Electric Vehicles Adhesives Market

Electric Vehicles Adhesives Market: By Resin Type, Form, Substrate, Application, Vehicle Type, and Region

Market Synopsis

Global Electric Vehicles Adhesives market is valued at USD 634.22 Million in 2022 and is projected to reach a value of USD 12257.15 Million by 2030 at a CAGR of 44.80% during the forecast period. Demand for electric vehicles is increasing gradually across the globe due to increased government initiatives such as reduction of harmful gas emissions, electric vehicles purchase incentives, and others. The key reason for a huge demand for adhesives is the growing demand for crash worthiness, improved safety, and lightweight vehicles among consumers. The shift in trend from metal and welding fasteners to adhesives to reduce carbon emissions is another key factor for the Electric Vehicles Adhesives market growth over the upcoming years.

The increased scope for growth of autonomous electric vehicles that are driver less/robotic, and self-parked is one of the key opportunity in the market. The increased investment by major players for the production development and to meet the rising demand are other key reasons for the propelling growth of the Electric Vehicles Adhesives market. For instance, in August 2021, Sika AG acquired leading tile adhesives and stuccos manufacturer in Mexico Bexel Internacional S.A. In addition, the benefits of these adhesives such as improved strength and efficiency, flexibility in part design, and even distribution of load and stress in bonded joints is another key reason for market growth.

Market Segmentation:

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The global Electric Vehicles Adhesives market is segmented on the basis of Type (Epoxy, Polyurethane, Silicones, Acrylics, Others), Form(Liquid, Film and Tape, Others), Substrate(Plastic, Composite, Metals, Others), Application(Powertrain, Exterior, Interior), Vehicle Type(Electric Car, Electric Bus, Electric Bike, Electric Truck). Based on resin type, the market is segmented as epoxy, polyurethane, silicones, acrylics, and others. By form, the market is segmented as liquid, film & tape, and others. On the basis of the substrate, the market is segmented as plastic, composite, metals, and others. The market on the basis of application is classified as powertrain, exterior, and interior. By vehicle type, the market is segmented into electric car, electric bus, electric bike, and electric truck.

Polyurethane Resin Type to Continue Dominating the Market

Adhesives are made of different resins have diverse properties and the manufacturers chose the resin type as per the specific application. Polyurethane resin type accounted for the largest share in the Electric Vehicles Adhesives market and is projected to continue its dominance over the forecast period. Polyurethane adhesives are made of urethane polymers and exhibit extraordinary elongation and elasticity of up to 600% before fracture. Therefore, the polyurethane resin type is highly used in the Electric Vehicles Adhesives market.

Exterior Application is the leader in the Electric Vehicles Adhesives

Demand for lightweight electric vehicles is increasing and exterior plays an important role while reducing the vehicle weight. The Electric Vehicles Adhesives are majorly used in places of screws, gaskets, welds, fasteners, and rivets. To counter the weight of the battery systems in electric vehicles, the design of electric vehicles should be lightweight. Hence, the exterior application dominates the market in 2021 and is projected to continue dominating the Electric Vehicles Adhesives market. The exterior category accounted for over 50% of the Electric Vehicles Adhesives market revenue in 2021.

Electric Car Vehicle Type to Drive the Growth of The Electric Vehicles Adhesives Market

The high demand for electric vehicles across the globe owing to increased environmental concerns and favorable government policies. The increased demand for electric cars is presumed to drive the Electric Vehicles Adhesives market growth throughout the forecast period. Recently, 18 out of top-20 vehicle manufacturers announced that they have specified plans to increase the portfolio of models and to increase the production of lightweight electric vehicles. The strict emission rules across North America, Europe, and Asia Pacific is projected to provide immense growth opportunities for Electric Vehicles Adhesives

manufacturing over the forecast period.

Asia Pacific Electric Vehicles Adhesives Market to Grow at the Fastest CAGR

In 2021, Asia Pacific region dominated the Electric Vehicles Adhesives market and accounted for over 50% of the volume share in the same year. Demand for Electric Vehicles Adhesives in Asia Pacific is increasing because of the increased trade war tensions between China and the US, due to which the end-users are forced to relocate their manufacturing facilities in the ASEAN countries. The relocation of manufacturing facilities is presumed to increase the demand for adhesives across the ASEAN countries such as India, Indonesia, Vietnam, and others. In India, low-labor cost and government initiatives include “Make in India” along with entrepreneurship development scheme is projected to open additional opportunities across infrastructure and industrial construction. Therefore, all these factors are presumed to drive the growth of the market in Asia Pacific.

North America and Europe are projected to witness substantial growth during the forecast period due to increased investment for electric vehicle manufacturing and increased demand for electric vehicles in these regions. Stringent government regulations for carbon emission as well as increased government incentives to boost the demand for electric vehicles are some other reasons for significant growth in North America and Europe.

Competitive Landscape

There is intense competition in the Electric Vehicles Adhesives market due to the presence of a number of major players at regional as well as country level. The increased competition and rising demand for adhesives have forced the manufacturers to enhance their capacity and expand their geographical presence. Some of the major vendors in the Electric Vehicles Adhesives market are Henkel AG & CO. KGAA (Germany), H.B. Fuller Company (US), Sika AG (Switzerland), 3M Company (US), Wacker Chemie AG (Germany), Bostik SA – An Arkema company (France), L&L Products (US), Jowat SE (Germany), Ashland (US), PPG Industries, Inc. (US), Lord Corporation (US), DELO Industrie Klebstoffe GmbH & Co. KGaA (Germany), Uniseal Inc. (US), Illinois Tool Works Inc. (US), and Permabond LLC (UK).

The Electric Vehicles Adhesives is Segmented as Follows: