WASHINGTON, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Electric Vehicles Adhesives Market finds that increase in demand for electric vehicles is expediting market growth. Primarily driven by supportive government policies to reduce harmful emissions, the total Global Electric Vehicles Adhesives Market is estimated to reach USD 5,829.6 Million by 2028.
The market stood at a revenue of USD 438.9 Million in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 45.1%.
Furthermore, the growing consumer preference for electric vehicles supported by government incentives is also anticipated to augment the growth of the Global Electric Vehicles Adhesives Market, states Vantage Market Research, in a report, titled “Electric Vehicles Adhesives Market by Resin Type (Epoxy, Polyurethane, Silicones, Acrylics), by Form (Liquid, Film & Tape, Others), by Substrate (Plastic, Composite, Metals, Others), by Application (Powertrain, Exterior, Interior), by Vehicle Type (Electric Car, Electric Bus, Electric Bike, Electric Truck), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver: Increase in Sales of Electric Vehicles to Fuel Global Electric Vehicles Adhesives Market
According to IEA, it was estimated that almost 10 million electric cars on were found on the roads across the world at the end of 2020, following a decade of rapid growth. Despite the worldwide downturn in car sales in which global car sales dropped 16%, the electric car registrations were projected to increase by 41% in 2020. Electric bus and truck registrations also reached global stocks of 600 000 and 31 000 respectively. As the sale of electric vehicles is increasing, the demand for Electric Vehicles Adhesives expected to increase during the forecast period. Furthermore, the growing consumer preference for electric vehicles owing to the increase in environment concerns is also expected to support the growth of the market in the years to come.
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Driver: Supportive Regulatory Frameworks to Stimulate Market Growth
The supportive regulatory frameworks such as CO2 emissions standards and zero-emission vehicle (ZEV) mandates also increased the production of electric vehicles. Due to this, more than 20 countries announced bans on the sales of conventional cars or directed all new sales to be zero-emission vehicles. For instance, The European Commission adopted a set of proposals in The European Green Deal to make the EU's climate, energy, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. Adhesives and sealants also play a significant role in body construction, paint, and vehicle assembly of hybrid and battery electric vehicles. Owing to these factors, the demand for Electric Vehicles Adhesives is also anticipated to increase in the years to come.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the automotive industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Electric Vehicles Adhesives Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific to Witness Significant Growth in the Global Electric Vehicles Adhesives Market
Asia Pacific is likely to witness significant growth in the Electric Vehicles Adhesives Market during the forecast period. This is attributable to the increasing consumer inclination towards electric vehicles in emerging economies like India and China in the region. Additionally, the increase in government regulations to reduce the carbon emissions is also expected to support the growth of the Electric Vehicles Adhesives Market in near future. Furthermore, the rapid industrialization and rising disposable income of consumers are also augmenting the regional growth of market.
List of Prominent Players in the Electric Vehicles Adhesives Market:
- Henkel AG & CO. KGAA (Germany)
- H.B. Fuller Company (US)
- Sika AG (Switzerland)
- 3M Company (US)
- Wacker Chemie AG (Germany)
- Bostik SA – An Arkema company (France)
- L&L Products (US)
- Jowat SE (Germany)
- Ashland (US)
- PPG Industries, Inc. (US)
- Lord Corporation (US)
- DELO Industrie Klebstoffe GmbH & Co. KGaA (Germany)
- Uniseal Inc. (US)
- Illinois Tool Works Inc. (US)
- Permabond LLC (UK)
Browse market data Tables and Figures spread through 175 Pages and in-depth TOC on "Electric Vehicles Adhesives Market by Resin Type (Epoxy, Polyurethane, Silicones, Acrylics), by Form (Liquid, Film & Tape, Others), by Substrate (Plastic, Composite, Metals, Others), by Application (Powertrain, Exterior, Interior), by Vehicle Type (Electric Car, Electric Bus, Electric Bike, Electric Truck), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/electric-vehicles-adhesives-market-132067
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Electric Vehicles Adhesives Market?
- How will the Electric Vehicles Adhesives Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Electric Vehicles Adhesives Market?
- What is the Electric Vehicles Adhesives market drivers and restrictions?
- What will be the CAGR and size of the Electric Vehicles Adhesives Market throughout the forecast period?
Recent Developments:
May, 2021: DuPont Mobility & Materials announced to invest $5 million in capital and operating resources at its manufacturing facilities in Germany and Switzerland to increase capacity for its high-performance automotive adhesives. The investment will expand capacity to support growing demand for advanced mobility solutions for vehicle electrification.
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This market titled “Electric Vehicles Adhesives Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 438.9 Million |
| Projected Market Size in 2028 | USD 5,829.6 Million |
| CAGR Growth Rate | CAGR of 45.1% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Resin Type: - Epoxy, Polyurethane, Silicones, Acrylics, Others Form: - Liquid, Film and Tape, Others Substrate: - Plastic, Composite, Metals, Others Application: - Powertrain, Exterior, Interior |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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