Electric Vehicle Adhesives Market Growth Analysis | 2023-2028

Market Insights

The electric vehicle adhesives market was estimated at USD 1.38 billion in 2022 and is likely to grow at a CAGR of 40.04% during 2023-2028 to reach USD 10.61 billion in 2028.

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What are adhesives?

Adhesives are chemicals used to bond or adhere substances together. In EVs, adhesives are widely used to adhere to a variety of application areas everywhere ranging from body closures to battery assemblies. These are widely used in place of traditional heavy fastening assemblies or mechanical fasteners and provide lighter as well as thinner bonds with improved flexibility and strength.

Market Dynamics

Various requirements by automakers, such as bonding similar and dissimilar materials, the substitution of traditional substrates materials by synthetic substrates, and the increasing focus on environmental concerns are increasing the application areas of EV adhesives, as a result, driving the growth of the market. EV adhesives also address issues related to engineering and design as they have the ability to resist vibration and distribute stress over a wide area. They are also lightweight.

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Segment Analysis

By Resin Type

Based on the resin type, the market is segmented as Epoxy, Polyurethane, Silicone, Acrylic, and Others. Polyurethane adhesive is estimated to be the fastest-growing resin in the market during the forecast period. These adhesives are majorly used in structural bonding as well as where there is a requirement of vibration inhibitions, and variation in gap because of thermal differences between the substrates. Basically, polyurethane adhesives are applied to substrates comprising composites, thermoplastics, coated or uncoated aluminum, and coated steel. Bonding the battery cells to the battery module tray, frames, and cooling units is another application of this adhesive.

By Form Type

Based on the form type, the market is segmented as Liquid, Film & Tape, and Others. Liquid adhesive is expected to be the fastest-growing form in the market during the forecast period. The liquid adhesive, applied between two substrates forms a solid material that bonds the substrates together by a physical or chemical change. In the form segment, liquid adhesives have the largest share. Liquid adhesives are used in electric vehicles in various applications such as exterior, interiors, and electric batteries. The highest demand for liquid adhesives is in the exterior application, followed by interior applications.  A significant portion of liquid adhesive application goes to the structural body in the electric vehicle and hence Liquid adhesives occupy a large share of the EV adhesive market by form, since a significant portion of liquid adhesive application goes to the structural body in the electric vehicle.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing market during the forecast period, with China, Japan, South Korea, and India being the major countries with lucrative growth opportunities. In 2022, Asia-Pacific accounted for the largest share of the market globally. The contribution of this region mainly includes factors such as the substantial Chinese electric vehicle market as well as all the major battery manufacturers. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Application Type

• Powertrain System
• Exterior
• Interior

By Resin Type

• Epoxy
• Polyurethane
• Silicone
• Acrylic
• Others

By Form Type

• Liquid
• Film & Tape
• Others

By Vehicle Type

• Electric Car
• Electric Bus
• Electric Bike
• Electric Truck

By Substrate Type

• Polymer
• Composite
• Metal
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the key players in manufacturing electric vehicle adhesives are-

• Ashland Inc.
• H.B. Fuller
• Henkel
• Jowat SE
• L&L Products India Pvt. Ltd.
• LORD Corporation
• PPG Industries, Inc.
• Sika AG
• Uniseal, Inc.
• Wacker Chemie AG.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of the resin type by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.