Electric Vehicle Adhesives Market Analysis | 2024-2032

Market Insights

“The electric vehicle adhesives market was estimated at USD 81.4 million in 2023 and is likely to grow at a CAGR of 25.1% during 2024-2032 to reach USD 607.3 million in 2032.”

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Market Dynamics

Introduction

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 Drivers

The electric vehicle (EV) adhesives market forms a growing niche driven by the increased requirement for electric vehicles and advanced materials that improve performance, efficiency, and sustainability. Adhesives play a critical role in EV assembly because they allow the bonding of various components of the EV in the form of batteries, lightweight materials, and structural elements, and reduce weight while being energy efficient. The market is seeing a strong thrust in adhesive formulations—thermosetting, thermoplastic, and pressure-sensitive—which is also driven by the transition to electric mobility and push toward sustainable automotive solutions. Manufacturers' thrust in innovation and the build-up of regulatory pressure on greener technologies ensure easy times for related markets.

Key Players

The market is highly fragmented with the presence of over 100 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the Electric Vehicle Adhesives Market. Some of the major players are providing a complete range of services including engine and airframe.

Here is the list of the Top Players (Based on Dominance)

• Henkel
• 3M
• DuPont
• H.B. Fuller
• Sika
• Lord Corporation
• Arkema
• BASF
• Huntsman Corporation
• Avery Dennison

Note: The above list does not necessarily include all the top players of the market.

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Segment Analysis

By Vehicle Type

“Battery Electric Vehicles (BEVs) are the fastest-growing segment due to their zero-emissions appeal, advancements in battery technology, and increasing consumer preference for sustainable transportation solutions.”

• BEVs don't emit tailpipe emissions, which consequently would align perfectly with the global goal of sustainability that attracts consciousness among environmentally aware consumers.
• Continuous advancements in the efficiency and range of batteries make BEVs more practical and attractive for the daily commute.
• Incremental expansion of charging networks along with government incentives will further encourage BEV adoption and enhance consumer confidence in electric mobility.

By Application Type

“Pack and module bonding tends to be the faster-developing segment, driven by the increased demand for efficient assembly processes as well as the improved structural integrity of battery systems in electric cars.”

• The packaging and bonding of packs and modules are being simplified to reduce process times and costs in production, critical as EV solutions experience increased volume buildup.
• Improved reinforcement of the structure of battery systems by proper bonding techniques is going to enhance performance and safety for electric vehicles.
• The advanced bonding methods offer an opportunity for using lighter materials that will help optimize vehicle weight, hence improving the range in EVs.

Regional Insights

“Asia-Pacific is the leading region in the electric vehicle adhesives market, mainly due to the rapid growth of electric vehicle production in countries like China, advancements in battery technology, and strong government support for EV adoption.”

• The amount of electric vehicles manufactured in the Asia-Pacific region, particularly in China, has catapulted the demand for adhesives in EV assembly.
• The region is at the vanguard of innovations in battery technology. This requires special adhesives to enhance their performance and safety in EVs.
• Governmental policies and other subsidies to encourage the adoption of electric vehicles have thereby created a conducive environment for investments and growth in such sectors as adhesives.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s electric vehicle adhesives market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and 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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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 electric vehicle adhesives market is segmented into the following categories.

By Vehicle Type

• BEV
• PHEV

By Application

• Pack & Module Bonding
• Battery Cell Encapsulation

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

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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 three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service 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