives for electric cars (EVs) play a crucial role in EVs by reducing their weight and increasing their performance. Electric vehicle adhesives are used in EVs for a variety of purposes, including component assembly, protection against shock and vibration damage, assisting in creating a path for heat to be conducted away from modules and cells by separating the components, and reducing the risk of fire by overcoming shorts. Such importance is encouraging the market for adhesives for electric vehicles to grow.
A significant end-user of adhesives for electric vehicles is the automotive sector. Due to increased manufacturer demands, there has been an increase in the demand for adhesives for electric vehicles. For instance, these adhesives are used to join materials that are comparable and dissimilar, as well as to replace conventional substrate materials with synthetic ones. The market for electric car adhesives is rising as awareness of environmental issues grows which creates opportunity for Electric Vehicle Adhesives Market.
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Based on Vehicle Type: the electric vehicle adhesives market has been segmented into battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). The PHEVs registered the highest electric vehicle adhesives market share, which is anticipated to reverse by 2027 when BEVs emerge as the major vehicle type.
Based on the Application: Pack and module bonding segments are expected to dominate the electric vehicle adhesives market during the forecast period. The battery packs in electric powertrains make use of adhesives in their production, which leads to various benefits, such as improvement in the crashworthiness and integrity of battery pack, lightweight, bonding of multiple substrates, and bonding of uncoated metal.
• Plug-in Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• Pack & Module Bonding
• Thermal Interface Bonding
• Battery Cell Encapsulation
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Regional Analysis of Electric Vehicle Adhesives Market:
Asia Pacific region is expected to dominate the electric vehicle adhesives market over the forecast period. In recent years, the electric vehicle industry over the Asia Pacific region has experienced massive expansion. This is featured by the region being registered for the maximum share of battery electric vehicle sales globally. In addition, Asia Pacific has been experiencing major growth than its western competitors with its electric vehicle sales. Furthermore, sales of battery electric vehicles in the region have raised significantly from the year 2010.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)
Major Key Players Considered in the Market
• 3M Company
• Dupont (Dow Chemical)
• Weicon GmbH & Co. KG
• Avery Dennison
• Bostik S.A. (An Arkema Company)
• Dymax Corporation
• Evonik Industries AG
• H.B. Fuller
• Illinois Tool Works Corporation
• Jowat SE
• L&L Products
• Lord Corporation
• Delo Industries Klebstoffe GmbH & Co. KGaA
• Metlok Private Limited.
• Permabond LLC.
• Wacker Chemie AG
• PPG Industries
• Riëd B.V.
• Sika AG
• Threebond Co.Ltd.
• Uniseal Inc
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Key Industry Developments In Electric Vehicle Adhesives Market
In August 2021: Sika procured Bexel International S.A. de C.V., a leading manufacturer of tile adhesives and stuccos in Mexico. The acquisition builds up Sika's position in the large, fast-expanding Mexican mortar market and significantly grows its producing footprint. In 2020, the acquired company reached sales of CHF 35 million.
In April 2021:Sika has signed to acquire Hematite, the adhesives business of The Yokohama Rubber Co., Ltd. Hematite is a market leader in Japan, providing adhesives and sealants to the automotive and construction industries. The accession will significantly build up Sika's market position in Japan, rise market access to major Japanese OEMs, and significantly extend the product offering for sealing and bonding utilization in the Japanese construction industry. Headquartered in Tokyo, the business reaches annual sales of CHF 160 million. The transaction is determined by clearance through anti-trust authorities.
Objectives of the global Electric Vehicle Adhesives market
1. To identify the main subsegments of the Electric Vehicle Adhesives market to comprehend its structure.
2. Identifies describes, and analyses the sales volume, value, market share, competitive market landscape, opportunities and threats, and strategic initiatives for the main worldwide Electric Vehicle Adhesives manufacturers for the next few years.
3. To examine the Electric Vehicle Adhesives in terms of specific expected growth, career outlook, and market share contribution.
4. Analyze commercial developments in the market, such as market expansions, partnerships, new product development, and mergers.
5. To develop a strategic analysis of the main players and a thorough analysis of their strategic planning.
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