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Global Electric Vehicle Adhesives Market by Application , Resin Type, Substrate, Form , Vehicle Type and Region - Forecast to 2026

Bharat Book Bureau Provides the Trending Market Research Report on “Global Electric Vehicle Adhesives Market by Application , Resin Type, Substrate, Form , Vehicle Type and Region -  Forecast to 2026“ under Chemical & Material Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports. Summary 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. An adhesive is a chemical substance used to join materials (substrates), either identical or different, by their surfaces. EV adhesives are used in various applications such as body-in-white, paint shop, powertrain, and assembly. In this report, the market has been defined as the adhesives used in electric vehicles (EV). The types of electric vehicles considered are electric car, electric bus, electric bike (2-wheeler), and electric truck. Polymer, composite, and metal have been considered as the major substrates on which EV adhesives are used. The application of EV adhesives is increasing due to various requirements by automakers, such as bonding similar and dissimilar materials, substitution of traditional substrates materials by synthetic substrates, and the increasing focus on environmental concerns. EV adhesives address various engineering and design issues as they have the ability to resist vibration, are lightweight, and enable the distribution of stress over a wide area. “Exterior application is projected to be the largest application segment in EV Adhesives Market” 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. “Polyurethane is projected to be the largest resin type segment in EV Adhesives Market” The use of adhesives in EV is expected to increase during the forecast period. The various applications of adhesives in EV require different types of adhesives derived from resins such as epoxy, polyurethane, silicone, and acrylic. Adhesives made of different resins have different properties and are chosen according to the specific application. Polyurethane adhesives are made of urethane polymers. They exhibit extraordinary elasticity and elongation up to 600% before fracture. There are three types of polyurethane adhesives, two-component polyurethane, one-component rigid polyurethane adhesives, and two-component elastic polyurethane adhesives. The bonds of polyurethane adhesives are formed in two stages: firstly, the adhesive cools back down to reach the holding strength and, secondly, the adhesive uses the moisture to continue curing for hours to days to reach the final structural strength. “Electric cars is projected to be the largest vehicle type segment in EV Adhesives Market” The demand for EVs is increasing at a rapid pace due to growing environmental concerns, even as the sale of ICE vehicles is seeing a slump. The implementation of favorable policies for EVs and technological advancements in the value chain will drive the EV market in the next five years. The growth of electric cars and buses is expected to drive the growth of EV adhesives during the forecast period. Vehicle manufacturers announced increasingly ambitious electrification plans. Out of the world’s top 20 vehicle manufacturers, which represented around 90% of new car registrations in 2020, 18 have stated plans to widen their portfolio of models and to rapidly scale up the production of light-duty electric vehicles. The growth of electric cars is driven by critical policy changes adopted by leading countries in electric mobility. These countries have introduced stricter emission standards in addition to incentives for electric cars and are promoting investments in the EVs industry value chain to bring price parity between EV and ICE vehicles. In an EV, adhesive technology plays a critical part in making the EV lightweight as it is used in a number of applications. The growing EV markets such as Europe, APAC, and North America will provide growth opportunities for EV adhesive manufacturers during the forecast period. “APAC accounts for the largest share in EV Adhesives Market by region” APAC accounted for the largest share of the EV Adhesives Market in 2020, followed by Europe and North America. 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. Extensive primary interviews were conducted to determine and verify the market size for several segments and sub segments and information gathered through secondary research. The break-up of primary interviews is given below: •By Company Type - Tier 1 – 30%, Tier 2 – 50%, and Tier 3 – 20% •By Designation – C level – 40%, Director level – 20%, and Others* – 40 •By Region – North America– 10%, Europe – 40%, APAC – 30%, and Others**- 20% Notes: *Others include sales, marketing, and product managers ** Other regions include South America and the Middle East & Africa Tier 1: >USD 5 Billion; Tier 2: USD 1 Billion– USD 5 Billion; and Tier 3: The companies profiled in this market research report include 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. (US) and Permabond (UK), and others. Research Coverage: This research report categorizes the EV adhesives market on the basis of application, resin type, vehicle type, substrate, form, and region. The report includes detailed information regarding the major factors influencing the growth of the EV adhesives market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, new product developments, acquisition and recent developments associated with the market. Reasons to Buy the Report The report will help market leaders/new entrants in this market in the following ways: 1.This report segments the EV adhesives market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions. 2.The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities. 3.This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments, and joint ventures. 4.The report includes the COVID-19 impact on the EV adhesives market. 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