Vehicle Battery Manufacturers Aim to Improve Durability, Safety, and Efficiency
The automotive sector is shifting gears and moving toward a greener future. The push for adoption and development of electric vehicles from local government authorities continues to play a key role in the development and adoption of hybrid and electric vehicles. Due to this, vehicle electrification technologies continue to evolve at a rapid pace. Sealants and electric vehicle adhesives are likely to remain at the forefront in terms of development of these technologies due to which, the electric vehicle adhesives market is starting at a bright future. In addition, electric vehicle adhesives are expected to play an integral role in the production of battery electric vehicle (BEV) and hybrid electric vehicle (HEV) battery cells, motors, and packs, among others.
In the current scenario, the battery technology in the automotive sector is following the footsteps of the consumer electronics industry due to the advent of stringent regulatory requirements. Battery manufacturers are currently finding solutions to improve the durability of batteries that are required to operate at extreme temperatures. Electric vehicle adhesives have emerged as an excellent solution to address these challenges in multiple applications the BEV and HEV powertrain. Thus, the global electric vehicle adhesives market is expected to reach a market value of ~US$ 3 Bn by 2027.
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High Adoption of Electric Vehicle Adhesives to Improve Design Aspects of Electric Vehicles
With an undeniable surge in the number of electric vehicles worldwide, automakers are continually finding different ways to reduce vehicular weight and simultaneously improve the design aspects of their vehicles. Companies operating in the current electric vehicle adhesives market are expected to use their expertise to bring about these changes. Electric vehicle adhesives have emerged as an ideal solution to address these issues. In the current scenario, electric vehicle adhesives have come to light as an excellent replacement for heavy mechanical fasteners as far as the design of electric vehicle batteries is concerned. As electric vehicle adhesives play an imperative role in improving the range of electric vehicles, the demand for the same is expected to move in an upward trajectory in the upcoming years.
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Companies such as 3M, DuPont, and Henkel Corp, among others, are increasingly focusing on the development of electric vehicle adhesives to enhance gap control and bond components such as battery module side panels, cooling plates, and battery cells among others. Furthermore, as structural adhesives assist in the overall assembly of battery modules and cells, the demand for electric vehicle adhesives is expected to witness significant growth in the upcoming years. Moreover, adhesive sticks also aid automotive manufacturers to attain their key objectives, including faster charging, cost-efficiency, and durability. Electric vehicle adhesives will play a key role in the development of cutting-edge high-voltage vehicle batteries. While automakers continue to prioritize improving the performance of their vehicles, innovations, and adoption of lightweight materials are expected to gain significant momentum during the assessment period.
Market Participants Develop New Thermal Conductive Interface Materials
The sustainability, safety, and durability of battery packs are expected to gain a huge amount of traction in the coming years. Companies operating in the current electric vehicle adhesives market are currently expected to focus on the development of new thermal-conductive interface materials for efficient assembly of EV/HEV batteries. For instance, in May 2019, DuPont unveiled new solutions for EV/HEV battery assembly. In addition, companies are also rolling out adhesive solutions for both – large-volume assemblies as well as smaller requirements. In addition, anticipating the surge in demand for electric and hybrid vehicles, electric vehicle adhesives market participants are increasingly investing resources on the development of innovative battery assembly solutions. In April 2019, Henkel announced the launch of new technologies that align with the requirements of modern-day battery architectures. The company is expected to use its existing technologies as the foundation to develop and introduce innovations that will play a pivotal role in accelerating the assembly speed.
The lack of standardization as far as design and production of batteries continue to raise alarm bells. Thus, the electric vehicle adhesives market is expected to witness innovations, development of new battery assembly solutions, and sustainability of next-generation vehicles.
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Analysts’ Viewpoint
The global electric vehicle adhesives market is expected to grow at a staggering CAGR of ~32% during the forecast period. The market growth can be primarily attributed to a range of factors of which, the significant rise in demand for electric and hybrid vehicles remains the most prominent factor. Moreover, advancements in technology, favorable government policies, and efforts to minimize the weight of vehicles are some of the other factors that will drive the growth of the electric vehicle adhesives market in the coming years. Opportunities are ripe in the Asia Pacific region and thus, participants in the electric vehicle adhesives market should align their operations to tap into the market in countries such as China and India wherein the demand for electric vehicles is on the rise at an impressive pace.
Electric Vehicle Adhesives Market - Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global electric vehicle adhesives market to accurately gauge its future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the electric vehicle adhesives market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the electric vehicle adhesives market will progress during the forecast period of 2019 to 2027.
The report offers intricate dynamics about the different aspects of the electric vehicle adhesives market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the electric vehicle adhesives market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the electric vehicle adhesives market, and estimate statistics related to the market progress in terms of value (US$ Mn) and volume (tons).
This study covers a detailed segmentation of the electric vehicle adhesives market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the electric vehicle adhesives market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Electric Vehicle Adhesives Market
The report provides detailed information about the electric vehicle adhesives market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the electric vehicle adhesives industry so as to help them make successful strategies and take target-driven decisions.
- Which form of electric vehicle adhesives will emerge as a major revenue generator for the market during the forecast period?
- How are key market players successfully earning revenue out of the advantages of electric vehicle adhesives?
- What will be the Y-o-Y growth of the electric vehicle adhesives market between 2019 and 2027?
- What are the winning imperatives of market frontrunners in the electric vehicle adhesives market?
Research Methodology – Electric Vehicle Adhesives Market
The research methodology adopted by analysts for combining the electric vehicle adhesives market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the electric vehicle adhesives market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the electric vehicle adhesives market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the electric vehicle adhesives market.