Electric Vehicle Adhesives Market to Reach $14.29 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Electric Vehicle Adhesives Market by Vehicle Type (Electric Trucks, Electric Buses, Electric Bikes, Electric Cars), Resin (Epoxy, Silicon, Polyurethane, Acrylics), Application, Form, Substrate, End Use, and Geography - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the electric vehicle adhesives market is projected to reach $14.29 billion by 2030, at a CAGR of 56% during the forecast period 2023-2030. The growth of electric vehicle adhesives is attributed to the growing demand for EVs, the increasing demand for efficient and advanced bonding solutions in EVs, and the increasing adoption of adhesives in EVs for battery assembly.

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In Addition, the increasing demand for sustainable and eco-friendly adhesives solutions and the adoption of autonomous electric vehicles are expected to offer significant growth opportunities for players in the electric vehicle adhesives. However, the availability of mechanical fasteners may hinder the growth of this market.

Meticulous Research® has segmented this market based on vehicles, applications, resin, deployment, form, substrate, end users, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on vehicle type, the electric vehicle adhesives is segmented into electric trucks, electric buses, electric bikes, and electric cars. In 2023, the electric cars segment is expected to account for the largest share of the electric vehicle adhesives market. The large market share of this segment is attributed to the increasing adoption of electric cars, contributing to the growth of the adhesives market. The increasing need to use lightweight materials in electric vehicles, the increased requirement for efficient electrical insulation, and the need to prevent critical vehicle components from oxidizing and dielectric corrosions. adhesives manufacturers are adapting to these evolving requirements and developing specialized products to cater to the electric car industry's needs.

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Based on application, the electric vehicle adhesives are segmented into exterior, interior, and powertrain. In 2023, the powertrain segment is expected to account for the largest share of the electric vehicle adhesives market. The powertrain of electric vehicles is continuously evolving with the integration of various new electrical and electronic components. There is an increased need for using efficient thermal and electrical insulation adhesives in the powertrain to protect the system's integrity. Moreover[AD1] , the growing need for compact and more efficient battery packs requires the tight stacking of battery cells within the module. This may increase the temperature within the battery module, which needs to be dissipated quickly. This is done using thermally conductive adhesives, thus driving the demand for adhesives for electric vehicles.

Based on resin, the electric vehicle adhesives market is segmented into epoxy, silicon, polyurethane, acrylics, and other resins. In 2023, the epoxy segment is expected to account for the largest share of the electric vehicle adhesives market. The large market share of this segment is attributed to its bonding strength, durability, and resistance to chemicals and temperature fluctuations. Epoxy adhesives are commonly used in pack and module bonding, motor assembly, and structural bonding in EVs. Their strong mechanical properties and reliability make them suitable for demanding EV applications, contributing to their largest market share.

Based on form, the electric vehicle adhesives market is segmented into liquid, film & tape, and other forms. In 2023, the liquid segment is expected to account for the largest share of the electric vehicle adhesives market. The large market share of this segment is attributed to the growing need for various applications across the EV manufacturing process. The large market share of this segment is attributed to its advantages, such as ease of application, adaptability to different surfaces and geometries, and strong bonding properties. Liquid adhesives are commonly utilized in battery assembly, motor assembly, sealing, and general component bonding in EVs.

Based on substrate, the electric vehicle adhesives market is segmented into plastic, composite, metals, and other substrates. In 2023, the plastic segment is expected to account for the larger share of the electric vehicle adhesives market. The large market share of this segment is attributed to various EV components made with plastic or carbon fiber materials due to their lightweight, versatility, and cost-effectiveness. These are commonly employed in interior trims, exterior body panels, battery enclosures, and other non-structural parts. Adhesives are crucial in bonding plastic components, providing strength and structural integrity. Plastic adhesives are formulated to bond different types of plastics, offering excellent adhesion and durability.

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Based on end use, the electric vehicle adhesives market is segmented into pack & module bonding, thermal interface bonding, battery cell encapsulation, and other end uses. In 2023, the pack & module bonding segment is expected to account for the largest share of the electric vehicle adhesives market. The large market share of this segment is attributed to its applications in securing and assembling the battery modules and packs in an electric vehicle. Adhesives are used to bond the individual battery cells together, provide mechanical support, and create a stable and robust battery pack structure. Furthermore, the growing demand for electric vehicles and the increasing need for high-performance, compact, and reliable battery systems also contributed to the significant market share of this segment.

Based on geography, the electric vehicle adhesives market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the electric vehicle adhesives market. Asia-Pacific is the fastest-growing market for electric vehicles. Countries like China, Japan, and South Korea have seen significant adoption of EVs, driven by government incentives, supportive policies, and a strong focus on reducing carbon emissions. The surge in EV production and sales directly translates to a higher demand for EV adhesives. Asia-Pacific is a major manufacturing hub for the automotive industry, including electric vehicles. Many leading EV manufacturers and suppliers have production facilities in countries like China and Japan. These facilities require a substantial supply of adhesives for various EV components, creating a robust market for EV adhesives in the region.

Key Players:

The key players operating in the electric vehicle adhesives market are Henkel AG & Co. KGaA (Germany), H.B. Fuller Company (US), Sika AG (Switzerland), Ashland Inc. (US), PPG Industries, Inc. (US), Permabond Engineering Adhesives Ltd (UK), 3M Company (US), Wacker Chemie AG (Germany), Bostik SA - An Arkema company (France), L&L Products, Inc. (US), Jowat SE (Germany), Illinois Tools Works Inc. (U.S.), and Dymax Corporation (US).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of vehicle type, application, resin, form, substrate, end-use, and geography?
What is the historical market size for electric vehicles adhesives?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, opportunities, and challenges in the electric vehicle adhesives market?
Who are the major players, and what shares do they hold in the electric vehicle adhesives market?
What is the competitive landscape like?
What are the recent key developments in the electric vehicle adhesives market?
What are the strategies adopted by major players in this market?
What are the key geographic trends and high-growth countries?

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This release was published on openPR.