Latest Study on “Electric Vehicle Adhesives Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Electric Vehicle Adhesives market size is expected to be worth around US$ 3.12 Billion by 2027, according to a new report by Nova One Advisor .
The global Electric Vehicle Adhesives market size was valued at US$ 262.9 Million in 2021 and is anticipated to grow at a CAGR of 34% during forecast period 2021 to 2027.
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The increasing requirement for lightweight and safety materials in the automotive sector is the major factor, which is driving the growth of the global electric vehicle adhesives market.
Electric vehicle adhesives are a form of sticking material that allows two parts to stick together without interfering with their operation. It creates a strong light link between the battery sections while also allowing the components to operate smoothly. Adhesives can give flexibility while still possessing strong adhesion capabilities. It also decreases vibrations and aids in the absorption of impact without crashing into parts.
In the design of electric vehicle batteries, adhesives can be used to replace or eliminate the use of heavy mechanical fasteners. They enable a thinner and lighter bond for several battery components, which can improve EV range, as well as the ability to attach different materials more quickly and with greater flexibility and strength than standard nuts and bolts. Adhesives are designed to connect parts like as battery cells, battery module side panels, cooling plates, and more with greater precision.
Drivers of Electric Vehicle Adhesives Market
The automotive industry is continually working toward designing lightweight and fuel-efficient vehicles, which can reduce CO2 emissions significantly. Stringent regulations regarding CO2 emissions are being implemented across the globe. Electric vehicle adhesives play an important role in reducing CO2 emissions. These adhesives provide vehicles with structural strength. They possess the ability to bond various surfaces together.
Electric vehicle adhesives make vehicles lighter, quieter, and safer compared to mechanical fastening methods such as welding, bolting, and soldering. Structural adhesives are known to distribute load evenly across a surface, resulting in better efficiency compared to mechanical fastening, which generates local stress in parts joined. Currently, around 15 kg of adhesives are used in a car on an average. This amount is likely to increase in the next few years.
Electric vehicle adhesives are also employed in interiors, exteriors, and engine compartments of aircraft, due to their advantages over other types of adhesives. These adhesives carry higher weight loads and improve uniform distribution of the stress and strain across the joints. Electric vehicle adhesives also maintain integrity and strength of materials, as there is no hole, rivet, or fastening element to weaken the structure. These factors are anticipated to boost the demand for electric vehicle adhesives across the globe during the forecast period.
Opportunities for Electric Vehicle Adhesives Market:
The automotive industry is a key end user of electric vehicle adhesives. Demand for electric vehicle adhesives has been increasing due to the rise in requirements by automakers. For instance, these adhesives are employed in bonding similar and dissimilar materials; and substitution of traditional substrate materials by synthetic substrates. Increase in focus on environmental concerns is also boosting the demand for electric vehicle adhesives. Electric vehicle adhesives also address issues regarding engineering and design, as they are valued for their ability to resist vibration. They are also lightweight and help distribute stress over a wide area.
Adhesives and sealants play a vital role in the advancement of vehicle electrification technology. They are estimated to remain at the forefront of the development of hybrid (HEV) and battery electric (BEV) vehicle battery cells, modules, packs, and motors.
Highlights of the Report:
- North America is expected to register the fastest CAGR of 27.8% in terms of volume during the forecast period owing to increasing production of electric vehicles in the region. For instance, as part of its plan of building three plants in three continents, Nidec’s one plant for producing electric motors will be in Mexico, which is worth an investment of USD 455 million
- By vehicle type, the battery electric vehicles (BEVs) segment accounted for a revenue share of over 50.0% in 2019. The segment is anticipated to witness rapid growth over the coming years owing to high consumption of adhesives in BEVs than plug-in hybrid electric vehicles, coupled with increasing production of BEVs
- Based on application, battery cell encapsulation is anticipated to expand at the fastest CAGR of 28.2% in terms of revenue over the forecast period on account of increasing use of adhesives in cells for maintaining integrity in their alignment.
COVID-19 Impact on Electric Vehicle Adhesives Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Electric Vehicle Adhesives market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Electric Vehicle Adhesives market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Electric Vehicle Adhesives market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Electric Vehicle Adhesives market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2021 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Electric Vehicle Adhesives market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Electric Vehicle Adhesives market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Electric Vehicle Adhesives market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Electric Vehicle Adhesives market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Electric Vehicle Adhesives market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Electric Vehicle Adhesives market is analyzed at both regional and country levels.
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Electric Vehicle Adhesives market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Electric Vehicle Adhesives market include:
- Henkel AG & Company
- H.B. Fuller
- DuPont de Nemours, Inc.
- Arkema S.A.
- Permabond LLC
- Ashland Inc.
- LORD Corporation
- PPG Industries, Inc.
- Avery Dennison Corporation
- Evonik Industries AG
- Illinois Tool Works Inc.
- Dymax Corporation
- Wacker Chemie AG
- Sika AG.
The report is divided into major categories comprising product, application, regions and others. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Every segment is studied thoroughly in order to offer a better picture to the buyers and stakeholders to benefit from. Information like highest prevailing product, highly demanded product by the application segment and end users are rightly mentioned in the Electric Vehicle Adhesives report.
Electric Vehicle Adhesives Market: Segmentation
Electric Vehicle Adhesives Market, by Resin
- Others (including Methyl Methacrylate, Polyolefin, and Polyester)
Electric Vehicle Adhesives Market, by Form
- Tapes & Films
- Others (including Paste and Dry)
Electric Vehicle Adhesives Market, by Application
- Battery Electric Vehicle
- Body in White
- Hybrid Electric Vehicle
- Body in White
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Electric Vehicle Adhesives market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Electric Vehicle Adhesives market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Electric Vehicle Adhesives market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Electric Vehicle Adhesives market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Electric Vehicle Adhesives are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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