Global Electric Vehicle Adhesives Market Size By Resin Type (Epoxy, Acrylic, Silicone, Polyurethane), By Form Type (Film & Tape, Liquid), By Vehicle Type (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle), By Application (Pack & Module Bonding, Battery Cell Encapsulation, Thermal Interface Bonding), By Geographic Scope And Forecast

Electric Vehicle Adhesives Market Size And Forecast

Electric Vehicle Adhesives Market size was valued at USD 640 Million in 2022 and is projected to reach USD 13,250 Million by 2030, growing at a CAGR of 45% from 2023 to 2030.

The Electric Vehicle Adhesives industry is a rapidly growing sector that is primarily focused on the development and production of specialized adhesives and bonding materials for Electric Vehicles. These adhesives are essential for assuring the dependability and toughness of numerous electric vehicle parts, including battery modules, power electronics, motors, and structural elements. The growing popularity of electric cars, especially plug-in hybrid Electric Vehicles (PHEVs) and battery Electric Vehicles, is what fuels the market for Electric Vehicle Adhesives (BEVs). Because of its appeal as a transitional vehicle technology that combines the advantages of electric and internal combustion engines, PHEVs are presently dominating the market. The Global Electric Vehicle Adhesives Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Electric Vehicle Adhesives Market Definition

Electric vehicle Adhesives are specialist materials used in the production and assembling of electric automobiles (EVs). These adhesives are created to offer a solid and dependable bind between various elements, including metals, composites, and polymers, utilized in the building of an electric vehicle (EV). They are used for several applications, including bonding body panels, fastening brackets to chassis parts, and sealing seams and joints. The need for lightweight, high-performance materials that can assist to increase the efficiency and range of EVs is driving up the importance of adhesives in the production of Electric Vehicles.

Traditional mechanical fasteners like bolts and screws, which can add unneeded weight to the vehicle and decrease its performance, can be replaced by adhesives. Adhesives are perfect for use in electric vehicle applications because they provide enhanced durability and resilience to high temperatures, vibration, and other environmental variables.

There are several formulas of adhesives for Electric Vehicles, including tapes, sealants, and structural adhesives. Synthetic polymers like epoxy, acrylics, and urethanes are frequently used to create these materials because of their strength, longevity, and resistance to environmental conditions. These specialized adhesives are used more frequently by manufacturers of electric cars and the parts that go into them to create lighter, more effective, and more environmentally friendly automobiles.

Global Electric Vehicle Adhesives Market Overview

The increasing demand for electric cars across the world is one of the main factors driving the adhesives for the Electric Vehicle Adhesives Market. The advantages of electric cars, such as lower pollutants, more fuel economy, and a decreased dependency on fossil fuels, are being recognized by governments and customers more and more. As a result, manufacturers are expanding the number of electric cars they manufacture, which is increasing the demand for adhesives that may enhance the performance and longevity of these vehicles. The ongoing development of new adhesive solutions is a significant factor in the market for adhesives for Electric Vehicles. The strength, longevity, and environmental resistance of adhesives used in the production of Electric Vehicles are all things that manufacturers are always working to enhance.

As a result, new formulations and materials are being created that are better able to survive the demanding conditions present in applications for Electric Vehicles. Furthermore, as consumers’ concerns about the environmental effect of their purchases grow, electric car manufacturers are concentrating on employing sustainable materials in their products. Owing to this, there is an increased need for adhesives that work well with these materials and can assist to lessen the total environmental effect of the production of Electric Vehicles.

However, for certain manufacturers, the cost of using Electric Vehicle Adhesives might be prohibitive compared to using conventional mechanical fasteners. Yet, the price of adhesives is probably going to go down as manufacturing quantities rise and economies of scale are realized. Some manufacturers may find it difficult to use adhesives because of the high level of technical knowledge required. But, experience in this field is expected to become more accessible as the usage of adhesives in the production of Electric Vehicles increases.

Nevertheless, the Electric Vehicle Adhesives industry has a big opportunity because of the rising popularity of electric automobiles. There will be a rising need for adhesives that can help to increase the strength, resilience, and environmental resistance of electric cars as more consumers switch to them. The Electric Vehicle Adhesives Market has a lot of prospects because of advancements in adhesive technology. Adhesives used in the production of Electric Vehicles may be strengthened, made to last longer, and made to be more resistant to environmental factors owing to new formulas and materials, making them better able to satisfy the demands of this quickly expanding industry.

Global Electric Vehicle Adhesives MarketSegmentation Analysis

The Global Electric Vehicle Adhesives market is segmented based on Resin Type, Form Type, Vehicle Type, Application, and Geography.

Electric Vehicle Adhesives Market, By Resin Type

• Epoxy
• Acrylic
• Silicone
• Polyurethane
• Others

On the basis of resin type, the market is split into epoxy, acrylic, silicone, polyurethane, and others. The segment of polyurethane is expected to account for the highest market share in the coming years owing to the numerous types of resins used in its production, has varying qualities. These adhesives are employed in many sectors according to their qualities. Throughout the forecast, there will be an increase in demand for polyurethane adhesives. As a result of its remarkable quality, which gives high elasticity and has a very high degree of flexibility. Three different kinds of polyurethane adhesive exist, and each is utilized in a different application.

Electric Vehicle Adhesives Market, By Form Type

• Film & Tape
• Liquid
• Others

Based on the form type, the market is segmented into segments film & tape, liquid, and others. The liquid segment is anticipated to account for the highest market share as applying a liquid adhesive between two substrates creates a solid substance that, through a physical or chemical reaction, fuses the substrates. Liquid adhesives have the biggest share in the form sector. In electric cars, liquid adhesives are employed for a variety of purposes, including the exterior, interior, and electric batteries. After interior applications, outside applications have the biggest demand for liquid adhesives. In the case of an electric car, the structural body receives a sizable amount of liquid glue application. As a sizable amount of liquid adhesive application goes to the structural body of the electric vehicle, liquid adhesives account for a sizable component of the Electric Vehicle Adhesives Market by form.

Electric Vehicle Adhesives Market, By Vehicle Type

• Battery Electric Vehicle
• Plug-In Hybrid Electric Vehicle

On the basis of vehicle type, the market is split into battery Electric Vehicles and plug-in hybrid Electric Vehicles. The segment of plug-in hybrid Electric Vehicles is expected to account for the highest market share in the coming years. PHEVs feature internal combustion and electric engines, and their construction calls for various adhesives and bonding substances. A variety of pieces of an electric car, including the battery modules, power electronics, motors, and structural elements, employ adhesives.

These adhesives are essential for assuring the dependability and toughness of the vehicle’s parts. To suit the special requirements of PHEV applications, Electric Vehicle Adhesives must possess certain qualities, such as high strength, flexibility, and durability. PHEVs work in challenging conditions with high temperatures and vibrations, which can wear out and lead to component failure. As a result, the adhesives used in PHEVs must be strong enough to retain bonding under extreme stress.

Electric Vehicle Adhesives Market, By Application

• Pack & Module Bonding
• Battery Cell Encapsulation
• Thermal Interface Bonding
• Others

Based on application, the market is segmented into pack & module bonding, battery cell encapsulation, thermal interface bonding, and others. The pack & module bonding segment is anticipated to account for the highest market share as adhesives are used in the manufacturing of the battery packs for electric powertrains, which has a number of advantages including improved crashworthiness and integrity of the battery pack, lightweight, bonding of numerous substrates, and bonding of uncoated metal.

Electric Vehicle Adhesives Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the global Electric Vehicle Adhesives market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The region of Asia Pacific leads the market as the Asia Pacific region is home to some of the world’s largest automotive markets, such as China, Japan, and India. These countries are major producers and consumers of Electric Vehicles, including plug-in hybrid Electric Vehicles (PHEVs). As a result, the demand for Electric Vehicle Adhesives is high in these countries, driving the growth of the market in the region.

The manufacturing sector is significant and well-established in the Asia Pacific region, and this includes the manufacture of adhesives and bonding agents. This makes it possible for the region to easily source high-quality adhesives for Electric Vehicles. A sizable and knowledgeable labor force in the region facilitates the creation of electric cars and the components that go into them. Also, the Asia-Pacific region places a high priority on environmentally friendly and sustainable technology, and electric cars are considered essential to accomplishing these objectives. The need for Electric Vehicle Adhesives has expanded as a result of increased expenditure in the research and manufacture of electric cars.

Key Players

The “Global Electric Vehicle Adhesives Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Henkel, Wacker Chemie AG, Sika AG, Permabond. H.B. Fuller, PPG Industries, 3M, Parker Hannifin Corp, Lord Corporation, Jowat SE, Ashland, and Bostik.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In November 2022, Dow unveiled a new line of VORATRONTM MA 8200S high-bonding adhesives at the 5th China International Import Expo (CIIE 2022). The performance of battery packs for electric cars is greatly improved by the New VORATRONTM MA 8200S high-bonding adhesives in terms of safety, sturdiness, sustainability, integrated assembly, and overall quality. Dow MobilityScienceTM, Dow’s cutting-edge solutions for the transportation sector, is responsible for this ground-breaking invention. The Shanghai Automotive Industry Company (SAIC) MG 4 uses the “Magic Cube” batteries, which this new series of adhesives has been successfully employed with (MG MULAN).
• In November 2019, on the company’s current 42-acre production and research campus in Cleveland, Ohio, PPG invested in a 2,100-square-foot automotive adhesives and sealants laboratory. For passenger cars, light trucks, SUVs, and commercial vehicles, the factory focuses on creating and testing structural adhesives, sealants, and associated materials. The new facility would also be utilized by PPG researchers to carry out their work on the next-generation coatings for lithium-ion battery cells, modules, and packs used in electric and autonomous vehicles. Modern testing tools are available in the new facility to evaluate the durability, adaptability, adhesion, and sound-dampening properties of PPG products used by several top original equipment manufacturers across the world.
• In September 2022, to enable the manufacture of EV batteries and electronics, Henkel expanded its Brandon factory. Henkel would be able to enhance the production of thermal interface materials needed to make high-performance electronics and electric cars thanks to the new facility’s cutting-edge manufacturing capabilities (EV). With a focus on the capabilities and components for next-generation electric cars, Henkel’s Brandon factory produces thermal interface material adhesives under the well-known names Loctite and Bergquist*, which are used in the electronics and automotive industries.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Electric Vehicle Adhesives Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Electric Vehicle Adhesives market, gauge the attractiveness of a certain sector, and assess investment possibilities.