Electric Vehicle Adhesives Market Projected to Experience Robust Growth Driven by Shift Towards Electric Buses, Trucks, and Bikes Across Regions

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 represent a specialized category of bonding materials developed specifically for use in the production and integration of electric vehicles. The adoption of adhesives in the automotive sector is crucial in the transition towards electric mobility, as these materials play an essential role in maintaining structural integrity, managing thermal properties, providing electrical insulation, and reducing noise. The growing demand for electric two-wheelers in emerging markets has led to increased investments in the EV sector, which is expected to drive the adoption of higher-quality adhesives in the near future.

Looking ahead, the focus on improving the sustainability, durability, and safety of battery packs is expected to gain considerable momentum. This growth is largely attributed to the rising production of electric vehicles and the industry's shift from traditional metal fasteners and welding to adhesives, which offer benefits such as reduced weight and lower carbon emissions. Adhesives are increasingly replacing heavy mechanical fasteners in EV batteries, creating lighter, more efficient bonds that contribute to enhanced vehicle range. However, the global market experienced disruptions due to the COVID-19 pandemic, as many production facilities were temporarily shut down to protect workers, potentially hindering market 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:
The demand for polyurethane resin, known for its excellent bonding capabilities and fast-setting properties across various substrates such as composites, plastics, and metals, is experiencing significant growth. This material's exceptional qualities are driving its increasing popularity within the automotive sector, particularly in the electric vehicle (EV) industry, which is expected to further accelerate the growth of the EV adhesives market during the forecast period. Additionally, companies are advancing adhesive technologies for both small-scale applications and high-volume assembly processes, creating substantial opportunities for market expansion. Increased research and development activities are also expected to generate local employment opportunities, contributing to overall economic growth.

Challenges:
Despite the advantages of adhesives in electric vehicles, their adoption may be hindered by the high initial costs and the expensive raw materials involved in their production. These adhesives are typically more costly than conventional alternatives, which may limit consumer demand. Other significant challenges include a lack of industry standardization and insufficient charging infrastructure. Furthermore, the limited range of electric vehicles remains a key constraint, potentially restricting the growth of the electric vehicle adhesives market during the forecast period.

Regional Trends:
The Asia Pacific region is anticipated to hold a dominant market share in terms of revenue for electric vehicle adhesives and is projected to experience a high compound annual growth rate (CAGR) in the near future. Factors such as a growing population, rapid urbanization, increasing industrialization, and rising research and development efforts by leading players in the region are expected to drive the growth of the EV adhesives market. Europe also maintains a significant market share, with China being the largest producer of electric vehicles globally, making the region a primary user of these adhesives. The demand for adhesives is expected to remain strong as the production and promotion of electric vehicles continue to gain momentum in the coming years.

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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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.