Electric Vehicle Adhesives Market Worth $2,158 million by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Oct. 21, 2019 /PRNewswire/ -- According to the new market research report "Electric Vehicle Adhesives Market by Resin Type (Epoxy, Polyurethane, Silicone, Acrylic), Application (Exterior, Interior, Powertrain), Form (Liquid, Film & Tape), Substrate (Polymer, Composite, Metals), and Region - Global Forecast to 2024", published by MarketsandMarkets, the Electric Vehicle Adhesives Market size is expected to grow at from USD 223 million in 2019 to USD 2,158 million by 2024 at a compound annual growth rate (CAGR) of 57.0% during the forecast period.
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The major factor driving the electric vehicle adhesives industry during the forecast period includes, the transition of the internal combustion engine (ICE) to electric vehicles will be key to the increasing consumption of EV adhesives. The growing climate change concerns and stricter emission controls are pushing the growth of electric vehicle across the world.
Exterior type to be the largest application type during the forecast period.
The design of electric vehicles has to be lightweight to counter the weight of the battery system used in electric vehicle. The bonding of dissimilar materials is done with the help of structural adhesives, which further replaces fasteners, rivets and spot welding, hence contributing to lightweight. The use of structural adhesives also addresses the issue of crashworthiness and safety of battery systems in electric vehicle. With the continuous development in the technology, the consumption of adhesives in the exterior parts of electric vehicle will further increase during the forecast period.
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Plastic is projected to be the fastest-growing substrate in the EV adhesive market
The growth of electric vehicles will propel the growth of plastics which is an essential material required in the manufacturing. The growth of plastics in electric vehicle is driven by the quest to make electric vehicle lightweight. The plastics that are used in the electric vehicle can be categorized into polypropylene (PP), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polyamide (PA), polycarbonate and other engineering resins. In electric vehicle, plastics are used in end-use applications such as interior, exterior, lighting & electric wires and under the hood section. The increasing use of plastics requires adhesives for bonding, and this increases the demand for EV adhesives in substrate segments.