Thermoset Market for E-mobility By Resin (Epoxy, Unsaturated Polyester Resins, Polyurethanes, Acrylic), Application by Resins (Composite Battery Housing, Adhesives, Potting Resins, Gap Fillers) & Forecast, 2022 - 2030
Report ID: GMI5302
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Published Date: August 2022
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Report Format: PDF
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Base Year: 2021
Companies covered: 15
Tables & Figures: 702
Countries covered: 18
Pages: 400
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Thermoset Market
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Thermoset Market Size
Thermoset Market size for E-Mobility was valued at more than USD 213.5 Million in 2021. Driven by escalating electric vehicle production, the industry is anticipated to grow at a CAGR of 20% from 2022 to 2030.
Weight and density are prominent factors that manufacturers consider during vehicle production, to improve their range. As an alternative to heavier and denser metals, thermoset composites have emerged as a go-to material for vehicle parts. These composites offer a range of favorable properties, including high strength and low density, making them an attractive prospect for the thriving electric vehicle industry.
The total stock of electric vehicles worldwide reached 17.4 million units in 2021. Of these, China accounted for 44.7% of the market share. This expansion of electric car units will serve as a key growth driver of the thermoset market for e-mobility, especially in emerging nations such as China. Furthermore, increasing standard of living and rapid urbanization will positively impact the industry outlook by 2030.
Commitments of carmakers to achieve stringent decarbonization goals in the next few years will transform the thermoset industry outlook for e-mobility. For example, in 2019, the European Commission proposed to bring the carbon dioxide emission standard to zero for new cars by 2035. Global automakers also have set several electrification targets, which will influence the demand for lightweight thermoset composite materials for use in EV parts.
Strict environmental regulations may restrict industry progression
Thermoset plastics are difficult to recycle since their polymers contain chemical bonds that do not easily melt. As a result, most end-of-life vehicle components made of thermoset materials are incinerated or disposed of in landfills. The disposal of thermoset material is considered a major environmental concern, as it may increase carbon emission rates. The rapid introduction of greenhouse gas emission standards by government bodies may therefore create a hindrance to the steady expansion of the global thermoset market for e-mobility.
Thermoset Market Analysis
Based on resins, the thermoset market for e-mobility is divided into epoxy, polyurethanes, unsaturated polyester resins, acrylics, and others. Among these, polyurethane resins demonstrate myriad benefits including high elongation properties, lightweight, and high tensile strength. These key product properties make the resin highly favorable for use in EV parts. Polyurethane thermosetting resins are also flexible, abrasion-resistant, and offer excellent protection against oil and grease. These factors will drive the popularity of the polyurethane resin segment, which will be valued over USD 542,000 thousand by 2030.
In terms of application by resins, the thermoset market for e-mobility is bifurcated into composite battery housing, gap fillers, potting resins, and adhesives. Of these, the composite battery housing segment is set to depict a CAGR of more than 20% through 2030. The adoption of thermoset resin as a promising material in composite battery housing will increase considerably, given the high investment in EV battery production facilities. For instance, LG Energy Solution unveiled plans to invest USD 4.5 billion in battery production plants in the U.S. through 2025. This initiative will amplify the demand for composite housings for EV batteries.
Regionally, the Asia Pacific thermoset market for e-mobility will register revenue over USD 620,000 thousand by 2030, owing to the increasing local production of electric vehicles. For example, EV manufacturers, many of which are based in China and South Korea, are targeting to start EV production in 2022, as part of strategies to make electrified cars more affordable for consumers. For instance, Japan-based Suzuki Motor planned to invest USD 1.26 billion to produce EVs and their batteries in India. This rise in vehicle production will generate lucrative opportunities for thermoset resin developers amid the accelerated e-mobility revolution in the region.
Thermoset Market Share
are some of the key players in the global thermoset market for e-mobility. Firms are mainly focused on merger and acquisition strategies to design sustainable thermoset materials for varied applications. For instance, in September 2020, Covestro AG announced the acquisition of the Resins & Functional Materials Business from Royal DSM. This takeover is aligned with the company’s long-term corporate strategy to strengthen sustainable and innovation-driven businesses.
COVID-19 Impact
The COVID-19 pandemic created a profound impact on varied industry verticals including automotive, due to supply chain disruptions and raw material shortages. Electric car production, however, has remained relatively robust across economies such as China. According to the International Energy Agency, electric car fleets in China remained the largest at 7.8 million in 2021 globally, which was more than double the stock of 2019 before the COVID-19 outbreak. The resilience of the electric vehicle sector despite the COVID-19 disruptions will assert a positive influence on the thermoset industry share for e-mobility.
The thermoset market for e-mobility research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons and revenue in USD Thousand from 2018 to 2030 for the following segments:
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By Resins
Application, By Resins
By Region