According to Stratistics MRC, the Global Electric Vehicle Adhesives Market is accounted for $220.15 million in 2019 and is expected to reach $7,334.84 million by 2027 growing at a CAGR of 55.0% during the forecast period.
Some of the key players profiled in the Electric Vehicle Adhesives Market include Henkel, Jowat Se, Ashland, PPG Industries, Permabond LLC., Delo Industrie Klebstoffe GmbH & Co. KGaA, Uniseal, Inc., H.B. Fuller, Sika AG, 3M, Dowdupont, Wacker Chemie AG, Bostik S.A. (An Arkema Company), Lord Corporation and L&L Products.
Requirement for lightweight, crashworthiness, and safety is driving the growth of the market. However, the lack of standardization is hampering the market growth.
The aim of electric vehicles has to be lightweight to oppose the weight of the battery system used in electric vehicle. The bonding of different materials is completed with the assist of structural adhesives, which advance replaces fasteners, rivets and spot welding, hence contributing to lightweight. The use of EV adhesives also addresses the problem of crashworthiness and safety of battery systems in electric vehicle.
Based on the resin type, the polyurethane segment is estimated to have a lucrative growth in the forecast period. It is used in structural bonding and is used when the application requires vibration inhibitions, gap variations owing to thermal differences between substrates. It is useful to substrates which include thermoplastics, coated steel and coated or uncoated aluminium. Another typical application of polyurethane adhesives is bonding battery cells into the battery module tray, cooling units, and frames.
By geography, Asia Pacific is likely to have a huge demand due to significant Chinese electric vehicle market and all the major battery built-up companies are Asian contribute to this demand. The region has the occurrence of all the most important automakers which manufactures electric vehicle and all the main adhesive manufacturers.