Renewable Energy Philippines - The Omicron Impact in Solar Business

contributing to lightweight. The use of structural adhesives also addresses the issue of
crashworthiness and safety of battery systems in electric vehicle. With the continuous
development in the technology, the consumption of adhesives in the exterior parts of electric
vehicle will further increase during the forecast period.
Plastic is projected to be the fastest-growing substrate in the
EV adhesive market
The growth of electric vehicles will propel the growth of plastics which is an essential
material required in the manufacturing. The growth of plastics in electric vehicle is driven
by the quest to make electric vehicle lightweight. The plastics that are used in the electric
vehicle can be categorized into polypropylene (PP), polyethylene (PE), acrylonitrile
butadiene styrene (ABS), polyvinyl chloride (PVC), polyamide (PA), polycarbonate and
other engineering resins. In electric vehicle, plastics are used in end-use applications such
as interior, exterior, lighting & electric wires and under the hood section. The increasing use
of plastics requires adhesives for bonding, and this increases the demand for EV adhesives
in substrate segments.
APAC to be the largest market during the forecast period.
The rising trade war tensions between the US & China and low labor costs in China have
forced various end-users of adhesives to relocate and establish their manufacturing base in
the ASEAN countries. This relocation is expected to increase the demand for adhesives in
the ASEAN countries. India offers low-cost labor, which can provide significant investment
opportunities for companies. Government initiatives such as Make in India and proposed
scheme on entrepreneurship development by the current government may open up
additional opportunities in the industrial and infrastructure construction segments. All these
factors are expected to drive the market in APAC.
The major players in Electric Vehicle Adhesives Market are Henkel (Germany), H.B. Fuller
(US), Sika AG (Switzerland), 3M (US), Wacker Chemie AG (Germany), Bostik SA – An
Arkema company (France), L&L Products (US), Jowat SE (Germany), Ashland (US), PPG
Industries, (US) and Permabond (UK).
49