New York, NY -- (SBWire) -- 12/07/2020 --According to a new report by Reports and Data, the global Electric Vehicle Adhesives market size is estimated to reach USD 282.3 Million in terms of revenue, exhibiting a CAGR of 28.5% through 2027. The market growth is driven by the favorable initiatives undertaken by governments across the globe to promote the production and adoption of electric vehicles as a preventive measure to reduce carbon footprint.
Adhesives play an essential role in electric vehicle manufacturing, as it not only decreases overall weight but also enhances their performance. Vehicle glue is extensively used in applications, such as connecting components, shielding from vibration damage and shock, allowing a path to move heat away from cells and modules by isolating components, minimizing shorts, and avoiding fire risks.
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A shift in trend from metal fasteners and wielding to adhesives owing to weight savings and lower carbon emissions is poised to boost the vehicle glue market. Moreover, the introduction of several incentives for electric cars, such as tax credits, tax deductions, and additional benefits to speed up EV adoption, will supplement adhesives for electric vehicle market share through 2027.
On the basis of resin type, the polyurethane resin segment is forecast to witness a notable growth rate of 29.1% over the analysis period. The robust growth can be attributed to superior properties such as adhesion to porous and smooth surfaces, excellent physical strength, high durability, and abrasion tolerance. These unique properties make resin type suitable for binding of varied materials, including wood, cardboard, sandwich panels, and paper.
The pack & module bonding application is one of the major contributors to the global vehicle glue market share. The pack & module bonding application segment accounted for around 42.9% of the APAC vehicle adhesives market in 2019. The segment is likely to gain major traction in the coming years due to several product advantages such as battery pack integrity, improved crashworthiness, multi-substrate & uncoated metal bonding.
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The thermal interface bonding is the second-largest application category in terms of volume due to reduced battery size resulting in enhanced heat output and capable of integrating good thermal conductivity and low viscosity in isolation.
In the regional landscape, the Asia Pacific region is a chief contributor to the vehicle adhesives market revenue share of approximately 53% in 2019. China is the leading manufacturer of electric vehicles, which is supporting the adhesives for electric vehicle market growth. The growing production of EVs and batteries in the region is poised to boost industry expansion through 2027.
Europe is expected to be a major regional ground for the vehicle adhesives market due to a growing focus on electronic/electric vehicle development and promotion, stimulating regional industry growth over the forecast period.
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Key players in the Global Electric Vehicle Adhesives Market:
Henkel
3M
Wacker Chemie AG
L&L Products
B. Fuller
PPG Industries
Permabond
Sika AG
Jowat SE
Ashland
Electric Vehicle Adhesives Market: Segmentation
For the purpose of this report, Reports and Data has segmented into the global Electric Vehicle Adhesives market on the basis of vehicle type, resin type, application, and region:
Vehicle Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
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
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
North America
U.S
Europe
U.K
France
Asia Pacific
China
India
Japan
MEA
Latin America
Brazil
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Electric Vehicle Adhesives Market May Set New Growth Story, Key Players - 3M, Henkel, Wacker Chemie AG, H.B. Fuller, and More, Analysis by Reports and Data
Electric Vehicle Adhesives Market To Reach USD 282.3 Million By 2027