Selbyville, Delaware, Aug. 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Thermoset Market for E-Mobility was estimated at USD 213,500 thousand in 2021 and may cross USD 1085 million by 2030, progressing at a CAGR of 20% from 2022 to 2030.
A series of investments in technologies associated with the recycling of thermoset products have been witnessed recently. This factor, alongside the high spending on connected vehicles and battery projects across the globe, especially in America, will drive the thermoset industry growth for e-mobility, says the report.
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The automotive industry has undergone radical change over recent years, due to factors such as the widespread acceptance of sustainable transportation. While COVID-19 introduced transportation uncertainties, the pandemic did not impact net-zero emission targets, transportation technology, and shared mobility, thereby further providing a boost to the thermoset market for e-mobility.
Attractive product benefits to push acrylics adoption through 2030
In terms of segmentation by resins, the market is categorized into epoxy, polyurethanes, unsaturated polyester resins, acrylics, and others. The acrylics segment among these is set to exhibit a CAGR of over 21% through 2030. This can be credited to the elasticity, general protection, abrasion resistance, and other benefits offered by acrylic conformal coating for electric vehicle supply equipment applications. Moreover, vehicle seals and gaskets made with acrylic elastomer are resistant to oil, ozone, and UV light, which will further fuel segmental progression.
Excellent waterproofing ability to drive potting resins application segment
With regards to application by resins, the thermoset market for e-mobility is segmented into gap fillers, potting resins, adhesives, and composite battery housing. The report identifies potting resins as a prominent segment, which is slated to register revenue worth USD 77,140 thousand by 2030. This is due to the availability of low viscosity, fast-curing epoxy resin for potting applications. This resin also can help achieve waterproofing, electrical insulation, and protection of vehicle components from environmental pressure.
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Increasing EV adoption to help North America emerge as a prominent revenue hub
On the regional front, the North America thermoset market for e-mobility is projected to depict a CAGR of more than 19% through 2030. This regional market growth is credited to the high emphasis on the decarbonization of the transportation sector and the rise in spending on EV charging networks in countries, including the U.S. For instance, in July 2022, the U.S. Department of Energy announced funding worth USD 96 million to expand the EV charging infrastructure and increase EV affordability and efficiency. The expansion of clean vehicle refueling infrastructure will bolster the demand for thermoset composite materials for EV applications.
The competitive landscape of the global thermoset industry for e-mobility is inclusive of companies such as Akzo Nobel N.V., Evonik Industries AG, DuPont de Nemours, Inc., Hexcel Corporation, Henkel AG & Co. KGaA, and Covestro AG, among others. These companies are engaging in new product development and acquisition strategies to retain their footprint in the market.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
