ALBANY, New York, March 16, 2020 /PRNewswire/ -- With the technological developments such as automation and green propulsion, the automotive industry is experiencing a major paradigm shift these days. These developments are stimulating the automobile manufacturers to use electricity as major propulsion fuel and is paving the road for electric vehicles to take over the conventional modes of transport. Owing to these developments, the demand for a reliable and flexible vehicle structure has picked up a major pace these days and manufacturers are developing several adhesives that can cater to this growing demand. Consequently, the demand for adhesives in electric vehicle is growing with a major pace and is stimulating the growth of global electric vehicle adhesives market during the tenure of 2019 to 2027, says a recent report by Transparency Market Research.
As per the report, the global electric vehicle adhesives market is projected to witness a staggering ~32% CAGR during the duration and shall rise from US$ 261.3 Mn in 2018 to ~US$ 3 Bn by the end of 2027.
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Major Findings of the Electric Vehicle Adhesives Market Study
Automotive to be the Most Lucrative Segment in the Market
As the name suggests, the electric vehicle adhesives are majorly used in the automotive sector. This make the segment as the largest end-user of the global electric vehicle adhesives market during the tenure of 2019 to 2027. The dominance of the segment is majorly driven by the growing inclination of automotive industry towards automation and development of smart cars. The adhesives for electric vehicles is the helps the vehicles to maintain its structural integrity for a longer duration of time. This also allows the manufacturers to free themselves from design and material restriction. Owing to these benefits, the automotive segment shall dominate the end-user category of the global electric vehicle adhesive market.
Adoption of Polyurethane Makes Vehicle Light and Effective
In terms of resin, the polyurethane segment is expected to dominate the global electric vehicles adhesives market. The demand for the polyurethane is majorly driven by benefits it offers to the manufacturers. The resin is optimally reliable, and has a longer life than its counter parts. Additionally, the polyurethane resin are highly cost-effective which is the also a major factor that is propelling the dominance of the segment in the global electric vehicle adhesives market.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on Electric Vehicle Adhesives Market (Resin: Epoxy, Polyurethane, Silicone, Acrylic, Cyanoacrylate, and Others; Form: Liquid, Tapes & Films, and Others; and Application: Battery Electric Vehicle and Hybrid Electric Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027, at https://www.transparencymarketresearch.com/electric-vehicle-adhesives-market.html
Key Drivers Mentioned in Global Electric Vehicle Adhesives Market Study
Demand for Effective Green Propulsion Vehicles to Boost the Growth
With growing concern about the ill-effects of the CO2 and other emitted gasses by vehicles has led the automotive industry to develop electric vehicles. Since the development of these electric vehicles has sky rocketed in past few year, the demand for electric vehicle adhesives has also picked up major traction over the period of time. As a result of this development, the global electric vehicle adhesives market is expected to witness a substantial growth over the duration of 2019 to 2027.
Efforts to Make Vehicles Light-Weighted Propels the Growth
The adhesives are designed to make the vehicles light weighted so that they can be driven effectively and with less power. Also the demand for power conservation to ensure long legs of the vehicles, the manufacturers are inclining towards adhesives. This as a result is the major factor that is propelling the growth of global electric vehicle adhesives market during the tenure of 2019 to 2027.
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Major Challenges Mentioned in Growth of Global Electric Vehicle Adhesives Market Study
The growth of the global electric vehicle adhesives market may be hampered by the lack of charging location for charging electric vehicles. Due to this issue, the manufacturers of the electric vehicles are not able to sell the vehicles at their full potential. Owing to this challenge, the growth of global electric vehicle adhesives market might get hampered substantially during the tenure of 2019 to 2027.
Regional Analysis of Global Electric Vehicle Adhesives Market
On geographical front, the global electric vehicle adhesives market is dominated by Asia Pacific. As per the report by Transparency Market Research, the region accounted for 58.9% of overall share of the market in terms of volume. However, the region is expected to continue its dominance during the tenure of 2019 to 2027.
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Competitive Analysis of Global Electric Vehicle Adhesives Market
The global electric vehicle adhesives market is highly fragmented and poses a high degree of competition. The landscape of the market is attributed to the presence of players that hold equal and similar share in the global electric vehicle market. However, due to this scenario, the new players are unable to enter the global electric vehicle adhesives market.
In order to overcome this challenge, the new players are resorting to strategies such as mergers and partnerships. These strategies are designed to help the players to accumulate resources that can help them have a sustainable future in the global electric vehicle adhesive market.
Some of the major players mentioned in the report are: Ashland Inc., DuPont de Nemours, Inc., Permabond LLC, Avery Dennison Corporation, PPG Industries, Inc., and Wacker Chemie AG
The global electric vehicle adhesive market is segmented on the basis of:
Electric Vehicle Adhesives Market, by Resin
- Epoxy
- Polyurethane
- Silicone
- Acrylic
- Cyanoacrylate
- Others (including Methyl Methacrylate, Polyolefin, and Polyester)
Electric Vehicle Adhesives Market, by Form
- Liquid
- Tapes & Films
- Others (including Paste and Dry)
Electric Vehicle Adhesives Market, by Application
- Battery Electric Vehicle
- Exterior
- Interior
- Electronics
- Powertrain
- Body in White
- Others
- Hybrid Electric Vehicle
- Exterior
- Interior
- Electronics
- Powertrain
- Body in White
- Others
- Electric Vehicle Adhesives Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- France
- U.K.
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- India
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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