Electric Vehicle Adhesives Market to Grow with a CAGR of 9.55% through 2028
Increasing demand for lightweight and rising adoption
of electric vehicle are factors driving the Global Electric Vehicle Adhesives
Market in the forecast period 2024-2028.
According to TechSci Research report, “Electric
Vehicle Adhesives Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Electric Vehicle Adhesives Market has valued at USD 1.56 billion in 2022 and
is anticipated to project robust growth in the forecast period with a CAGR of 9.55% through 2028.
Technological advancements have been instrumental in
propelling the growth of the global electric vehicle (EV) adhesives market. As
the automotive industry undergoes a significant transformation toward
electrification, specialized adhesives have become essential components in EV
manufacturing, and continuous innovation is reshaping this niche market.
One notable technological advancement is the
development of high-performance EV adhesives that can withstand the unique
demands of electric vehicles. These adhesives must bond various components,
including battery packs, electric motors, and lightweight materials like
composites and aluminum, while maintaining structural integrity and electrical
conductivity. Advanced adhesive formulations have emerged to meet these
requirements, offering exceptional bond strength, thermal stability, and
resistance to extreme temperatures, vibrations, and humidity.
Furthermore, advancements in curing technology have
improved the efficiency of adhesive application processes in EV manufacturing.
Rapid-curing adhesives and curing equipment have reduced production cycle
times, leading to cost savings and enhanced productivity. The ability to
precisely control the curing process also minimizes waste and ensures
consistent bond quality.
In addition, the development of eco-friendly adhesives
aligns with the sustainability goals of the EV industry. Adhesive manufacturers
are working on formulations with reduced volatile organic compound (VOC)
emissions and environmentally friendly ingredients, contributing to the overall
green profile of electric vehicles.
Moreover, innovations in adhesive application
techniques have emerged, such as robotic dispensing systems and automated
assembly processes. These technologies improve precision and consistency,
ensuring that EV components are securely bonded, which is crucial for safety
and performance.
The integration of smart adhesives with sensors and
monitoring capabilities is another noteworthy advancement. These intelligent
adhesives can provide real-time data on the condition of bonded components,
enabling predictive maintenance and enhancing the reliability of EVs.
In conclusion, technological advancements are driving
the growth of the global electric vehicle adhesives market by providing
solutions that meet the unique challenges of EV manufacturing. High-performance
adhesives, advanced curing methods, eco-friendly formulations, and smart
adhesive technologies are all contributing to the increasing adoption of
electric vehicles. As the automotive industry continues its shift toward
electrification, the role of adhesives in supporting this transformation will
become even more critical, ensuring the continued expansion of the EV adhesives
market.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Electric
Vehicle Adhesives Market”
The Global Electric Vehicle Adhesives Market is
segmented into resin, vehicle type, application, substrate, end use, regional distribution, and
company
Based on the vehicle type, the epoxy segment emerged as the dominant
player in the global market for automotive vehicle adhesives. This is largely
attributed to the rapid expansion of BEV production, particularly in the
passenger light-duty vehicle segment, as forecasted by the International Energy
Agency (IEA). The IEA predicts a substantial increase in the stock of BEVs by
2030, with a significant focus on passenger vehicles.
This growth trend is exemplified by substantial
investments in BEV manufacturing. For instance, in May 2019, a joint venture
between Volkswagen and Anhui Jianghuai Automobile (known as JAC) received
approval to commence construction of their BEV production facility.
Volkswagen's ambitious plans for this joint venture involve the production of a
staggering 22 million electric vehicles within the next decade, with 50% of
this production expected to take place in China.
The substantial consumption of adhesives within the
BEV segment, combined with the anticipated surge in BEV production, presents a
highly promising outlook for the global adhesive market throughout the forecast
period. As the automotive industry undergoes a profound transformation towards
electric mobility, the role of adhesives, particularly within the BEV category,
is poised to be instrumental in shaping the market's growth trajectory.
Asia Pacific region emerged as the dominant player in
the Global Electric Vehicle Adhesives Market in 2022, holding the largest
market share in terms of both value and volume. The region under discussion,
particularly China, stands as a significant consumer of electric vehicles
(EVs), given its status as the world's largest manufacturer of such vehicles.
However, the advent of the Covid-19 pandemic, which was initially reported in
China, had a notable impact on the market's growth trajectory in 2020 and 2021.
The pandemic disrupted global supply chains, including the production of
electric vehicles. As of March 2020, challenges such as labor shortages and the
unavailability of essential raw materials adversely affected the manufacturing
of EVs, subsequently influencing the demand for adhesives in this sector.
On the other side of the globe, North America is
poised to emerge as the fastest-growing regional market for electric vehicles
and, consequently, electric vehicle adhesives. The region is witnessing a surge
in investments directed towards the manufacturing of electric vehicles.
Notably, in July 2019, LG Chem made a significant announcement regarding the
establishment of a second manufacturing facility in the United States,
dedicated to producing EV batteries.
LG Chem, a leading player in the battery manufacturing
industry, supplies its products to prominent automotive companies like General
Motors and Volkswagen. The new factory, scheduled to commence production in
2022, represents a substantial investment in battery production. As the
production of batteries and electric vehicles gains momentum in North America,
it is expected to drive the demand for adhesives, creating a conducive
environment for market growth.
This strategic move aligns with the broader trend of
increasing investments in electric vehicle manufacturing in North America. As
the automotive industry in the region pivots towards electric mobility
solutions, the demand for adhesives, vital in ensuring the structural integrity
and performance of EVs, is set to experience rapid growth. These developments
underscore the pivotal role that North America is poised to play in the global
electric vehicle market and, by extension, in the electric vehicle adhesives
market.
Major companies operating in Global Electric
Vehicle Adhesives Market are:
- 3M Company
- Henkel AG & Co. KGaA
- H.B. Fuller Company
- Sika AG
- Ashland, Inc.
- PPG Industries, Inc.
- Permabond Engineering Adhesives Ltd.
- Wacker Chemie AG
- Bostik SA – An Arkema company
- L&L Products, Inc
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“The global electric vehicle (EV) adhesives market is
on a trajectory of significant growth, primarily due to the rising adoption of
electric vehicles worldwide. EVs require specialized adhesives to meet the
unique demands of their construction, including bonding battery components,
securing electric motors, and ensuring the overall structural integrity of the
vehicle.
The market growth is fueled by several factors,
including the shift towards eco-friendly transportation, government incentives
promoting EV production, and advancements in adhesive technologies. Adhesive
manufacturers are developing formulations that offer exceptional bonding
strength, electrical conductivity, and resistance to extreme temperatures,
ensuring the safety and efficiency of EVs. Moreover, the trend toward
lightweighting in EV design to improve energy efficiency has spurred the demand
for advanced adhesives that can bond lightweight materials like composites and
aluminum. Additionally, as EV battery technology continues to evolve, adhesives
play a critical role in securing and protecting these sensitive components.
As the EV market continues to expand, the global
electric vehicle adhesives market is set to grow further, with ongoing research
and development efforts aimed at creating innovative adhesive solutions that
meet the specific requirements of electric vehicle manufacturers. This growth
is reflective of the broader shift towards sustainable transportation and the
crucial role that adhesives play in enabling the transition to electric
mobility,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Electric Vehicle Adhesives Market- Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Resin
(Epoxy, Silicon, Polyurethane, Acrylic, and Other), By Vehicle Type (Electric
Trucks, Electric Buses, Electric Bikes, and Electric Cars), By Application
(Exterior, Interior, Powertrain), By Substrate (Plastic, Composite, Metals, and
Others), By End Use (Pack & Module Bonding, Thermal Interface Bonding,
Battery Cell Encapsulation, and Other), By Region and competition”, has evaluated
the future growth potential of Global Electric Vehicle Adhesives Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Electric Vehicle Adhesives Market.
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