Electric Vehicle Adhesives Market worth $7.6 billion by 2027 | Key players H.B. Fuller, Sika AG, Wacker Chemie AG, 3M, PPG Industries.

According to recent market research the "Electric Vehicle Adhesives Market by Application (Powertrain System, Optical Element, Sensors & Communication, Body Frame), Resin Type (Epoxy, Polyurethane, Silicone, Acrylic), Substrate, Form, Vehicle Type, and Region - Global Forecast 2027", size is estimated to be USD 1.4 billion in 2022 and is projected to reach USD 7.6 billion by 2027, at a CAGR of 39.4% between 2022 and 2027. Rising trade tensions between the US and China, as well as low labor costs in China, have convinced many adhesive end-users to relocate and establish production plants in Asian countries. This relocation is predicted to drive adhesive demand in Asian countries. India offers low-cost labor, which can lead to significant investment opportunities for businesses. Government initiatives like "Make in India" and the proposed entrepreneurship development scheme by the government may create extra opportunities in the industrial and infrastructure construction sectors. The market in Asia Pacific is expected to be propelled by all these factors. The increasing demand for EVs in China and other countries is expected to drive growth in the region, which is expected to ensure the development of Electric Vehicle Adhesives Market in Asia Pacific. In terms of volume, the market in the region is expected to grow at a CAGR of 40.0% during the forecast period.

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The polyurethane-based EV adhesive segment accounted for the largest share of 35.8% of the overall EV adhesives market, in terms of value, and it is projected to register a CAGR of 38.9% between 2022 and 2027. Asia Pacific is expected to lead the polyurethane-based adhesives market during the forecast period. During the forecast period, the use of adhesives in EVs is predicted to increase. Various types of adhesives derived from resins, such as epoxy, polyurethane, silicone, and acrylic, are necessary for various applications of EV adhesives. Adhesives derived from various resins have different properties and are chosen based on the application.

Polyurethane adhesives are made of urethane polymers. They have extraordinary elasticity and elongation up to 600% before fracture. Two-component polyurethane, one-component rigid polyurethane adhesives, and two-component elastic polyurethane adhesives are the three types of polyurethane adhesives. The bonds of polyurethane adhesives are developed in two stages: firstly, the adhesive cools back down to reach the holding strength and, secondly, the adhesive utilizes the moisture to keep on curing for hours to days to reach the final structural strength.

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Asia Pacific accounted for the largest share of the Electric Vehicle Adhesives Market in 2021, followed by North America and Europe. The rising trade war tensions between the US and China and low labor costs in China have forced many end-users of adhesives to shift and establish their production facilities in the Asian countries. This relocation is expected to increase the demand for adhesives in the Asian countries. Low-cost labor is offered by India, which can provide significant investment opportunities for manufacturers. Government initiatives such as "Make in India" and the proposed scheme on entrepreneurship development by the government may offer further opportunities in the industrial and infrastructure construction segments. All these factors are expected to drive the market in APAC.

The leading players in the Electric Vehicle Adhesives Market are 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), and Illinois Tool Works Inc. (US).

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Henkel AG & Co. KGaA (Germany) involves in manufacturing, selling, and distributing home and beauty care products along with adhesive technology solutions. It operates in three segments: Adhesive Technologies, Beauty Care, and Laundry & Home Care. The Adhesive Technologies Business segment provides a wide range of products of adhesives, sealants, and functional coatings for consumers, craftsmen, and industrial applications. The Beauty Care segment involves hair colours, hair styling, hair care, toiletries, skincare, and oral hygiene products. The Laundry & Home Care segment offers heavy-duty and specialty detergents, fabric softeners, laundry performance boosters, other fabric-care goods, hand and automatic dishwashing items, and bathroom cleaners, including specialty cleaners, glass, and household. The industrial product portfolio of the company is divided into five Technology Cluster Brands: Loctite, Technomelt, Bonderite, Teroson, and Aquence. The company concentrates on four global brand platforms for consumers and craftsmen: Pritt, Loctite, Ceresit, and Pattex. It manufactures adhesives for EVs, which find applications in EV batteries, automotive cameras & radars, exterior, and interior. The company manufactures products at 185 sites, which are located in 56 countries.

H.B. Fuller (US) company designs, manufactures, and markets adhesives, sealants, and other specialty chemical products. The company operates in five segments: hygiene, health, & consumable adhesives; engineering adhesives; and construction adhesives. The Hygiene, Health, & Consumable Adhesives segment offers adhesive products to the manufacturing, packaging, converting, nonwoven, hygiene, health and beauty, flexible packaging, graphic arts, and envelope markets. The Engineering Adhesives segment produces adhesives for markets, such as transportation, electronics, medical, clean energy, aerospace & defense, performance wood, insulating glass, textile, appliance, and heavy machinery. The Construction Adhesives segment provides construction adhesives, sealants, tapes, mortars, and grouts. H.B. Fuller Company produces and sells adhesives for EVs through its engineering adhesives business operating segments. The company has 38 manufacturing facilities located in the US and another 36 plants located in 21 countries.

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