Electric Vehicle Adhesives Market Sticking to the Future: A Market Analysis of Electric Vehicle Adhesives

Electric Vehicle Adhesives Market worth $22.88 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Electric Vehicle Adhesives Market- (By Application (Powertrain System, Optical Element, Sensor & Communication, Body Frame), By Resin Type (Polyurethane, Epoxy, Silicone, Acrylic, Others), By Vehicle Type (Electric Cars, Electric Buses, Electric Trucks, Electric Bikes), By Substrate (Plastic, Composite, Metals, Others), By Form (Liquid, Film and Tape, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Electric Vehicle Adhesives Market is valued at US$ 1.27 Bn in 2022, and it is expected to reach US$ 22.88 Bn by 2031, with a CAGR of 38.06% during a forecast period of 2024-2031.

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Electric Vehicle Adhesives: A Growing Market
The term "electric vehicle (EV) adhesives" describes a class of adhesive materials and bonding agents specially created for use in manufacturing and assembling electric vehicles.

Adhesives have become increasingly important in the automobile industry as we transition to electric cars. In producing electric vehicles (EVs), adhesives are essential for several reasons, including noise reduction, electrical insulation, thermal control, and structural integrity. Higher-quality adhesives will soon be adopted due to more significant investment in the electric vehicle industry brought about by the rising demand for two-wheelers in emerging economies.

Sustainability and Market Growth
Battery packs' sustainability, robustness, and safety are expected to gain much attention in the upcoming years. The market's growth can be attributed to the increase in the manufacturing of electric vehicles and the shift away from welding and metal fasteners to adhesives, which lower weight and carbon emissions. In EV batteries, adhesives are utilized in place of heavy mechanical fasteners to provide a lighter, thinner bond that extends the range of electric vehicles.

Challenges and the Road Ahead
Due to the closure of numerous industrial facilities to safeguard employees from the virus, the COVID-19 pandemic impacted the world market. This could, however, be a temporary setback, and the market is expected to resume its growth trajectory.

This revision separates the explanation of EV adhesives and their importance from the discussion of market growth factors and potential challenges. It also clarifies the potential impact of COVID-19 as a temporary hurdle.

List of Significant Players in The Electric Vehicle Adhesives Market:

• ThreeBond Co., Ltd.
• Evonik Industries Ag
• KLEIBERIT SE & Co. KG
• Metlok Private Limited
• Hexcel Corporation
• Lohmann Technologies
• US Adhesives
• 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
• Others

Market Dynamics:
Drivers-
Since polyurethane resin provides great bonding and quick fixing across numerous substrates, including composites, plastics, metal, and others, its demand is rising. Due to its great qualities, polyurethane resin is becoming increasingly popular throughout the automotive industry, particularly in electric vehicles, which is anticipated to accelerate the market's growth over the forecast period.

Organizations are also developing adhesive technologies for both modest applications and large-volume assembly, which will create a lot of potential for the growth of the electric vehicle adhesives market in the years to come. Also, when more research and development activities are conducted, more chances for local employment will be created, contributing to the economy's expansion.

Challenges:
Adhesives for electric vehicles may not be as popular as consumers would like due to rising upfront costs and the cost of raw ingredients. They are more expensive than conventional adhesives, which, in the consumer's eyes, limits demand. Other significant constraints that operate as market limitations include a lack of standardization and a dearth of charging stations.

Contrarily, throughout the projected period, the limited range of electric vehicles would further restrain the growth of the electric vehicle's adhesives market.

Regional Trends:
The Asia Pacific electric vehicle adhesives market is expected to register a major market share in terms of revenue, and it is projected to grow at a high CAGR soon. Growing population, rapid urbanization, and increasing industrialization, coupled with increasing R&D activities by prominent players, are factors expected to proliferate the growth of the electric vehicle adhesives market in the region.

Besides, Europe had a substantial share of the market. As China is the world's largest manufacturer of electric vehicles, the area is the primary user. The need for adhesives is anticipated to remain strong in the upcoming years as the manufacture and promotion of electric vehicles become increasingly important.


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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.

Segmentation Of Electric Vehicle Adhesives Market-
By Application
• Powertrain System
• Optical Element
• Sensor & Communication
• Body Frame
By Resin Type
• Polyurethane
• Epoxy
• Silicone
• Acrylic
• Others
By Vehicle Type
• Electric Cars
• Electric Buses
• Electric Trucks
• Electric Bikes
By Substrate
• Plastic
• Composite
• Metals
• Others
By Form
• Liquid
• Film and Tape
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.