Electric Vehicle Adhesives Market Advancing Electric Vehicle Performance with Innovative Bonding Solutions Will Reach $ 21.04 Billion by 2030

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The SNS Insider report indicates that the Electric Vehicle Adhesives Market Size was valued at USD 1.6 billion in 2022, and it is projected to achieve a market size of USD 21.04 billion by 2030, with a compound annual growth rate (CAGR) of 38% expected over the forecast period from 2023 to 2030. The electric vehicle adhesives market is experiencing robust growth driven by the increasing adoption of electric vehicles (EVs) worldwide and the shift towards lightweight construction techniques in automotive manufacturing. Adhesives play a crucial role in EV assembly, providing structural integrity, vibration damping, and corrosion resistance while reducing weight and improving fuel efficiency. With the automotive industry transitioning towards electric propulsion systems, there is a growing demand for high-performance adhesives that can meet the unique requirements of EVs, such as electrical insulation, thermal management, and compatibility with new materials like composites and lightweight alloys.

Moreover, the electric vehicle adhesives market is propelled by advancements in adhesive technologies that offer improved bonding strength, durability, and environmental resistance, necessary for the demanding operating conditions of EVs. Innovations in structural adhesives, such as epoxy, polyurethane, and acrylic-based formulations, enable seamless bonding of dissimilar materials, including metals, plastics, and composites, contributing to the lightweight and design flexibility of EV components. Additionally, the development of electrically conductive adhesives and thermal interface materials supports efficient heat dissipation and electrical connectivity in EV battery packs, motors, and power electronics, ensuring optimal performance and reliability.

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KEY PLAYERS

  • PPG Industries, Inc.
  • L&L Products
  • Henkel
  • Ashland
  • Permabond (UK0)
  • 3M
  • Wacker Chemie AG
  • B. Fuller
  • Bostik SA – An Arkema company
  • Sika AG
  • Jowat SE & Other Players.

Market Report Scope –

There are a number of benefits to be gained by the application of electrical vehicle adhesives, even distribution of stress and load between bonded joints; increased strength as well as effective and flexibly shaped parts. Increasing demand for EVs, the growing use of effective and efficient bonding solutions in EVs as well as a rising trend towards adhesives to assemble batteries are factors that have been driving this market growth. Significant growth opportunities for the players in electric vehicle adhesives are anticipated as a result of the growing demand for sustainable, ecotoxic solutions and the adoption of self-driving cars.

Market Growth Factors –

The Electric Vehicle Adhesives Market has battery packs that are expected to gain significant momentum in terms of sustainability, durability and security. Currently, it is expected that the development of new thermal conductive interface materials for the effective assembly of electric and hybrid battery cells will be pursued by companies active in the current market in electrical vehicle adhesives. The need for effective and advanced bonding solutions in this sector has been stimulated by the increasing demand for electric vehicles. The role of effective bonding solutions is becoming increasingly important as EV manufacturers strive to improve vehicle performance, durability and security. The unique construction of electric vehicles is one key factor driving the demand for enhanced bonding solutions. In order to maximize energy efficiency and extend the life of electric vehicles, lightweight materials such as composites and aluminum are often used.

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Segmentation Analysis –

By Application

  • Powertrain
  • Exterior
  • Interior

By Resin Type

  • Epoxy
  • Polyurethane
  • Silicones
  • Acrylics
  • Others

By Vehicle Type

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

By Substrate

  • Plastic
  • Composite
  • Metals
  • Others

By Form

  • Liquid
  • Film & Tape
  • Others

Electric vehicle adhesives are divided into the external, interior and powertrains depending on application. The largest share of the electric vehicle adhesives market is expected to be accounted for by the powertrain segment in 2023. With the integration of a wide variety of new electrical and electronics components, the electric vehicle’s propulsion system is constantly developing. In order to protect the system, there is a growing need to use effective thermal and electrical insulation adhesives in the powertrain.

Electric vehicle adhesives are classified according to the type of vehicles, such as trucks, buses, bicycles and automobiles. The largest share of the electric vehicle adhesives market is anticipated to be accounted for by an electric car segment between 2023 and 2025. The increase in the adoption of electrical vehicles, which has contributed to the growth of the adhesives market, is driving this segment’s high market share. The use of lightweight materials in electric cars is increasing.

Key Regional Development –

The Asia Pacific region is expected to have the highest share of the market for automotive adhesive in 2023. The Asia Pacific region is the fastest growth market for electricity vehicles. Significant uptake of electric vehicles has been seen in countries such as China, Japan and South Korea due to government incentives, policy support and a strong focus on reducing greenhouse gas emissions. The increased demand for EV adhesives is a direct result of the increase in electric vehicle production and sales. The Asia Pacific region is a major production base for the automotive sector, including electric cars. In countries like China and Japan, many of the leading electric vehicle producers and suppliers have production facilities. These facilities require a substantial supply of adhesives for various EV components, creating a robust market for EV adhesives in the region.

Key Takeaway’s–

The increasing investment in the EV market, driven by a high demand for two wheelers in emerging countries, has led to increased adoption of better-quality adhesives during the coming years. Adhesives can be used to reduce the weight of an electric vehicle. The ideal replacement for mechanical fasteners in electric vehicle batteries is electric vehicle adhesive. In the design of electric vehicle batteries, adhesives are usually used to reduce or at least make up for excessive metal fasteners. This will help improve the efficiency of electrical energy of vehicles.

Recent Developments –

PPG announced the opening of its battery pack application facility BPACin Tianjin, China on June 23, 2023. 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 will allow new electric vehicle technology to be developed faster for customers.

Henkel Adhesives demonstrated a firm commitment to further expansion through the use of electric vehicle EV batteries during Dec 2022. In collaboration with the automotive industry and battery producers, Henkel has been active in research efforts aimed at improving EV performance by exploiting major technology breakthroughs.

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