Additives Market for EV Adhesives and Sealants Market Size is valued at USD 90.9 Bn in 2022 and is predicted to reach USD 466.6 Bn by the year 2031 at a 20.15% CAGR during the forecast period for 2023-2031.
Electric Vehicles (EVs) are crucial in the fight against carbon emissions from the road transportation industry, which is responsible for around one-sixth of all emissions. We expect the additives market for EV adhesives and sealants to grow with the worldwide electric car sector, which depends on continuously implementing ambitious policies. Compared to other areas of the clean energy market, the electric vehicle market is particularly active and rapidly evolving.
The market for EVs has been exploding recently, with innovations including longer battery life, more models to choose from, and higher performance requirements. Furthermore, increasing demand for additives in EV adhesives and sealants is anticipated due to growing environmental concerns, increasing carbon emissions, and using non-volatile chemicals in the automotive sector.
However, the market growth is hampered by the high-cost criteria for the safety and health of additives market for EV adhesives and sealants market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high humidity additives market for EV adhesives and sealants, because electric vehicles have greater initial prices and there isn't enough charging infrastructure. Furthermore, battery thermal management systems are receiving significant attention from electric vehicles and battery makers to increase the EV's performance and range. Due to the COVID-19 pandemic, which has affected the worldwide market and forced the closure of numerous factories to protect their personnel from contracting the virus, the expansion of the industry may be hindered.
Competitive Landscape
Some Major Key Players In The Additives Market for EV Adhesives and Sealants Market:
- BASF SE
- Evonik Industries AG
- BYK-Chemie GmbH
- Arkema SA.
- Clariant International Ltd
- Elementis plc
- Cabot Corporation
- Solvay SA
- Afton Chemicals
- Allnex GMBH
- ANGUS Chemical Company
- CHONGQING ACME TECH. CO., LTD.
- King Industries, Inc.
- Momentive Performance Materials, Inc.
- OSiC Performance Materials
- Others
Market Segmentation:
The additives market for EV adhesives and sealants market is divided based on vehicle type, propulsion type, additive type, product type, function and sales channel. As per the vehicle type, the market is segmented into passenger vehicles and commercial vehicles. By propulsion type, the market is segmented into battery electric vehicles, plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles, fuel cell electric vehicles (FCEVs). By additive type, the market is segmented into dispersants/wetting agents, defoamers, rheology modifiers, surface modifiers, levelling/flow agents, adhesion promoters, and others. By product type, the market is segmented into product types for adhesives and product types for sealants. By function, the market is segmented into interior components, exterior components, and powertrain/chassis/under-the-hood. According to sales channel, the market is segmented into OEMs and Aftermarket.
As Per The Vehicle Type, The Commercial Vehicles Additives Market For EV Adhesives And Sealants Market Segment Is Accounted As A Major Contributor To The Additives Market For EV Adhesives And Sealants Market.
The commercial vehicle additives market for EV adhesives and sealants is expected to hold a major global market share in 2022. A commercial vehicle's storage capacity is a strong asset since it allows for the easy transportation of huge quantities of items simultaneously.
Hybrid Electric Vehicles (HEVs) Segment To Witness Growth At A Rapid Rate.
Hybrid electric vehicles (HEVs) use the majority of acrylic acid ester because they produce fewer pollutants. As more people opt to drive EVs, it's paramount to meet the increasing demand for HEV products proportionate to the growing number of vehicles on the road. This tendency will likely persist, benefiting the future additives market for EV sealants and adhesives, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The Asia Pacific Additives Market For EV Adhesives And Sealants Market Holds A Significant Revenue Share.
The North American additives market for EV adhesives and sealants market is expected to record the highest market revenue share in the near future. It can be attributed to the abundance of end-use industries and the increasing expenditure on construction. One factor that could drive the market expansion is the increasing manufacturing of batteries and electric vehicles in the area. In addition, Europe is estimated to grow rapidly in the global additives market for EV adhesives and sealants market due to the area's bolstering government policies and the increase in industry output. The fast urbanization and accompanying increase in consumption opportunities are largely responsible for the region's burgeoning middle class, which fuels the additives market for the EV adhesives and sealants market.
Recent Developments:
- In June 2023, Arkema unveiled an extensive selection of environmentally friendly alternatives and specialized materials designed for use in and around energy storage systems (ESS) and electric vehicle (EV) batteries. Arkema collaborated with the Rhinoceros Project, a consortium whose primary objective was promoting the sustainable reuse and recycling of lithium-ion batteries throughout the European Union.
- In Sept 2022, Clariant declared its intention to introduce a plastic additive solution tailored for electric vehicles at the K exhibition in Germany. This innovation is intended to assist the automotive sector in effectively extending battery life, enhancing charging capabilities, facilitating material recycling and reuse, and mitigating carbon emissions.
Additives Market for EV Adhesives and Sealants Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 90.9 Bn |
|
Revenue Forecast In 2031 |
USD 466.6 Bn |
|
Growth Rate CAGR |
CAGR of 20.15% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, Volume (Tons) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Vehicle Type, By Propulsion Type, By Additive Type, By Product Type, By Function, By Sales Channel |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
BASF SE, Evonik Industries AG, BYK-Chemie GmbH, Arkema S.A., Clariant International Ltd, Elementis plc, Cabot Corporation, Solvay SA, Afton Chemicals, Allnex GMBH, ANGUS Chemical Company, CHONGQING ACME TECH. CO., LTD., King Industries, Inc., Momentive Performance Materials, Inc., OSiC Performance Materials, others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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