Vehicle manufacturers announced increasingly ambitious electrification plans. Out of the world’s top 20 vehicle manufacturers, which represented around 90% of new car registrations in 2020, 18 have stated plans to widen their portfolio of models and to rapidly scale up the production of light-duty electric vehicles.
The growth of electric cars is driven by critical policy changes adopted by leading countries in electric mobility. These countries have introduced stricter emission standards in addition to incentives for electric vehicles (EV) and are promoting investments in the EVs industry value chain to bring price parity between EV and ICE vehicles.
In an EV, adhesive technology plays a critical part in making the vehicle lightweight as it is used in a number of applications. The growing markets such as in Europe, APAC, and North America will provide growth opportunities for adhesive manufacturers during the forecasted period.
According to a new report by MarketsAndMarkets, Electric Vehicle Adhesives Market by Application, the market size is estimated to be U.S. $0.4 billion in 2021 and is projected to reach $1.8 billion by 2026, at a CAGR of 44.7% between 2021 and 2026.
The rising production and sale of electric cars have increased the demand for batteries, electric motors, doors, instrument cluster, infotainment system, seats, various panels, and charging sockets. Batteries are the most important components of electric cars as they provide power to the car.
The battery of the car is heavier than the other parts. In some cases, the battery is only getting larger (and heavier) to increase the range of these vehicles. To counter this and reduce the overall weight of electric cars, lightweight materials are used in electric-vehicle (EV) applications.
In the EV industry, adhesives are commonly used in place of welds, screws, rivets, gaskets, and fasteners, which lets automakers ensure these vehicles are as light as possible.
The bonding of dissimilar materials is done with the help of structural adhesives to replaces fasteners, rivets, and spot welding, which contributes to reducing the weight of vehicles. The use of structural adhesives also addresses the issue of crashworthiness and safety of battery systems. With the continuous development in technology, the consumption of adhesives in the exterior parts of electric vehicles will further increase during the forecast period.
The use of adhesives in EV is expected to increase during the forecast period. The various applications of adhesives in EV require different types that are derived from resins, such as epoxy, polyurethane, silicone, and acrylic. Adhesives made of different resins have different properties and are chosen according to the specific application.
Polyurethane adhesives are made of urethane polymers. They exhibit extraordinary elasticity and elongation up to 600% before fracture. There are three types of polyurethane adhesives, two-component polyurethane, one-component rigid polyurethane adhesives, and two-component elastic polyurethane adhesives.
The bonds of polyurethane adhesives are formed in two stages: firstly, the adhesive cools back down to reach the holding strength and, secondly, the adhesive uses the moisture to continue curing for hours to days to reach the final structural strength.
APAC accounted for the largest share of the EV Adhesives Market in 2020, followed by Europe and North America. The rising trade war tensions between the US and China and low labor costs in China have forced various end-users of adhesives to relocate and establish their manufacturing base in the ASEAN countries.
This relocation is expected to increase the demand for adhesives in the ASEAN countries.
The leading players in the EV adhesives market include Henkel, H.B. Fuller, Sika AG, 3M, Bostik SA, PPG Industries, and others.
To learn more or download the report, click here.