Electric Vehicle Adhesives Market

Henkel (Germany) and H.B. Fuller (US) are the Key Players in the Electric Vehicle Adhesives Market.

The global market size of EV adhesive is projected to grow from USD 223 million in 2019 to USD 2,158 million by 2024, at a compound annual growth rate (CAGR) of 57.0% during the forecast period. The major driving factors for the growth of EV adhesives are the quest to make the electric vehicle lightweight by replacing screws, fasteners, and rivets. For lightweight, the automakers use plastics and composites which safeguards the vehicle but with reduced weight. These dissimilar substrates needs to be bonded and for which adhesives are used. The increasing share of plastics and composites in electric vehicle in the future will increase the average consumption of adhesives per vehicle.

The leading companies in the EV adhesive market are Henkel (Germany), H.B. Fuller (US), Sika AG (Switzerland), 3M (US), Wacker Chemie AG (Germany), Bostik SA – An Arkema company (France), L&L Products (US), Jowat SE (Germany), Ashland (US), PPG Industries, Inc. (U.S.) and Permabond LLC. (UK). These players adopted acquisitions, new product launch, and agreements as key growth strategies in between 2015 to 2019 which helped them to increase their capacities and cater to the widening customer base.

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Henkel (Germany) is a company that manufactures and sells its products under three segments namely, adhesive technologies, laundry & home care and beauty care. The adhesive technologies business segment offers a wide range of products in adhesives, sealants, and coatings. Some of the top brands of Henkel in adhesive technologies are Loctite, Technomelt, and Teroson. The company manufactures adhesives for electric vehicle which caters to end-use applications such as overall electric vehicle battery, automotive camera & radars, exterior, and interior.  Henkel is expanding its operation in Salisbury, US facility. It will invest USD 45 million to install new equipment and improvements for production of UV acrylic adhesives used in tapes and labels, which are used extensively in the electronics industry. The increasing penetration of advanced driving assistance systems will drive electronics in electric vehicle.

 Henkel has done strategic alliance with RLE International to design new e-mobility concepts and lightweight innovations. Both companies have developed a new approach to the production of electric battery units. The approach involves the use of hybrid structural inserts and adhesives replacing light metals and materials, which helps to reduce the weight of battery.

H.B. Fuller (US) manufactures and supplies adhesives ranging from thermoplastic, thermoset, reactive, water-based and solvent-based products and it caters to the demand arising from various end-use industries such as transportation, medical, clean energy, aerospace & defense and heavy machinery. The company manufactures and sells adhesives for electric vehicles.H.B. Fuller has acquired Adecol, Brazil which manufactures hot melt, reactive and polymer-based adhesives. Adecol supplied hot melt adhesives for battery. This acquisition helps H.B. Fuller to increase its footprints across emerging markets. The company has also acquired Royal Adhesives & Sealants for USD 1.575 billion. Royal Adhesives & Sealants was manufacturing high specialty adhesives & sealants. This acquisition helps the company to expand its presence in North America, Europe, and China.

Related Reports:

Electric Vehicle Adhesives Market by Resin Type (Epoxy, Polyurethane, Silicone, Acrylic), Application (Exterior, Interior, Powertrain), Form (Liquid, Film & Tape), Substrate (Polymer, Composite, Metals), and Region - Global Forecast to 2024

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Report Code
CH 7405
RI Published ON
10/17/2019
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