Luton, Bedfordshire, United Kingdom, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Electric Vehicle Adhesives Market.
The globally electric vehicle adhesives market was valued at USD 3.28 billion in 2023 and is predicted to reach over USD 17.05 billion by 2033, with a compound yearly growth rate (CAGR) of 17.93% from 2023 to 2033.
The market for electric vehicle adhesives is predicted to expand as a result of government programs that promote electric vehicles and increase manufacturing. This expansion is predicted to minimise the carbon impact and improve the adhesives industry. However, high production costs connected with pricey battery technology, as well as a dearth of charging facilities for electric cars, limit market expansion. Furthermore, the worry of becoming trapped in areas lacking charging outlets impedes expansion. Investment in charging stations is likely to rise, but standardisation and compatibility concerns between electric cars and individual stations may stymie industry expansion. Fast charging voltages differ by country, and Tesla's charger employs a supercharger that is incompatible with other electric vehicles.
Demand for electric vehicles is increasing in developed countries as a result of stricter greenhouse gas emission legislation, higher emission standards, and greater investment by major automakers. The market is predicted to rise due to rising demand for light-duty vehicles and greater usage of electric transportation vehicles. With over 10 million electric vehicles worldwide, demand for electric trucks and buses is likely to increase.
Regulatory regimes that promote electric cars are also driving industry expansion. Government initiatives and incentives for customers purchasing electric vehicles are also helping to accelerate the adoption of electric vehicles in industrialised countries. The availability of such initiatives in emerging countries has also boosted demand for electric automobiles.
Continuous research and development have lowered the cost of batteries used in electric car production, driving increased demand for electric vehicles. Market growth is likely to continue over the forecast period, owing to rising demand for electric cars in developed nations.
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Passenger Vehicles: The demand for passenger vehicles is on the rise, following BEVs. Investments in this sector are projected to boost the production of light-duty vehicles. This increase in production will further amplify the need for adhesives to ensure efficient assembly and performance of these vehicles.
Application Insights
Exterior Applications: The exterior application segment is forecasted to hold a dominant position due to increasing demand for various electric vehicle components, including infotainment systems, batteries, doors, seats, and charging sockets. Adhesives are increasingly replacing gaskets, screws, and welds, offering a lightweight alternative that contributes to overall vehicle efficiency. As electric vehicles incorporate more batteries, which add weight, adhesives play a crucial role in offsetting this weight and enhancing vehicle performance.
Structural Adhesives: The utilization of structural adhesives in electric vehicle manufacturing is expected to rise, driven by ongoing research and development. The emphasis on reducing vehicle weight while maintaining structural integrity will further drive the demand for advanced adhesives in exterior applications.
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Resins Insights
Polyurethane Resins: The polyurethane resin segment is projected to dominate the market due to its exceptional properties, including up to 600% elasticity and superior flexibility. This type of resin is highly valued for its strength and versatility, making it suitable for various industrial applications. The demand for polyurethane adhesives is anticipated to grow significantly during the forecast period, driven by their unique properties and wide range of applications.
Types of Polyurethane Adhesives: Three distinct types of polyurethane adhesives cater to different applications, each offering specific benefits tailored to various industrial needs. The versatility and performance of these adhesives will contribute to their growing market presence.
Electric Vehicle Adhesives Market Share, By Region, 2023 (%)
| By Regions | Share in 2023 (%) |
| Asia Pacific | 48.00% |
| North America | 23.00% |
| Europe | 15.50% |
| Latin America | 7.10% |
| MEA | 6.40% |
Geographic Insights
Asia Pacific: The Asia Pacific region is projected to maintain a dominant position in the electric vehicle (EV) market throughout the forecast period. Recent years have seen a surge in EV sales in this region, with China emerging as a major manufacturer. The market experienced significant disruptions during the COVID-19 pandemic, particularly in China, where manufacturing activities were severely impacted by restrictions and raw material shortages. Despite these setbacks, the EV market is poised for recovery and growth. As production ramps up, the demand for adhesives used in EVs is expected to increase correspondingly.
North America: The North American market is anticipated to experience substantial growth, with the highest compound annual growth rate (CAGR) forecasted for the period. This growth is fueled by increased investments in EV manufacturing and the establishment of new production facilities for batteries. The expansion of EV manufacturing is likely to drive higher demand for adhesives in this region. Notably, initiatives such as TVS Motor Company's introduction of electric two- and three-wheelers are expected to significantly boost market growth.
Europe: The European market is expected to experience steady growth, with a notable increase in revenue from EV sales. This growth is driven by supportive policies for EV manufacturing and adoption. Ongoing research and development efforts are aimed at producing cost-effective electric vehicles, with major manufacturers focusing on reducing costs and advancing technology. Innovations in composite materials and corrosion-resistant solutions are anticipated to further drive the demand for EV adhesives in the European market.
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Key market players
- Sika AG (Switzerland)
- Jowat SE (Germany)
- Ashland (US)
- 3M (US)
- Wacker Chemie AG (Germany)
- PPG Industries (US)
- Henkel (Germany), H.B. Fuller (US)
- Permabond (UK)
- Bostik SA – An Arkema company (France)
- L&L Products (US)
Recent Developments:
| Company | Development | Impact |
| Sika AG | Sika AG launched a new range of high-performance adhesives designed specifically for electric vehicle (EV) battery assembly and interior components. These adhesives are engineered to enhance durability, thermal resistance, and electrical insulation. | Moderate |
| 3M | 3M introduced a new line of structural adhesives optimized for lightweight materials used in EV construction. These adhesives offer superior bonding strength and flexibility, which is crucial for maintaining the structural integrity of EVs while reducing overall vehicle weight. | High |
| Wacker Chemie AG | Wacker Chemie AG launched a new series of silicone-based adhesives tailored for the demanding environments of electric vehicles. These adhesives offer high flexibility, moisture resistance, and long-term durability. | Low |
| Henkel | Henkel unveiled a new range of thermal management adhesives designed to improve heat dissipation in electric vehicle batteries and power electronics. These adhesives provide excellent thermal conductivity and stability under high-temperature conditions. | High |
| PPG Industries | PPG Industries introduced a new line of high-strength epoxy adhesives designed for use in the assembly of EV battery packs and structural components. These adhesives provide exceptional bonding strength and resistance to environmental factors. | Moderate |
Market Segments:
By Vehicle
- Battery electric vehicle
- Plug in hybrid electric vehicle
By Application
- Exterior
- Interior
- Powertrain
By Resin
- Epoxy
- Silicon
- Polyurethane
- Acrylics
- Others
By Substrate
- Plastic
- Composite
- Metals
- Others
By Form
- Liquid
- Film & Tape
- Others
By End User
- Pack & module bonding
- Thermal interface bonding
- Battery cell encapsulation
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
Quantitative Analysis -
- Market size, estimates, and forecasts from 2023 - 2030
- Market size and revenue estimates for products up to 2030
- Market revenue estimates for application up to 2030
- Market revenue estimates for type up to 2030
- Regional market size and forecast up to 2030
For More Findings: https://bulletin.exactitudeconsultancy.com/
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