Electric Vehicles Adhesives Market Size, CAGR, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2020-2027

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The  Electric Vehicles Adhesives Market size is expected to be worth around US$ 329.4 million by 2027 from at US$ 39.2 million in 2019 and is anticipated to grow at a CAGR of 26.5% during forecast period 2020 to 2027.

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Growth Factors

Rising preference for adopting environmental friendly vehicles in order to curb carbon footprints of the earth is expected to boost the market growth over the forecast period.

Adhesives play a major role in electric vehicles (EVs) by not only reducing their weight but also enhancing their efficiency. Adhesives are used for several applications in EVs, such as component joining and protecting them against shock and vibration damages, helping in making a path for conducting the heat away from modules and cells by isolating the components, and preventing the risk of fire by reducing shorts. Such advantages are propelling the consumption of adhesives in the EV market.

Adhesives are majorly used in module and pack bonding, followed by thermal interface bonding and battery cell encapsulation. The heat generation and thermal management are serious concerns in EVs. As a result, the battery manufacturers ought to use thermal interface materials, such as adhesives, over mechanical fasteners for smooth functioning. Adhesives used for thermal interface bonding possess good thermal conductivity, mechanical stability, and vibration and environment resistance.

Asia Pacific was the largest regional segment as of 2019 and it is anticipated to maintain its lead over the forecast period. The region is the major consumer as China is the largest manufacturer of EVs in the world. However, amidst the Covid-19 pandemic across the world, which has been reported to originate in China, the market growth is expected to remain sluggish in 2020-21. The unavailability of workers and raw materials has impacted the manufacturing of EVs as of March 2020, which has impacted the demand for adhesives.

The market growth is expected to pick up from 2021, which is expected to be fueled by favorable government policies, coupled with rising initiatives in the EV market in countries, such as Singapore, India, and China. For instance, in February 2020, an EV startup in Bengaluru, Karnataka, India, launched a low-cost smart EV charging station called the “Kirana Charzer”, which costs only ₹10,000 and shall enable the installation of charging stations at small shops. Increasing number of charging stations across Asia is an indication towards rising number of EVs on Asia roads. For example, there are over 1,200 electric chargers in Singapore and 2,000 in Hong Kong.

Report Highlights

Based on vehicle type, the market has been segmented into battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). The PHEVs accounted for the largest volume share of 51.4% as of 2019, which is expected to reverse by 2027 when BEVs emerge as the prominent vehicle type.

The amount of adhesives consumed by BEVs is higher than that of PHEVs. According to IEA, the stock of BEVs is anticipated to increase at an accelerated rate by 2030, especially in the passenger light duty vehicle segment. The growth in the production can be indicated by increasing investments in the manufacturing of BEVs.

Based on application, the market is segmented into pack and module bonding, thermal interface bonding, battery cell encapsulation, and others. Pack and module bonding segment was the largest segment in 2019, accounting for a volume share of 41.5%. The battery packs in electric powertrains make use of adhesives in their production, which leads to various benefits, such as improvement in the crashworthiness and integrity of battery pack, lightweight, bonding of multiple substrates, and bonding of uncoated metal.

Asia Pacific held the largest volume share of 52.3% in 2019. The region is the major consumer as China is the largest manufacturer of electric vehicles in the world. However, amidst the Covid-19 pandemic across the world, which has been reported to originate in China, the market growth is expected to remain sluggish in 2020-21. The unavailability of workers and raw materials has impacted the manufacturing of electric vehicles as of March 2020, which has impacted the demand for adhesives.

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North America is expected to be the fastest growing regional market with a volume-based CAGR of 27.2% during the forecast period on account of rising investments in EV manufacturing. For example, in July 2019, LG Chem announced its plan of building a second factory in U.S. for producing EV batteries. LG Chem is amongst the leading battery manufacturers and it supplies its products to major companies, such as General Motors and Volkswagen.

Europe is amongst the key regions of the market and is expected to register a revenue-based CAGR of 21.2% over the forecast period. With increasing emphasis on the production and promotion of electric vehicles, demand for adhesives is expected to prevail in the coming years.

Key Players

  • Henkel
  • Sika AG
  • H.B. Fuller
  • 3M
  • Lord Corporation
  • Ashland
  • Bostik
  • Jowat SE
  • Parker Hannifin Corp
  • PPG Industries
  • Permabond
  • Wacker Chemie AG

Market Segmentation

  • Vehicle Type Outlook 
    • Battery electric vehicle
    • Plug-in hybrid electric vehicle
  • Application Outlook
    • Pack & module bonding
    • Thermal interface bonding
    • Battery cell encapsulation
    • Others
  • Regional Outlook 
    • North America
      • U.S.
    • Europe
      • Germany
      • U.K.
      • France
      • Netherlands
      • Norway
    • Asia Pacific
      • China
      • Japan
    • Central & South America
    • Middle East & Africa

The Electric Vehicles Adhesives market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Electric Vehicles Adhesives market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Electric Vehicles Adhesives market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electric Vehicles Adhesives market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electric Vehicles Adhesives market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Electric Vehicles Adhesives capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Electric Vehicles Adhesives by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electric Vehicles Adhesives market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electric Vehicles Adhesives market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electric Vehicles Adhesives market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Electric Vehicles Adhesives industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Electric Vehicles Adhesives market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electric Vehicles Adhesives market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electric Vehicles Adhesives market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electric Vehicles Adhesives market. These factors have benefited the growth of the global market for Electric Vehicles Adhesives. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electric Vehicles Adhesives. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Electric Vehicles Adhesives are as follows:

  • Historic Year: 2016-2019
  • Base Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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