Dublin, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The "Additives Market for EV Adhesives and Sealants - A Global and Regional Analysis: Focus on Vehicle Type, Propulsion Type, Additive Type, Product Type, Function, Sales Channel, and Region - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
In 2022, the global additives market for electric vehicle (EV) adhesives and sealants reached a value of $91.4 million, and it is forecasted to grow at a robust compound annual growth rate (CAGR) of 21.32% to reach $627.6 million by 2032. This rapid expansion can be attributed to several factors, including the increasing adoption of electric vehicles, the demand for lightweight materials in the EV sector, a heightened focus on improving safety standards in case of collisions, and ongoing efforts to enhance thermal management and impact resistance in battery packs.
Market Lifecycle Stage: Driving Growth Through EV Adoption
Electric vehicles play a crucial role in reducing global carbon emissions from the transportation sector. Ambitious policies are essential for the growth of the EV industry, which, in turn, drives the demand for additives in EV adhesives and sealants. Recent years have seen substantial growth in EV sales, with improvements in driving range, a wider variety of models, and higher performance standards. The International Energy Agency (IEA) anticipates that nearly 20% of new car sales in 2023 will be electric.
The widespread adoption of electric vehicles has the potential to significantly reduce carbon dioxide emissions from vehicle usage by 2030, aligning with the net-zero emission (NZE) scenario by 2050. However, challenges in developing and emerging economies, such as higher upfront costs and limited charging infrastructure, still need to be addressed. Nevertheless, manufacturers are focusing on battery thermal management systems to extend the range and performance of EVs.
Drivers for the Additives Market in EV Adhesives and Sealants
Several factors are driving the growth of the additives market in EV adhesives and sealants. These include the increasing adoption of electric vehicles, the demand for lightweight materials in EV production, a focus on improving safety in EVs, advances in thermal management, and the impact resistance of battery packs. Furthermore, environmental concerns, rising carbon emissions, and the use of non-volatile compounds in the automotive sector are expected to boost the demand for additives in EV adhesives and sealants.
Role of Additives in EV Adhesives and Sealants
Additives play a pivotal role in enhancing the performance and functionality of adhesives and sealants used in EVs. They improve durability, strength, chemical resistance, heat resistance, and flexibility. Bio-based additives offer a more sustainable alternative to traditional petrochemical-derived additives and are crucial in enhancing vehicle component properties while optimizing processes and reducing costs. Additives also contribute to the development of lightweight adhesive and sealant options, reducing vehicle weight and increasing battery range. Structural adhesives and sealants are expected to play a key role in bonding and sealing applications for EV batteries.
Market Segmentation: Understanding the Key Elements
The market is segmented in several ways:
- Vehicle Type: This includes passenger vehicles and commercial vehicles, with passenger vehicles expected to maintain their leadership position by 2032.
- Propulsion Type: Categories encompass battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles (FCEVs).
- Additive Type: This segmentation covers a range of additives like dispersants, defoamers, rheology modifiers, surface modifiers, leveling/flow agents, adhesion promoters, and others.
- Product Type: It includes products for adhesives and products for sealants, with adhesives accounting for the majority of sales in 2022.
- Function: Different functions include interior components, exterior components, and powertrain/chassis/under-the-hood applications. Exterior components are expected to be the largest segment during the forecast period.
- Sales Channel: This refers to original equipment manufacturers (OEMs) and the aftermarket. OEMs are expected to be the largest customer segment throughout the forecast period.
- Region: The market is analyzed in regions including North America, Europe, the U.K., China, Asia-Pacific and Japan, South America, and the rest of the world, with China dominating in terms of volume in 2022.
Recent Developments
Several key developments are influencing the additives market for EV adhesives and sealants:
- BASF SE opened a new laboratory for the development of automotive refinish coatings and innovations.
- Allnex GmbH completed the acquisition of D.R. Coats Ink & Resins Pvt. Ltd.'s coating resins business.
- Elementis plc launched its new THIXATROL organic thixotropic rheology modifiers product line.
- Momentive Inc. announced that Ravago Chemical would be the authorized distributor for its polymer additives in the U.S. and Canada.
Demand Drivers and Limitations
Drivers for the market include the increasing adoption of electric vehicles, the importance of thermal management in EV batteries, and the popularity of fuel-cell electric vehicles (FCEVs). However, limitations include volatile raw material prices and environmental and safety challenges in the electric vehicle industry.
Key Market Players and Competition
Key players in the additives market for EV adhesives and sealants include BASF SE, Evonik Industries AG, BYK-Chemie GmbH, Arkema SA, Clariant International Ltd, Elementis plc, Cabot Corporation, Solvay SA, Afton Chemicals, and Allnex GmbH, among others.
Conclusion
The additives market for EV adhesives and sealants is poised for significant growth, driven by the increasing adoption of electric vehicles and the need for advanced materials to support this growth. Collaboration and innovation will continue to be key drivers in this rapidly evolving market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 384 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $110.2 Million |
| Forecasted Market Value (USD) by 2032 | $627.6 Million |
| Compound Annual Growth Rate | 21.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/qdfqtd
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
