Electric Vehicle Adhesives Market to Hit $22.88 Billion by 2031.

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 2023-2031.

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Electric vehicle (EV) adhesives refer to a category of adhesive materials and bonding solutions specifically designed and employed in electric vehicle production and integration processes. The utilization of adhesives in the automotive sector is paramount throughout the shift towards electric mobility. Adhesives are vital in several facets of electric vehicle (EV) manufacturing, encompassing structural integrity, thermal management, electrical insulation, and noise mitigation. Due to the increased demand for two-wheelers in emerging countries, there has been an increase in investment in the electric vehicle sector, which will result in the adoption of higher-quality adhesives soon.

the future years, it is projected that battery packs' sustainability, durability, and safety will acquire significant popularity. The market's development can be ascribed to the rise in electric vehicle production as well as the trend away from metal fasteners and welding toward adhesives, which reduces weight and carbon emissions. Adhesives are used instead of bulky mechanical fasteners in EV batteries to create a thinner, lighter bond that increases the range of electric vehicles. The COVID-19 pandemic affected the global market because many production units are closed to protect workers from the virus, which could, however, block the expansion.

List of Significant Players in The Electric Vehicle Adhesives Market:
• 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
• Others

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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.