Electric Vehicle Adhesives Market Size is valued at USD 1.27 Bn in 2022 and is predicted to reach USD 22.88 Bn by the year 2031 at a 38.06% CAGR during the forecast period for 2023-2031.
Electric vehicle (EV) adhesives are specialized adhesive materials used in EV manufacturing. They serve various purposes, including bonding and sealing battery components, managing heat, insulating electrical parts, reducing noise, and enhancing structural integrity. These adhesives need to be strong, thermally conductive, electrically insulating, durable, and environmentally friendly to support the unique requirements of electric vehicles. Electric vehicles have become more popular. The demand for specialized adhesives that can withstand high temperatures, vibration, and other harsh conditions also increases developed countries' strict regulations regarding greenhouse gas emissions, which will propel market expansion during this time. These standards have boosted the use of electric vehicles in these regions.
The main automakers are raising their investment levels to produce electric vehicles. A bigger interest in the good is anticipated throughout the forecast. Thus, major electric car manufacturers are concentrating on diversifying their product range by offering a variety of models. Greater adoption of electric-powered vehicles will additionally fuel market expansion. Electric vehicles have become very popular in recent years. Almost 10 Bn electric vehicles are on the road in different parts of the world. And it will develop throughout the ensuing years. Electric automobiles and coaches have also been in high demand to help the transportation sector. Throughout the projection period, the market expansion will be fueled by various legislative frameworks encouraging electric vehicles.
Competitive Landscape
Some Major Key Players In The Electric Vehicle Adhesives Market:
- Henkel AG & Co. KGaA (Germany),
- B. Fuller (US),
- Sika AG (Switzerland),
- 3M (US),
- Wacker Chemie AG (Germany),
- Arkema S.A. (France),
- Ashland Inc. (US),
- PPG Industries (US),
- Parker Hannifin Corporation (US),
- Illinois Tool Works Inc. (US
- Jowat SE
- Permabond LLC
- DELO Industrie Klebstoffe GmbH & Co. KGaA
- Uniseal, Inc.
- Riëd B.V.
- L&L Products
- Dymax Corporation
- WEICON Gmbh & Co. Kg
- ThreeBond Co., Ltd.
- Evonik Industries Ag
- KLEIBERIT SE & Co. KG
- Metlok Private Limited
- Hexcel Corporation
- Lohmann Technologies
- US Adhesives.
- Others
Market Segmentation:
The electric vehicle adhesives market is segmented based on application, resin type, form and substrate. As per the applications, the market is segmented as powertrain, optical element, sensors, communication, and body frame. The market is divided into epoxy, acrylic, silicone, polyurethane, and others based on resin type. The market is segmented into film & type, liquid, and others based on the form type. Based on substrate, the electric vehicle adhesives market is segmented as plastic, composite and metals.
Based On Form, The Liquid Segment Is A Major Contributor To The Electric Vehicle Adhesives Market
The liquid category will hold a major global market share in 2021. A solid substance is produced that merges the substrates through a chemical or chemical reaction by sandwiching two substrates with a liquid adhesive. Liquid adhesives are used in electric cars for some things, including the exterior, interior, and electric batteries. Outside applications have the highest demand for liquid adhesives after interior applications. In an electric car, significant quantities of the vehicle's structural body.
The Polyurethane Segment Witnessed Growth At A Rapid Rate
The polyurethane segment is projected to grow rapidly in the global electric vehicle adhesives market. Due to the numerous types of resins used in its production, it has different qualities. These sealants are employed in many industries according to their qualities. The demand for polyurethane adhesives will increase throughout the forecast due to their remarkable quality, which gives an elasticity of around 600%. This glue has a very high degree of flexibility.
The Asia Pacific Electric Vehicle Adhesives Market Holds A Significant Share
Asia Pacific regional market holds the largest market share due to the region's increasing demand for electric vehicles, combined with government initiatives to promote sustainable transportation adoption. The Asia Pacific region's significant growth in the electric vehicle adhesive market is expected to be driven by the occurrence of major electric vehicle manufacturers and suppliers. This is projected to result in increased demand for specialized adhesives for use in the production of electric vehicles, thereby creating growth opportunities for players in the market. Moreover, the European region is estimated to hold the second-largest market share since the rising demand for electric vehicles, major electric vehicle manufacturers and suppliers, and government initiatives promoting sustainable transportation.
Recent Developments
- In June 2023, PPG declared the establishment of its battery pack application facility (BPAC) situated in Tianjin, China. The facility, valued at $30 Bn, encompasses a comprehensive array of capabilities for evaluating the practicality of PPG coatings technologies, materials, and systems in the context of electric vehicle battery packs. This enables customers to expedite the advancement of novel electric vehicle technologies.
- In Dec 2022, Henkel Adhesives demonstrated a strong commitment to expansion by leveraging electric vehicle (EV) battery technologies. Henkel, in alignment with automakers and battery producers, has actively engaged in research endeavours to enhance electric vehicles (EVs) by leveraging significant technological breakthroughs.
Electric Vehicle Adhesives Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 1.27 Bn |
|
Revenue Forecast In 2031 |
USD 22.88 Bn |
|
Growth Rate CAGR |
CAGR of 38.06 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, Volume (Ton) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Application, Resin Type, Vehicle Type, Substrate, Form |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Henkel AG & Co. KGaA (Germany), H.B. Fuller (US), Sika AG (Switzerland), 3M (US), Wacker Chemie AG (Germany), Arkema S.A. (France), Ashland Inc. (US), PPG Industries (US), Parker Hannifin Corporation (US), Illinois Tool Works Inc. (US), Jowat SE, Permabond LLC, DELO Industrie Klebstoffe GmbH & Co. KGaA, Uniseal, Inc., Riëd B.V., L&L Products, Dymax Corporation, WEICON Gmbh & Co. KG, ThreeBond Co., Ltd., Evonik Industries AG, KLEIBERIT SE & Co. KG, Metlok Private Limited, Hexcel Corporation, Lohmann Technologies, US Adhesives |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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