According to the new market research report “Electric Vehicle Adhesives Market by Application (Powertrain, Exterior, Interior), Resin Type, Substrate, Form (Liquid, Film & Tape), Vehicle Type (Electric Car, Electric Bus, Electric Bike, Electric Truck), and Region – Global Forecast to 2026″, size is estimated to be USD 0.4 billion in 2021 and is projected to reach USD 1.8 billion by 2026, at a CAGR of 44.7% between 2021 and 2026.
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The rising production and sale of electric cars have increased the demand for batteries, electric motors, doors, instrument cluster, infotainment system, seats, various panels, and charging sockets. Batteries are the most important components of electric cars as they provide power to the car. The battery of the car is heavier than the other parts. In order to counter the weight of batteries and reduce the overall weight of electric cars, lightweight materials are used in electric car applications. In the electric vehicle industry, adhesives are used in place of welds, screws, rivets, gaskets, and fasteners, which allows automakers to make the vehicle lightweight. One of the concerns in electric vehicles is range. Automakers are addressing this issue by increasing the battery capacity of the vehicle.
The design of electric vehicles has to be lightweight to counter the weight of the battery system used in electric vehicles. The bonding of dissimilar materials is done with the help of structural adhesives to replaces fasteners, rivets, and spot welding, which contributes to reducing the weight of vehicles. The use of structural adhesives also addresses the issue of crashworthiness and safety of battery systems in electric vehicles. With the continuous development in technology, the consumption of adhesives in the exterior parts of electric vehicles will further increase during the forecast period.
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The global EV Adhesives Market size is estimated to be USD 0.4 billion in 2021 and is projected to reach USD 1.8 billion by 2026, at a CAGR of 44.7% between 2021 and 2026. The rising trade war tensions between the US and China and low labor costs in China have forced various end-users of adhesives to relocate and establish their manufacturing base in the ASEAN countries. This relocation is expected to increase the demand for adhesives in the ASEAN countries. India offers low-cost labor, which can provide significant investment opportunities for companies. Government initiatives such as “Make in India” and the proposed scheme on entrepreneurship development by the government may open up additional opportunities in the industrial and infrastructure construction segments. All these factors are expected to drive the market in APAC.
EV adhesives on the basis of substrates are segmented into polymer, composite, metal, and others. Automakers are continuously innovating and using various substrates to make EVs lightweight. The use of dissimilar materials creates the demand for EV adhesives as bonding of dissimilar materials is one of its key functions. The increasing use of different substrates such as polymer, composite, and metal in EVs will drive the growth of the EV adhesives market.
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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. In November 2018, Henkel has done strategic alliance with RLE International to design new e-mobility concepts and lightweight innovations. Both companies have developed a new approach to the production of electric battery units. The approach involves the use of hybrid structural inserts and adhesives replacing light metals and materials, which helps to reduce the weight of battery.
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. In February 2020, H.B Fuller acquired certain assets of DHM. Adhesives, Inc. DHM, headquartered in Calhoun, Georgia, is a provider of hotmelt adhesives.
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