- Firms in the global electric vehicle adhesives market are likely to concentrate on the invention of innovative thermal interface materials for effective EV/HEV battery assembly
ALBANY, N.Y., March 10, 2022 (GLOBE NEWSWIRE) -- The value of global electric vehicle adhesives market stood at US$ 261.3 Mn in 2018 and is likely to register significant growth at a CAGR of 32% during the forecast period, from 2019 to 2027. The global electric vehicle adhesives market is anticipated to attain market valuation of US$ 3 Bn by 2027. The automotive industry is changing and heading toward the direction of a more environment-friendly future. Local government agencies' support for electric vehicle use and development remains a significant factor in the increasing development and use of hybrid and electric vehicle. As a result, vehicle electrification technology continues to advance at a breakneck rate.
Sealants and electric vehicle adhesives are anticipated to stay ahead in technological development, which bodes well for the global electric vehicle adhesives market. Furthermore, electric vehicle adhesives are projected to play a key role in the manufacturing of motors, battery cells, and packs for hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs), among many other things.
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Due to the introduction of strict regulatory requirements, the battery technology in the automobile industry is now walking in the path of consumer electronics. Makers of batteries are actively working on ways to increase the endurance of batteries that need to function at extreme temperatures. These adhesives have launched as a feasible solution to these issues in a variety of HEV and BEV powertrain applications.
Key Findings of Market Report
- Based on form, the global electric vehicle adhesives market in 2018 was dominated by liquid adhesives. The category is expected to remain profitable in the near future. The growing need for epoxy liquid adhesives in the fabrication of automobile exteriors and interiors, as well as electric batteries, is likely to propel the liquid form segment in the global market. Hydroxyl and amine groups are present in liquid acrylic adhesives.
- With an indisputable rise in the number of electric vehicles on the road globally, manufacturers are always looking for new methods to decrease vehicle weight while also improving vehicle design. Electric vehicle adhesives firms are anticipated to apply their knowledge to bring about such developments. In order to overcome these challenges, electric vehicle adhesives have surfaced as a viable option.
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- Since structural adhesives help with the complete assembly of battery modules and cells, the demand for electric vehicle adhesives is likely to skyrocket in the years to come. Furthermore, adhesive sticks assist vehicle manufacturers in achieving their major goals, such as durability, cost-efficiency, and fast charging. Adhesives in electric vehicles is likely to be crucial in the creation of advanced and high-voltage car batteries. Due to fast industrialization and rising demand for electric vehicle adhesives in the automobile industry, Asia Pacific is held considerable share of the global market in 2018. By maximizing the utilization of mechanical fasteners such as nuts & bolts, electric vehicle adhesives are extensively used in the automobile industry to enhance overall efficiency and reduce vehicle weight.
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Electric Vehicle Adhesives Market: Growth Drivers
- Huge increase in demand for electric and hybrid automobiles is likely to be a major driving force for the global market. Furthermore, technological developments, attempts to reduce vehicle weight, and beneficial government policies are estimated to propel the global electric vehicle adhesives market.
- Due to its benefits over other forms of adhesives and electric vehicle adhesives are also used in aircraft exteriors, interiors, and engine chambers. These adhesives are able to withstand larger weight loads and provide more homogeneous stress and strain distribution throughout the joints. Electric vehicle adhesives also retain strength and material integrity, which is expected to drive up its demand.
Global Electric Vehicle Adhesives Market: Key Players
Some of the key market players are
- DuPont de Nemours, Inc.
- Henkel AG & Company
- Avery Dennison Corporation
- Illinois Tool Works Inc.
- PPG Industries, Inc.
- Evonik Industries AG
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Global Electric Vehicle Adhesives Market: Segmentation
Resin
- Epoxy
- Polyurethane
- Silicone
- Acrylic
- Cyanoacrylate
- Others
Form
- Liquid
- Tapes & Films
- Others
Application
- Battery Electric Vehicle
- Hybrid Electric Vehicle
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