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Thermoset Market for E-Mobility to exceed USD 1085 Million by 2030

  • Published Date: August 16, 2022

The global Thermoset Market for E-Mobility is expected to register a revenue of more than USD 1085 million by 2030, as per the latest research report published by Global Market Insights Inc.

The report identifies the growing acceptance of hybrid vehicles as a key factor amplifying the thermoset industry growth for e-mobility. A host of benefits such as high impact strength and UV resistance have made thermoset composites a preferred automotive material over metal parts. Apart from critical physical properties, this composite can meet aesthetic standards, resulting in increased usage for hybrid vehicle applications.

Amid the strong demand for fuel-efficient vehicles, automakers are targeting to increase the production of hybrid vehicles. For instance, in April 2022, Toyota Motor Corp. announced an investment of USD 383 million in four U.S. factories. The continued transition towards efficient hybrid cars will thus boost the adoption of thermoset composites for e-mobility. Likewise, the increasing disposable income, especially in developing nations, is creating a positive environment for the manufacturers of electric vehicles and batteries. This factor, alongside the rising preference for quality and sustainable composite materials, will therefore generate growth opportunities for the thermoset market for e-mobility.

Rising EV adoption drive the demand for epoxy resins

Based on resins, the report segments the market into epoxy, unsaturated polyester resins, acrylics, polyurethanes, and others. Among these, the epoxy segment is poised to depict a CAGR of 20% through 2030, driven by a drastic increase in EV demand and the high emphasis on next-gen battery housing developments. For instance, Evonik designed VESTALITE S, an epoxy resin curing agent, for SMC (Sheet molding Compound Composite) applications, as an ideal choice for addressing the needs for high-voltage, next-generation EV battery housings.

Browse key industry insights spread across 400 pages with 672 market data tables & 30 figures & charts from the report,Thermoset Market for E-mobility By Resin (Epoxy, Unsaturated Polyester Resins, Polyurethanes, Acrylic), Application By Resins (Composite Battery Housing [Epoxy, Unsaturated Polyester Resins, Polyurethanes], Adhesives [Epoxy, Polyurethanes, Acrylic], Potting Resins [Epoxy, Unsaturated Polyester Resins, Polyurethanes], Gap Fillers [Epoxy, Polyurethanes]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 - 2030in detail along with the table of contents:

Increasing automobile production to augment the adhesives application segment

In terms of application by resins, the thermoset market for e-mobility is divided into potting resins, adhesives, composite battery housing, and gap fillers. The report identifies heavy demand for thermosetting resins from adhesives applications, due to their lightweight and other notable properties. Epoxy resin adhesives are extensively employed in automobile manufacturing, given their excellent mechanical properties, low costs, water resistance, strong bonding properties, and long service life. These factors are further augmenting the expansion of the adhesives segment, which will be valued at over USD 70,640 thousand by 2030.

Europe to emerge as a prominent ground for industry development

Regionally, the Europe thermoset market for e-mobility is set to exhibit a CAGR of 19.8% through 2030, which is attributable to the rapid energy transition and the increasing EV battery manufacturing in countries such as Germany. A notable example is the approval achieved by CATL for electric vehicle battery production at a facility in Germany. The company is expected to invest USD 1.97 billion in the project and expand battery supplies chiefly to the regional automakers. Initiatives such as these will escalate the use of thermoset composites in battery housings and other EV applications.

Acquisitions to define the competitive spectrum

The strategic landscape of the thermoset market for e-mobility is expected to witness a series of product developments and collaboration initiatives among industry players, including Evonik Industries AG, Akzo Nobel N.V., DuPont de Nemours, Inc., Henkel AG & Co. KGaA, Hexcel Corporation, and Covestro AG, among others. The strong presence of rivals in the global market has also influenced major companies to indulge in acquisitions and other key strategies for enhancing their revenue generation and regional footprint. For instance, in March 2021, Akzo Nobel N.V. took over Industrias Titan, S.A.U. to strengthen its paints business and footprint in the region.

Authors: Kiran Pulidindi, Akshay Prakash