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], Potti

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 - 2030

The thermoset market for e-mobility is anticipated to grow at an exponential rate through 2030, driven by the burgeoning production of electric vehicles around the globe. In addition, increased government spending, along with rising adoption of EVs, is likely to foster market growth over the forecast period.

Recently, key players in the market have been boosting their research and development operations to bring innovative electric vehicle designs and functionalities to pique customer interest. Furthermore, partnerships among major organizations for overseas expansion have been fruitful for industry growth.

For instance, in February 2022, AkzoNobel, a Dutch chemical company, announced its plans to invest in the expansion of its in-house resin production as part of its Grow & Deliver strategy. The ongoing scale-up effort was purposed to strengthen the firm’s capacity to tackle supply chain disruptions and advance its financial as well as Scope 3 (upstream) emissions reduction goals. The plans call for investment in the facilities, machinery, and staff required to operate them effectively. By 2023, the investment is also projected to increase AkzoNobel’s EBITDA by about €15 to €20 million (~$15.2 to $20.3 million).

The thermoset market for e-mobility has been classified in terms of resins, application by resins, and region.

Based on resins, the industry has been segmented into unsaturated polyester resins, epoxy, acrylics, polyurethanes, and others. The unsaturated polyester resins segment is expected to depict a robust CAGR of more than 19.7% and record a valuation of over $173,357.2 thousand by the end of the forecast timeline. Meanwhile, the others segment is projected to register a CAGR of approximately 20.4% to attain a market size of around $99,961.6 thousand by 2030.

With respect to application by resins, the thermoset market for e-mobility has been bifurcated into composite battery housing, adhesives, potting resins, and gap fillers. The composite battery housing segment is primed to be valued at nearly $824,662.0 thousand by the end of the review timeline supported by the flourishing global electric vehicle market.

Furthermore, the adhesives segment is poised to register a CAGR of above 20.7% through the study timespan due to the beneficial properties of thermosets in these applications. On the other hand, the potting resins segment is slated to expand at more than 18.4% CAGR through 2030. The gap fillers segment is estimated to progress at roughly 19.2% CAGR and reach a market size of around $112,681.7 thousand by 2030.

From the regional perspective, the Middle East & Africa thermoset market for e-mobility is set to showcase significant growth at a CAGR of about 17.1% over the forecast period to exceed a valuation of $255.1 thousand by 2030.