The global Plug-In Hybrid Electric Vehicle Adhesives market is forecast to reach USD 282.3 Million by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the pack & module bonding applications with increasing production of Plug-In Hybrid Electric Vehicles, and the market growth can be attributed to the shift in trend from welding and metal fasteners to adhesives since the latter contributes significantly to weight savings and lower carbon emissions. Moreover, governments of various nations have emphasized to encourage Plug-In Hybrid Electric Vehicle (EV) production and adoption, such as offering subsidies in the form of tax credits, tax deductions, and other benefits.

Adhesives play an essential role in EVs, not only by decreasing their weight but also by increasing their performance. Adhesives are used in many applications in EVs, such as connecting components and shielding them from shock and vibration damage, helping to allow a path to move heat away from modules and cells by isolating components and avoiding fire risk by minimizing shorts. For example, Henkel and Covestro, in March 2020, produced a method that was able to patch lithium-ion cylindrical battery cells in a plastic cell container. This technology will prove beneficial for both OEMs and customers, as it will provide the OEMs with a cost-effective large-scale cell assembly and customers with reduced EV costs. Increasing focus on business technical innovations is projected to have a significant impact on consumer development in the years ahead.

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Further key findings from the report suggest

Based on vehicle type, BEV generated a revenue of USD 15.1 million in 2019 and projected to rise with a CAGR of 30.7% in the forecast period, as battery-powered vehicles do not have an Engine, fuel tank, or exhaust pipe, and rely on electricity for propulsion only, thus, reducing the harmful emissions to a great extent.
The polyurethane resin expected to grow with a CAGR of 29.1% in the forecasted period, owing to its superior characteristics such as adhesion to smooth and porous surfaces, abrasion tolerance, excellent physical strength, and high durability, thereby suitable for binding of varied materials such as wood, paper, cardboard and sandwich panels.
The pack & module bonding application is the major contributor to the Plug-In Hybrid Electric Vehicle Adhesives market. The pack & module bonding application of the Asia Pacific region is the major shareholder of the market and held around 42.9% of the market in the year 2019, owing to advantages such as improved crashworthiness and battery pack integrity, multi-substrate and uncoated metals bonding.
The Asia Pacific dominated the market in 2019. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region held approximately 53.0% of the market, followed by North America, which contains around 22.0% market in the year 2019.
Key participants include 3M, Henkel, Wacker Chemie AG, H.B. Fuller, L&L Products, PPG Industries, Sika AG, Permabond, Ashland, and Jowat SE, among others.
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Vehicle Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)

Battery Plug-In Hybrid Electric Vehicle (BEV)
Plug-In Hybrid Plug-In Hybrid Electric Vehicle (PHEV)
Resin Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)

Epoxy
Polyurethane
Silicone
Acrylic
Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)

Pack & Module Bonding
Thermal Interface Bonding
Battery Cell Encapsulation
Others
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Significant Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of the Plug-In Hybrid Electric Vehicle Adhesives Market

– Changes in industry market dynamics

– Detailed market segmentation by type, application, etc.

– Historical, current and projected market size in terms of quantity and value

– Recent industry trends and developments

– Competition situation of Plug-In Hybrid Electric Vehicle Adhesives Market

– Key companies and product strategies

– Potential niche segment/region showing promising growth.

Finally, the Plug-In Hybrid Electric Vehicle Adhesives Market Report is the authoritative source for market research that can dramatically accelerate your business. The report shows economic conditions such as major locales, item values, profits, limits, generation, supply, requirements, market development rates, and numbers.

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