According to the new market research report “Electric Vehicle Adhesives Market by Resin Type (Epoxy, Polyurethane, Silicone, Acrylic), Application (Exterior, Interior, Powertrain), Form (Liquid, Film & Tape), Substrate (Polymer, Composite, Metals), and Region – Global Forecast to 2024″, The electric vehicle adhesives market size is expected to grow at 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 major factor driving the electric vehicle adhesives industry during the forecast period includes, the transition of the internal combustion engine (ICE) to electric vehicles will be key to the increasing consumption of EV adhesives. The growing climate change concerns and stricter emission controls are pushing the growth of electric vehicle across the world.
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The EV adhesive 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.
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.
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The global market size of EV adhesive is projected 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 major driving factors for the growth of EV adhesives are the quest to make the electric vehicle lightweight by replacing screws, fasteners, and rivets. For lightweight, the automakers use plastics and composites which safeguards the vehicle but with reduced weight. These dissimilar substrates needs to be bonded and for which adhesives are used. The increasing share of plastics and composites in electric vehicle in the future will increase the average consumption of adhesives per vehicle.
The leading companies in the EV adhesive 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 (Germany), Ashland (US), PPG Industries, Inc. (U.S.) and Permabond LLC. (UK). These players adopted acquisitions, new product launch, and agreements as key growth strategies in between 2015 to 2019 which helped them to increase their capacities and cater to the widening customer base.
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Henkel (Germany) is a company that manufactures and sells its products under three segments namely, adhesive technologies, laundry & home care and beauty care. The adhesive technologies business segment offers a wide range of products in adhesives, sealants, and coatings. Some of the top brands of Henkel in adhesive technologies are Loctite, Technomelt, and Teroson. The company manufactures adhesives for electric vehicle which caters to end-use applications such as overall electric vehicle battery, automotive camera & radars, exterior, and interior. Henkel is expanding its operation in Salisbury, US facility. It will invest USD 45 million to install new equipment and improvements for production of UV acrylic adhesives used in tapes and labels, which are used extensively in the electronics industry. The increasing penetration of advanced driving assistance systems will drive electronics in electric vehicle.
H.B. Fuller (US) manufactures and supplies adhesives ranging from thermoplastic, thermoset, reactive, water-based and solvent-based products and it caters to the demand arising from various end-use industries such as transportation, medical, clean energy, aerospace & defense and heavy machinery. The company manufactures and sells adhesives for electric vehicles.H.B. Fuller has acquired Adecol, Brazil which manufactures hot melt, reactive and polymer-based adhesives. Adecol supplied hot melt adhesives for battery. This acquisition helps H.B. Fuller to increase its footprints across emerging markets. The company has also acquired Royal Adhesives & Sealants for USD 1.575 billion. Royal Adhesives & Sealants was manufacturing high specialty adhesives & sealants. This acquisition helps the company to expand its presence in North America, Europe, and China.
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