Electric Vehicle Adhesives Market to Cross $82.57 billion Revenue by 2030

Electric Vehicle Adhesives Market Overview

“The Electric Vehicle Adhesives Market Predictable at $1.12 billion in 2022, is estimated to increase at a CAGR of 22.75% from $2.24 billion in 2023 to $11.21 billion by 2030.”

Governments' efforts to boost electric vehicle manufacturing in emerging and developed nations will increase demand for oh, a component used in electric vehicles. This demand will also rise for electric vehicle adhesives. Programs like the electric car project aim to combat environmental issues like global warming, boosting electric vehicle production and promoting their adoption.

The market for electric vehicle others is predicted to rise over the forecast period, as greater adoption of electric vehicles will assist to reduce carbon footprint.

The COVID-19 pandemic significantly impacted the global market for electric car adhesives, leading to a significant drop in demand. Manufacturing sectors halted, and supply chain logistics were severely impacted, causing significant delays in car production and compliance with government laws restricting raw commodity transfer and human contact.

The predicted period of market growth for electric vehicles is expected to be stifled by high battery production costs due to expensive materials used in advanced technologies, which may not be efficient in providing diverse ranges. Additionally, the lack of numerous charging facilities for electric vehicles is another significant impediment to industry growth.

Key Takeaways:

In 2022, the Asia Pacific region will have 52.85% of the market.

In 2022, PHEVs had 53.56% of the market share by vehicle.

In 2022, the pack and module bonding category will have a market share of roughly 43%.

From 2023 to 2030, the battery cell encapsulation application category is expected to grow at the fastest rate.

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Market Dynamics

Growth Factors

Electric vehicles are experiencing high demand in wealthy countries due to stringent greenhouse gas emission policies. New emission standards in the US and Europe have increased the adoption of electric vehicles. Major automobile manufacturers are investing in electric vehicle production and expanding their product portfolio to meet this demand. This is expected to drive market growth in the coming years.

The growing popularity of electric transportation vehicles, with over 10 million currently on the road globally, is expected to drive market expansion in the forecast period. The high demand for electric vehicles and buses is also contributing to the growth of the transportation sector.

The growing popularity of electric transportation vehicles, with over 10 million currently on the road globally, is expected to drive market expansion in the forecast period. The high demand for electric vehicles and buses is also contributing to the growth of the transportation sector.

The market for electric vehicles is expected to expand due to favorable legislative frameworks, government initiatives, and incentives. In developed countries, these plans have increased demand for electric vehicles. In emerging countries, these plans have also led to a decrease in battery costs due to continuous research and development. As a result, the demand for electric vehicles is expected to grow.

Growth Drivers:

Polyurethane resin is used extensively

Polyurethane adhesives, made from urethane polymers, have a high elasticity and elongation before fracture of up to 600%. They come in three types: one-component stiff, two-component, and two-component elastic. The bonds are formed through cooling to achieve holding strength and then curing with moisture for final structural strength. Polyurethane resin is highly sought after due to its fast fixing properties and excellent bonding over various substrates, including composites, plastics, and metal. It is also increasingly popular in the automobile industry, especially in electric vehicles.

Increased investment in the electric car market

Rising investment in the electric vehicle market, driven by the demand for two-wheelers in emerging countries, is driving the adoption of higher-quality adhesives. India's electric vehicle market is estimated to be worth Rs 50,000 crore (US$ 7.09 billion) by 2025, accelerating the growth rate of the adhesives market.

Opportunities

Increasing innovation and progress

The electric vehicle adhesives market is expected to see significant growth in the coming years due to the increasing popularity of battery packs for their sustainability, durability, and safety. Companies like DuPont are developing innovative thermal-conductive interface materials for effective battery assembly, and are also developing adhesive solutions for both small and large-volume assembly, creating significant prospects for market growth.

Restraints/Challenges

High raw material costs

Electric car adhesives' high upfront costs and rising raw material prices may hinder customer demand due to their higher cost compared to traditional adhesives.

The electric vehicle adhesives market's growth is hindered by market limitations such as lack of standardization and limited charging station availability, as well as the limited range of electric vehicles.

The report provides an in-depth analysis of the electric vehicle adhesives market, including recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, domestic and localized market players' impact, emerging revenue pockets, market regulations changes, strategic growth analysis, market size, category growths, application niches, product approvals, and launches. Data Bridge Market Research offers an Analyst Brief to help businesses make informed decisions for market growth.

Competitive Landscape of the Electric Vehicle Adhesives Market

• PPG Industries (US)
• Permabond (UK)
• 3M (US)
• Wacker Chemie AG (Germany)
• Bostik SA – An Arkema company (France)
• L&L Products (US)
• Jowat SE (Germany)
• Henkel (Germany)
• H.B. Fuller (US)
• Sika AG (Switzerland)
• Ashland (US)

Recent Developments in Electric Vehicle Adhesives Market

The launch of the new range of electric two-Wheeler and electric three wheelers through the TVS Motor Company will play an extremely important role in expanding the market during the forecast period.

In September 2022, Henkel AG & Co. KGaA has completed the acquisition of Nanoramic Laboratories' Thermal Management Materials business. Henkel used this acquisition to strengthen its Adhesive Technologies business unit's position in the growing markets for Thermal Interface Materials (TIM) by expanding its capabilities in high-performance segments

In January 2022, H.B. Fuller Company announced that it completed the acquisition of Apollo, the largest independent manufacturer of liquid adhesives, coatings, and primers for the roofing, industrial, and construction markets in the UK

In April 2021, Sika AG acquired Hamatite, the adhesives business of The Yokohama Rubber Co., Ltd. Hamatite is a market leader in Japan, offering adhesives & sealants to the automotive and construction industries. The acquisition helped company to strengthen its market position in Japan and increase market access to all major Japanese OEMs

Recent Developments in Electric Vehicle Adhesives Market

Electric Vehicle Adhesives Market By Vehicle

• Battery electric vehicle
• Plug in hybrid electric vehicle

Electric Vehicle Adhesives Market By Application

• Exterior
• Interior
• Powertrain

Electric Vehicle Adhesives Market By Resin

• Epoxy
• Silicon
• Polyurethane
• Acrylics
• Others

Electric Vehicle Adhesives Market By Substrate

• Plastic
• Composite
• Metals
• Others

Electric Vehicle Adhesives Market By Form

• Liquid
• Film & Tape
• Others

Electric Vehicle Adhesives Market By End User

• Pack & module bonding
• Thermal interface bonding
• Battery cell encapsulation
• Others

Electric Vehicle Adhesives Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of electric vehicle adhesives market?

The Electric Vehicle Adhesives Market Predictable at $1.12 billion in 2022, is estimated to increase at a CAGR of 22.75% from $2.24 billion in 2023 to $11.21 billion by 2030.

What will be the CAGR of global electric vehicle adhesives market?

The global electric vehicle adhesives market is poised to grow at a CAGR of 22.75% from 2023 to 2032.

Who are the prominent players operating in the electric vehicle adhesives market?

The major players operating in the electric vehicle adhesives market are Henkel (Germany), H.B. Fuller (US), Sika AG (Switzerland), Ashland (US), PPG Industries (US), Permabond (UK), 3M (US), Wacker Chemie AG (Germany), Bostik SA – An Arkema company (France), L&L Products (US), Jowat SE (Germany)

Which are the driving factors of the electric vehicle adhesives market?

An increase in the investments to increase the manufacturing of electric vehicles the market for adhesives is expected to grow well during the forecast period.