Redding, California, June 29, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Electric Vehicle Adhesive Market by Vehicle Type (Electric Trucks, Electric Buses, Electric Bikes, Electric Cars), Resin (Epoxy, Silicon, Polyurethane, Acrylics, Others), Application, Form, Substrate, End Use and Geography - Global Forecast to 2030,’ the Electric Vehicle Adhesive Market is projected to reach $14.29 billion by 2030, at a CAGR of 56% during the forecast period 2023–2030.
The growth of the electric vehicle adhesive market is attributed to the growing demand for EVs, the increasing demand for efficient and advanced bonding solutions in EVs, and the increasing adoption of adhesive in EVs for battery assembly. The increasing demand for sustainable and eco-friendly adhesive solutions and the adoption of autonomous electric vehicles are expected to offer significant growth opportunities for players in the electric vehicle adhesive. However, the availability of mechanical fasteners may hinder the growth of this market.
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Growing Demand for Electric Vehicles to Drive Market Growth
The demand for electric vehicles (EVs) has been steadily growing in recent years, driven by several factors that are transforming the automotive industry. One of the primary drivers is the increasing global focus on environmental sustainability and reducing greenhouse gas emissions. EVs offer a cleaner and more sustainable transportation alternative compared to traditional internal combustion engine vehicles, as they produce zero tailpipe emissions and have lower overall carbon footprints.
Additionally, advancements in battery technology have significantly improved the range and performance of electric vehicles, addressing the initial concerns regarding limited driving range. As battery costs continue to decrease, EVs are becoming more accessible and affordable for consumers, further fueling the demand.
Government support and favorable policies are also playing a crucial role in the growing demand for EVs. Many countries are implementing incentives, subsidies, and tax benefits to encourage EV adoption. These measures include purchase subsidies, charging infrastructure development, and exemptions from road taxes and congestion charges. Such support helps reduce the upfront costs of EVs and addresses a range of anxiety concerns, thus boosting consumer confidence in switching to electric vehicles.
Furthermore, the automotive industry has witnessed a surge in investment and commitment from major manufacturers. Established automakers are ramping up their EV production and introducing new models with improved features and performance. At the same time, new entrants and tech companies are entering the market, spurring innovation and competition. This influx of diverse EV offerings provides consumers with a wider range of options to choose from, further driving the demand.
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The increasing awareness of the benefits associated with electric vehicles, including lower operating costs, quieter operation, and reduced dependence on fossil fuels, also contributes to the growing demand. Consumers are recognizing the long-term cost savings and environmental advantages of owning an EV, leading to a shift in preferences toward electric mobility.
As a result of these combined factors, the demand for electric vehicles is experiencing significant growth globally. Market projections indicate a continued upward trajectory for EV sales in the coming years, with many countries and regions setting ambitious targets for electric vehicle adoption. This increasing demand for electric vehicles is further driving the demand for specialized adhesives for electric vehicles during the forecast period.
Based on vehicle type, in 2023, the electric cars segment is expected to account for the largest share of the electric vehicle adhesive market. The large market share of this segment is attributed to the increasing adoption of electric cars contributing to the growth of the adhesive market. The increasing need to use lightweight materials in electric vehicles, the increasing requirement for efficient electrical insulation, and the need to prevent critical vehicle components from oxidizing and dielectric corrosions are the major factors supporting the growth of adhesives for electric vehicles. Adhesive manufacturers are adapting to these evolving requirements and developing specialized products to cater to the electric car industry's needs.
Based on application, in 2023, the powertrain segment is expected to account for the largest share of the electric vehicle adhesive market. The need for using efficient thermal and electrical insulation adhesives in the EV powertrain to protect the system's integrity is increasing. Moreover, the growing need for compact and more efficient battery packs requires the tight stacking of battery cells within the module. This may increase the temperature within the battery module, which needs to be dissipated quickly. This is done using thermally conductive adhesives, thus driving the demand for adhesives for electric vehicles.
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Based on resin, in 2023, the epoxy segment is expected to account for the largest share of the electric vehicle adhesive market. The large share of this segment is attributed to the bonding strength, durability, and resistance to chemicals and temperature fluctuations. Epoxy adhesives are commonly used in pack and module bonding, motor assembly, and structural bonding in EVs. The strong mechanical properties and reliability of these resins make them suitable for demanding EV applications.
Based on form, in 2023, the liquid segment is expected to account for the largest share of the electric vehicle adhesive market. The large market share of this segment is attributed to the growing need for various applications across the EV manufacturing process. They offer advantages such as ease of application, adaptability to different surfaces and geometries, and strong bonding properties. Liquid adhesives are commonly utilized in battery assembly, motor assembly, sealing, and general component bonding in EVs.
Based on substrate, in 2023, the plastic segment is expected to account for the larger share of the electric vehicle adhesive market. The large market share of this segment is attributed to various EV components due to their lightweight, versatility, and cost-effectiveness. These adhesives are commonly employed in interior trims, exterior body panels, battery enclosures, and other non-structural parts. Adhesives are crucial in bonding plastic components, providing strength and structural integrity. Plastic adhesives are formulated to bond different types of plastics, offering excellent adhesion and durability.
Based on end use, in 2023, the pack & module bonding segment is expected to account for the largest share of the electric vehicle adhesive market. The large market share of this segment is attributed to its applications in securing and assembling the battery modules and packs in an electric vehicle. Adhesives are used to bond the individual battery cells together, provide mechanical support, and create a stable and robust battery pack structure. Furthermore, the growing demand for electric vehicles and the increasing need for high-performance, compact, and reliable battery systems also contributed to the significant market share of this segment.
Based on geography, the electric vehicle adhesive market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the electric vehicle adhesive market. Asia-Pacific is the fastest-growing market for electric vehicles. Countries like China, Japan, and South Korea have seen significant adoption of EVs, driven by government incentives, supportive policies, and a strong focus on reducing carbon emissions. The surge in EV production and sales directly translates to a higher demand for EV adhesives. Asia-Pacific is a major manufacturing hub for the automotive industry, including electric vehicles. Many leading EV manufacturers and suppliers have production facilities in countries like China and Japan. These facilities require a substantial supply of adhesives for various EV components, creating a robust market for EV adhesives in the region.
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Scope of the Report
Electric Vehicle Adhesive, by Vehicle Type
- Electric Trucks
- Electric Buses
- Electric Bikes
- Electric Cars
Electric Vehicle Adhesive, by Application
- Exterior
- Interior
- Powertrain
Electric Vehicle Adhesive, by Resin
- Epoxy
- Silicon
- Polyurethane
- Acrylic
- Other Resins
Electric Vehicle Adhesive, by Form
- Liquid
- Film & Tape
- Other Forms
Electric Vehicle Adhesive, by Substrate
- Plastic
- Composite
- Metals
- Other Substrates
Electric Vehicle Adhesive, by End Use
- Pack & module bonding
- Thermal interface bonding
- Battery cell encapsulation
- Other End Uses
Electric Vehicle Adhesive, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Indonesia
- Malaysia
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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