USD 0.47 billion
Report ID: SQMIG15E2289 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 92 | Figures: 81
Global Electric Vehicle Adhesives Market size was valued at USD 0.47 billion in 2021 and is poised to grow from USD 0.68 billion in 2022 to USD 13.25 billion by 2030, growing at a CAGR of 45% during the forecast period (2023-2030).
The Global Electric Vehicle Adhesives market is experiencing significant growth driven by several factors. Electric vehicle adhesives find applications in bonding body panels, fastening brackets to chassis parts, and sealing seams and joints. The demand for lightweight, high-performance materials that can improve the efficiency and range of EVs is driving the increasing importance of adhesives in their production. Adhesives offer advantages over traditional mechanical fasteners like bolts and screws, as they reduce unnecessary weight and enhance performance. They exhibit enhanced durability and resilience to high temperatures, vibration, and environmental factors. The growing global demand for electric cars, driven by their lower emissions, improved fuel economy, and reduced dependence on fossil fuels, is a major factor boosting the market. Manufacturers are producing more electric cars, creating a higher demand for adhesives that can enhance the performance and longevity of these vehicles. Continuous research and development efforts are focused on creating new adhesive solutions with increased strength, durability, and environmental resistance for EV applications. Moreover, as consumers become more environmentally conscious, electric vehicle manufacturers are incorporating sustainable materials, creating a need for adhesives compatible with these materials to reduce the overall environmental impact of EV production.
Global Market Size
USD 0.47 billion
Pack & module bonding
Pack & module bonding
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Global Electric Vehicle Adhesives Market is segmented on the basis of vehicle type, Resin type, Application, and region. By vehicle type, the market is segmented into Battery electric vehicle, Plug-in hybrid electric vehicle. By resin type, the market is segmented into epoxy, acrylic, silicone, polyurethane, and others. By Application, the market is segmented into Pack & module bonding, Thermal interface bonding, Battery cell encapsulation, Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Application Type
In the Global Electric Vehicle Adhesives Market, Pack & module bonding is the dominant segment. This involves the bonding of different components and modules within the electric vehicle's battery pack, ensuring a secure and reliable connection.
On the other hand, the fastest-growing segment is expected to be Battery cell encapsulation. This involves encapsulating individual battery cells with adhesive materials to protect them from external factors, such as moisture and mechanical stresses, while also improving thermal performance and overall battery safety.
Analysis By Resin type
Polyurethane adhesives dominated the market due to their exceptional bonding properties, providing a strong and reliable connection between various materials used in electric vehicle (EV) manufacturing. Their ability to withstand high temperatures, vibrations, and environmental factors makes them highly desirable for EV applications.
On the other hand, Epoxy adhesives is the fastest growing segment in the market. Their popularity is attributed to their versatility and ability to adhere to a wide range of substrates, offering strong and durable bonds. Epoxy adhesives are increasingly favored in EV production, particularly in applications where high-strength bonding and resistance to harsh conditions are required. As the electric vehicle industry continues to expand, both polyurethane and epoxy adhesives play crucial roles in enhancing the efficiency and performance of these eco-friendly vehicles.
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Asia Pacific dominates the global market due to several factors. The region has been at the forefront of the electric vehicle revolution, with countries like China, Japan, and South Korea actively promoting and adopting electric mobility solutions. The increasing demand for electric cars in these countries has led to a surge in the production of electric vehicles, creating a substantial need for adhesives in their assembly and manufacturing processes. Additionally, the Asia Pacific region is home to several key players in the automotive industry who are driving innovations in electric vehicle technologies. These companies are investing in research and development to develop high-performance adhesives tailored specifically for electric vehicle applications. The region's robust manufacturing capabilities, cost-effective production, and extensive supply chains further contribute to its dominance in the electric vehicle adhesives market.
On the other hand, North America is experiencing fastest growth in the electric vehicle adhesives market. The region has seen a growing shift towards electric mobility, driven by increasing environmental awareness, government incentives, and consumer preferences for sustainable transportation options. As a result, the demand for electric vehicles is soaring, leading to a surge in the demand for high-quality adhesives used in their production. Moreover, North America is witnessing significant investments in the development of electric vehicle infrastructure, including charging stations and battery technologies. This infrastructure development, combined with supportive government policies, is fostering a conducive environment for the growth of the electric vehicle adhesives market in the region.
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Increased Demand for Electric Vehicles
Advancements in Adhesive Technology
High Initial Costs
Compatibility with New Materials
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Global Electric Vehicle Adhesives Market exhibits a competitive landscape with several key players vying for market share. Major adhesive manufacturers and suppliers are actively focusing on research and development to create innovative adhesive solutions that cater specifically to electric vehicle applications. They aim to enhance adhesive performance, durability, and environmental resistance to meet the evolving demands of the electric vehicle industry. Additionally, players are striving to develop adhesives compatible with sustainable materials used in electric vehicle manufacturing. Market competition is driven by the increasing demand for electric vehicles worldwide and the need for advanced adhesives that contribute to improved vehicle performance, efficiency, and environmental impact.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Electric Vehicle Adhesives Market analysis, the global market is experiencing robust growth and is expected to continue its upward trajectory in the coming years. This is due to the rising demand for electric vehicles (EVs) worldwide. These specialized adhesives are essential in constructing lightweight and high-performance EVs, offering strong and durable bonds between various materials. The advantages of adhesives over traditional mechanical fasteners, such as reduced weight and improved performance, drive their adoption in EV production. However, challenges persist in developing adhesives that can withstand harsh environmental conditions and high temperatures while maintaining long-term durability. Additionally, the market faces competition from other joining technologies and the need to align with sustainable practices as the EV industry continues to expand.
|Market size value in 2021||USD 0.47 billion|
|Market size value in 2030||USD 0.68 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Electric Vehicle Adhesives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Vehicle Adhesives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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