The global Electric Vehicles Adhesives Market size was valued at approx. USD 0.4 billion in 2022 and is projected to grow at a CAGR of 43.9% during the forecast period 2022 to 2030.
Market Overview
The market is growing because more and more governments are trying to encourage the production and use of electric cars. (EVs). The Electric Vehicle Initiative (EVI) was started by the Minister of Clean Energy in 2010 as a multi-governmental policy forum to speed up the adoption of electric cars around the world. When environmental problems like global warming come up, it’s important to take care and take steps to reduce the amount of harmful carbon emissions to the earth. Many governments offer tax breaks, tax credits, and other benefits to encourage people to buy electric cars. As of 2017, the German federal government had given a total of $230 million to research and development (R&D) for electric transport. As of February 2018, there were 29 different types of electric cars on the market in Germany. About 1 million EVs are expected to be on German roads by 2025. This is likely to increase the need for glue in both the U.S. and Europe.
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Segment Analysis
In the coming years, the market is likely to be led by the electric vehicle battery segment. In the past, plug-in hybrid electric vehicles had a market share of 53%, which made them the most popular cars on the market. During the forecast, people are likely to want more battery-powered cars. We’ll make more people want additives in this market group.During the forecast period, the exterior application segment is likely to have the biggest market share. The demand for electric car infotainment systems, batteries, doors, seats, and different charging sockets has gone up. More adhesives will be used to hold all of these things together instead of gaskets, screws, and welds, which will help reduce the weight of electric cars.
Based on types, the Industrial Power Monitoring System Market is segmented into:
- Epoxy, Polyurethane
- Acrylic
- MMA
- Cyanoacrylate
Based on application, the Industrial Power Monitoring System Market is segmented into:
- Powertrain
- Exterior
- Interior
On the basis of Vehicle Type
- Electric Car
- Electric Bus
- Electric Bike
- Electric Truck
On the basis of Substrate
- Plastic
- Composite
- Metals
- Others
On the basis of Form
- Liquid
- Film & Tape
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Recent Development
In August 2021, Sika AG bought Bexel Internacional S.A., which was Mexico’s largest maker of tile sealants and stuccos.
The Yokohama Rubber Co., Ltd.’s glue business, Hamatite, was bought by Sika AG in April 2021.
In September 2019, Sika AG bought the Chinese company Crevo-Hengxin. Crevo-Hengxin makes silicone sealants and adhesives that are used in both industry and building.
Regional Analysis
Geographically, the global Electric Vehicles Adhesive market has been studied in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. (MEA).
In 2019, 52.2% of the amount came from Asia Pacific. China makes the most electric cars in the world, so the area is a big buyer. But market growth is likely to be slow in 2020 and 2021 because of the global COVID-19 pandemic, which is thought to have started in China. As of March 2020, the production of electric vehicles was affected by the availability of workers and raw materials, which had an effect on the demand for adhesives.
During the forecast period, North America is projected to be the region with the fastest growth, with a volume-based CAGR of 27.1%. This is because more money is being put into making EVs. For example, in July 2019, LG Chem said it would build a second plant in the United States to make batteries for electric vehicles. LG Chem is a well-known battery maker that sells to large companies like General Motors (GM) and Volkswagen.
Regional Industrial Power Monitoring System Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
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- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
- Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in Industrial Power Monitoring System Market include:
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- Industrial Power Monitoring System Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
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Key Market Participants in the Industrial Power Monitoring System Market:
Henkel, Bostik, 3M, Sika AG, Ashland, H.B. Fuller, Parker Hannifin Corp, Lord Corporation, DuPont,
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