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Additives Market Exclusive Report on the Latest Revenue and Future Scope
According to the latest research by InsightAce Analytic, the Global Additives Market for EV Adhesives and Sealants is valued at US$ 90.9 Bn in 2022, and it is expected to reach US$ 466.6 Bn by 2031, with a CAGR of 20.15% during the forecast period of 2023-2031.
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The adhesives and sealants additives business has seen an increase in demand due to the rising demand for electric automobiles. Additives play a pivotal role in their performance and practicality in enhancing the strength, chemical resistance, heat resistance, flexibility, and durability of sealants and adhesives. Vehicle components rely on bio-based additives to improve their strength, colour, and safety, optimize processes, and reduce costs.
These additives are a more sustainable alternative to typical additives derived from petrochemicals. Additives also create lightweight adhesive and sealant alternatives to decrease vehicle weight further and maximize battery range. Structural adhesives and sealants are expected to impact bonding and sealing applications for electric vehicle batteries significantly. However, there has yet to be a complete global realization of the broad use of electric vehicles.
List of Prominent Players in the Additives Market for EV Adhesives and Sealants Market:
• BASF SE
• Evonik Industries AG
• BYK-Chemie GmbH
• Arkema SA.
• Clariant International Ltd
• Elementis plc
• Cabot Corporation
• Solvay SA
• Afton Chemicals
• Allnex GMBH
• ANGUS Chemical Company
• CHONGQING ACME TECH. CO., LTD.
• King Industries, Inc.
• Momentive Performance Materials, Inc.
• OSiC Performance Materials
• Others
Market Dynamics:
Drivers-
The growing demand for additives in the EV adhesives and sealants market is boosted by the necessity of addressing the growing demand for electric vehicles and lighter materials in EVs. The future of the electric vehicle industry, which relies on the consistent implementation of bold legislation, depends on the additives market for EV adhesives and sealants. Sales of EVs are experiencing a surge and changing far faster than other sectors of the clean energy industry.
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Challenges:
The prime challenges are strict regulations, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which are predicted to slow the growth of the additives market for EV adhesives and sealants. Construction product manufacturers are now subject to stricter regulations on marketing their products. These regulations include more stringent labelling and documentation requirements and higher costs associated with external testing. Regularly, biocides and waste containers receive additional material warnings, which changes the requirements from regulators.
Regional Trends:
The Asia Pacific additives market for EV adhesives and sealants market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future because building costs are increasing, and there are many end-use industries. The rising production of batteries and electric vehicles in the region is one element that can propel the market growth. Besides, Europe had a considerable market share due to technological advancements and affluence. A's rise in the purchase of EVs is anticipated to propel increased demand for adhesives in the next years.
Recent Developments:
• In June 2023, Arkema unveiled an extensive selection of environmentally friendly alternatives and specialized materials designed for use in and around energy storage systems (ESS) and electric vehicle (EV) batteries. Arkema collaborated with the Rhinoceros Project, a consortium whose primary objective was promoting the sustainable reuse and recycling of lithium-ion batteries throughout the European Union.
• In Sept 2022, Clariant declared its intention to introduce a plastic additive solution tailored for electric vehicles at the K exhibition in Germany. This innovation is intended to assist the automotive sector in effectively extending battery life, enhancing charging capabilities, facilitating material recycling and reuse, and mitigating carbon emissions.
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Segmentation of Additives Market for EV Adhesives and Sealants Market-
By Vehicle Type-
• Passenger Vehicles
• Commercial Vehicles
o Light Commercial Vehicles
o Heavy Commercial Vehicles
By Propulsion Type-
• Battery Electric Vehicles (BEVs)
• Plug-In Hybrid Electric Vehicles (PHEVs)
• Hybrid Electric Vehicles (HEVs)
• Fuel Cell Electric Vehicles (FCEVs)
By Additive Type-
• Dispersants/Wetting Agents
• Defoamers
• Rheology Modifiers
• Surface Modifiers
• Levelling/Flow Agents
• Adhesion Promoters
• Others
By Product Type-
• Product Types for Adhesives
• Product Types for Sealants
By Function-
• Interior Components
• Exterior Components
• Powertrain/Chassis/Under-the-Hood
By Sales Channel-
• OEMs
• Aftermarket
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.https://www.insightaceanalytic.com/images_data/148861653.
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