Structural Adhesives and Sealants for EV Batteries to Reach $305.5 million at CAGR of 18.5% by 2031
Electric vehicles (EVs) are changing the landscape of the global automotive industry. Automotive manufacturers, as well as policymakers, are prospering their focus, goals, and actions related to electric vehicles. EV technologies in the form of battery EVs and plug-in hybrid EVs have gained significant traction to achieve environmental and societal objectives. EVs are considered to be two to four times more efficient compared to the conventional internal combustion engine (ICE) models. They can drastically reduce the over-reliance on fuel-based vehicles and significantly decrease the greenhouse emission levels. Moreover, EVs are very well-suited to resolve the rising air pollution issues owing to zero-tailpipe emission. Rapid advancement in EV battery technology is likely to facilitate the smooth transition to clean energy in the near future.
Read Report Overview: Structural Adhesives and Sealants Market for EV Batteries
Rising concerns over environmental awakening, increasing carbon dioxide emission levels, stringent government regulations, and increasing oil prices will augment the growth of the global market for electric vehicles (EVs) in the coming years. In 2020, Asia dominated EV production, accounting for more than half of the total electric vehicles production, owing to the popularity of hybrid electric vehicles (HEVs) in Japan and the dramatic commercialization of EVs in China. The EV industry will sustain and increase its growth manifold due to the progress in battery technology, which unequivocally would increase the performance of batteries, constrict the charging time of batteries, and reduce the overall cost of battery modules.
Battery manufacturers are investing in developing batteries that can achieve more than ten years of vehicle life even after enduring the vibrations and shocks from on and off-road driving and operating in extreme environmental conditions. Adhesives and sealants have provided a way to meet these challenges in various HEV and BEV powertrain applications in the following ways:
- Enhanced battery range: Adhesives and sealants offer a lightweight option compared to the conventional mechanical fasteners, which helps to reduce the overall vehicle weight and increase the battery range. Moreover, they also provide strength and stiffness to the EV battery packs, thus enabling the use of lightweight materials.
- Increased battery protection: Adhesives and sealants provide protection against outside elements such as dust, water, and fluids, among others. Additionally, they also provide resistance against vibrations and mechanical shocks, which enhances the lifespan of the battery
- Improved battery safety: Adhesives and sealants improve the safety of battery packs by not only conducting thermal energy to cool the battery modules and cells but also electrically isolating the components to avoid electric short circuits and decrease the risk of fire.
Polyurethane Adhesives and Sealants Is Expected to Be the Most Popular Product Type
Based on products, the market is classified into epoxies, polyurethane, silicone, acrylics, and others which include silane terminated polymer (STP) and ethylene propylene diene monomer (EPDM). Among the various types of adhesives and sealants for EV batteries, the polyurethane segment occupied the largest market share in 2021. Polyurethane-based adhesives and sealants offer excellent adhesion and can bond many different substrates like metal, wood, and plastic. They offer excellent chemical resistance, high resistance against humidity, and other environmental aspects. Moreover, this product category possesses excellent flexibility and cohesive strength, thus making them a product of choice for EV batteries.
China to be the Most Lucrative Region in Global Structural Adhesives and Sealants Market for EV Batteries
China accounted for the largest market share in the global market in 2021 and is expected to maintain its dominance throughout the forecast period. The country accounts for more than 50% of EV battery production globally. The country has the largest EV fleet size as well as dominates in terms of EV battery production across the globe. Shifting consumer preference toward EVs, rising awareness pertaining to environmental consciousness, availability of raw materials, economic development, and cheap labor are some major factors augmenting the consumption of adhesives and sealants in the country.
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Major product manufacturers are making various kinds of strategic moves to gain market share. Some key highlights with respect to major manufacturers of ITS technologies are:
- 3M, Dow, DuPont de Nemours, Inc., H.B. Fuller Company, Henkel AG & Co. KGaA and Sika AG are some of the leading players globally.
- Elkem ASA, Permabond LLC, Lord Corporation Wacker Chemie AG and Jowat SE are some of the emerging companies.
- Business expansion has been a leading strategy adopted by companies, as it not only increases their revenue but also enhances their product portfolio and increases their product application base.
- Apart from business expansion, product development, partnerships, collaborations, and joint ventures are some other strategies being implemented in the market.