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According to Stratistics MRC, the global electric vehicle (EV) adhesives market accounted for $220.15 million in 2019 and is expected to reach $7,334.84 million by 2027 — growing at a CAGR of 55.0% during the forecast period.
Electric vehicles must be comprised of lightweight components and fasteners to oppose the heaviness of their battery systems. One option that’s become quite common is to bond parts and materials with high-quality structural adhesives.
The advantage is that adhesives can replace traditional fasteners, rivets and spot welding — thereby meeting the lighter-weight requirements. The use of adhesives also supports greater safety levels in EVs, meeting higher levels of “crash worthiness” due to the risks associated with batteries if an accident should occur.
Based on the resin type, the polyurethane segment is estimated to have a lucrative growth in the forecast period. It’s used in structural bonding and when the application requires:
1. Vibration inhibitions
2. Gap variations owing to thermal differences between substrates
It’s also useful to incorporate substrates, which include thermoplastics, coated steel and coated or uncoated aluminum.
However, another typical application of polyurethane adhesives is bonding battery cells into the battery module tray, cooling units, and frames.
Although requirement for lightweight parts and materials, and safety is driving the growth of the EV adhesive market, there is a challenge. Currently, a lack of global standardization is hampering the market growth.
This report covers the advantages and challenges of applications including film & tape, liquid paste, and dry substrates, such as composite metal polymer. Regions addressed include North America, Europe, South America, and Asia Pacific. More details can be found here.
Additionally, the Stratistics MRC report addresses the:
- Market share assessments for the regional and country-level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of nine years of all the mentioned segments, sub-segments, and the regional markets
- Market trends (drivers, constraints, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Filed Under: Fastener industry news