Adhesives and sealants played a vital role in the advancement of vehicle electrification technology. Adhesives and sealants offer enhanced range and protection and improved battery to the electric vehicle (EV) batteries. These materials will lead to the development of hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) battery cells, packs, and modules in the coming years.
The global structural adhesives and sealants market for EV batteries is expected to reach $305.5 million by 2031 from $53.1 million in 2021, growing with a CAGR of 18.5% during the forecast period 2022-2031. According to studies, the structural adhesives and sealants market for EV batteries is driven by several factors such as proliferating adoption of electric vehicles, rising need for lightweight vehicles, rising emphasis on increasing crashworthiness of electric vehicles, as well as improving the thermal management and impact resistance of battery packs.
BEV sales are expected to overtake the sales of HEVs and PHEVs, owing to the reduction in the cost of pure electric vehicles, coupled with the evolution of EV infrastructure in many countries. The rise of BEVs makes it imperative for automotive OEMs to ensure that adhesives and sealants optimize the thermal management and driving system in EVs.
The passenger vehicle segment is likely to hold majority of the market share in global structural adhesives and sealants market for EV batteries in 2031. It can be ascribed to the rising adoption of passenger EVs in both developing and developed economies. In 2020, more than 3 million units of electric passenger cars were registered across the globe, led by Europe and China. Increasing stringent emission norms coupled with supportive government schemes and subsidies has bolstered the demand for passenger EVs in recent years and is likely to bolster the product demand in the near future.
Some key players operating in the market are: 3M, Ashland Global Holdings Inc., DuPont de Nemours, Inc., Sika AG, Huntsman Corporation, H.B. Fuller Company, Henkel AG & Co. KGaA, Dow, Permabond LLC, LORD Corporation, Jowat SE, Dymax Corporation and Polytec PT GmbH.
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