Electric Vehicle Adhesives Market Size to Surpass USD 11.51 Bn by 2032

The global electric vehicle adhesives market size is expected to grow around USD 11.51 billion by 2032 from USD 1.40  billion in 2022 with a CAGR of 23.74% from 2023 to 2032.

Key Takeaways

• The Asia Pacific region accounted 53% of market share in 2022.
• By vehicle, the PHEVs had garnered 54% of market share in 2022.
• By application, the pack and module bonding segment has contributed market share of around 44% in 2022.
• The battery cell encapsulation application segment is projected to reach highest CAGR from 2023 to 2032.

The Asia Pacific region is expected to have the largest market share during the forecast period. China is the major consumer and manufacturer of the electric auto motives. This is expected to drive the market growth during the forecast period in the Asia Pacific region. During the pandemic the manufacturing of electric vehicles in China had been affected to a great extent. Restrictions on the movement of row material and disrupted supply chain logistics had affected the market to a great extent. during the pandemic the restricted movement and social distancing norms also affected the productivity due to the lack of workforce.

part from the Asia Pacific region the North American region will also grow well during the forecast period. This region will have or growth with the highest compound annual growth rate which is expected to be about 27%. As there has been an increase in the investment for producing more electric vehicles in the North American region the demand for adhesives is expected to grow. As key market players are focusing on increasing the production of batteries the demand for adhesives is expected to grow well in this region. In the future the production of electric vehicles and the electric vehicle batteries is expected you grow in the North American region. Companies like Volkswagen and General Motors are increasing their productivity. The government in the European region is emphasizing on promoting the adoption as well as the production of the electric vehicles. Manufacturers in the European region are also making use of technology in order to reduce the cost of electric vehicles in order to make them affordable. This region is expected to have a compound annual growth rate of 21% in terms of revenue.

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Report highlights

• On the basis of application, the exterior application segment will dominate the market. There shall be an increase in the demand for adhesives in order to replace the screws cover gaskets and welds. In order to reduce the weight of the electric vehicles which increase is due to the presence of the battery the use of adhesives in the exterior of the electric vehicles is expected to grow during the forecast period. It will be helpful in making these vehicles lightweight.
• On the basis of the type of the resin used, the polyurethane segment will dominate the market as it provides better elasticity as compared to the other types. They provide 600% more elasticity as compared to the other products.
• On the basis of the vehicle type, the battery due to a growing demand. Growing awareness regarding the benefits of these electric vehicles will drive the market growth. As these cars help in reducing the emission of the greenhouse gases and most of these cars will be beneficial for the environment the market is expected to grow during the forecast period. The developed as well as the developing nations are adopting various policies that are creating a favorable environment for the adoption of battery electric vehicles in comparison to the amount of the adhesive used in the plug-in hybrid electric vehicles the quantity used for battery electric vehicles is far more therefore this segment will dominate the market.

Market dynamics

Drivers

As there has been an increase in the investments to increase the manufacturing of electric vehicles the market for adhesives is expected to grow well during the forecast period. In the countries like China Europe and the United States there is a presence of stringent policies which will drive the market growth period the introduction of the standards of emission which have been in place since the year 2020 will also drive the market growth in the coming years. As the major manufacturing companies are focusing in providing a larger product portfolio the market is expected to grow. In order to provide different models in the light duty and the heavy duty heckles there shall be a growth in the market. In the recent years the sales of the electric vehicles have increased due to an awareness regarding the benefits of these vehicles and the various incentives provided by the government.

Restraints

The technology used in the manufacturing the battery which is extremely important in the electric vehicles is expensive. It increases the cost of the electric vehicles. The use of the raw materials deeds and alternative in order to bring down the prices. The cost of acquiring these materials is also high which leads to an increase in the cost of the product. Electric vehicles are not affordable to many and this shall be a major restrained in the growth of the market. apart from the high cost associated with these vehicles turn availability of charging stations at frequent intervals is another restraint. There is an increase in the fear of being stuck at a particular place. During the forecast. The number of the charging stations required for the electric vehicles will increase. But they shall also be an increase in the requirement of the energy.

Opportunities

During the forecast period advancements in technology will lead to an increased automation in the vehicles. The use of advanced driver assistance systems in the electric vehicles will also provide better opportunities for the growth of the market. In order to make the electric vehicles autonomous they shall be a growth in the demand for cameras, sensors which will increase the demand for adhesives. The consumption of the adhesives will increase due to the commercialization of these electric vehicles of the autonomous type.

Challenges

What are the major challenges in the growth of the market is the lack of standardization. There are different types of charging stations better helpful in charging the electric vehicles. The voltage of these charging stations is different and it may not be compatible with all the electric vehicles. As the charger of different electric vehicles which are manufactured by different companies but not be compatible with the installed infrastructure of the charging stations the market growth will be hampered to a great extent. Standardization will play and extremely important role for the favorable growth of the market.

Read More: Electric Vehicle Battery Swapping Market Will See Rapid Expansion in Coming Years

Recent developments

• In order to increase the production of the electric vehicle batteries LG chem had planned for the construction of another factory in the year 2019 in the United States.
• An amount of U.S. dollar 45 million was invested by Henkel in the year 2019 for the upgrade of the already existing plant in the United States located in North Carolina.

Market Segmentation

By Vehicle

• Battery electric vehicle
• Plug in hybrid electric vehicle

By Application

• Exterior
• Interior
• Powertrain

By Resin

• Epoxy
• Silicon
• Polyurethane
• Acrylics
• Others

By Substrate

• Plastic
• Composite
• Metals
• Others

By Form

• Liquid
• Film & Tape
• Others

By End User

• Pack & module bonding
• Thermal interface bonding
• Battery cell encapsulation
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. End User Procurement Analysis

4.3.2. Sales and Distribution Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Electric Vehicle Adhesives Market 

5.1. COVID-19 Landscape: Electric Vehicle Adhesives Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Electric Vehicle Adhesives Market, By Vehicle

8.1. Electric Vehicle Adhesives Market, by Vehicle, 2023-2032

8.1.1. Battery electric vehicle

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Plug in hybrid electric vehicle

8.1.2.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Electric Vehicle Adhesives Market, By Application

9.1. Electric Vehicle Adhesives Market, by Application, 2023-2032

9.1.1. Exterior

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Interior

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Powertrain

9.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Electric Vehicle Adhesives Market, By Resin

10.1. Electric Vehicle Adhesives Market, by Resin, 2023-2032

10.1.1. Epoxy

10.1.1.1. Market Revenue and Forecast (2020-2032)

10.1.2. Silicon

10.1.2.1. Market Revenue and Forecast (2020-2032)

10.1.3. Polyurethane

10.1.3.1. Market Revenue and Forecast (2020-2032)

10.1.4. Acrylics

10.1.4.1. Market Revenue and Forecast (2020-2032)

10.1.5. Others

10.1.5.1. Market Revenue and Forecast (2020-2032)

Chapter 11. Global Electric Vehicle Adhesives Market, By Substrate

11.1. Electric Vehicle Adhesives Market, by Substrate, 2023-2032

11.1.1. Plastic

11.1.1.1. Market Revenue and Forecast (2020-2032)

11.1.2. Composite

11.1.2.1. Market Revenue and Forecast (2020-2032)

11.1.3. Metals

11.1.3.1. Market Revenue and Forecast (2020-2032)

11.1.4. Others

11.1.4.1. Market Revenue and Forecast (2020-2032)

Chapter 12. Global Electric Vehicle Adhesives Market, By Form

12.1. Electric Vehicle Adhesives Market, by Form, 2023-2032

12.1.1. Liquid

12.1.1.1. Market Revenue and Forecast (2020-2032)

12.1.2. Film & Tape

12.1.2.1. Market Revenue and Forecast (2020-2032)

12.1.3. Others

12.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 13. Global Electric Vehicle Adhesives Market, By End User

13.1. Electric Vehicle Adhesives Market, by End User, 2023-2032

13.1.1. Pack & module bonding

13.1.1.1. Market Revenue and Forecast (2020-2032)

13.1.2. Thermal interface bonding

13.1.2.1. Market Revenue and Forecast (2020-2032)

13.1.3. Battery cell encapsulation

13.1.3.1. Market Revenue and Forecast (2020-2032)

13.1.4. Others

13.1.4.1. Market Revenue and Forecast (2020-2032)

Chapter 14. Global Electric Vehicle Adhesives Market, Regional Estimates and Trend Forecast

14.1. North America

14.1.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.1.2. Market Revenue and Forecast, by Application (2020-2032)

14.1.3. Market Revenue and Forecast, by Resin (2020-2032)

14.1.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.1.5. Market Revenue and Forecast, by Form (2020-2032)

14.1.6. Market Revenue and Forecast, by End User (2020-2032)

14.1.7. U.S.

14.1.7.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.1.7.2. Market Revenue and Forecast, by Application (2020-2032)

14.1.7.3. Market Revenue and Forecast, by Resin (2020-2032)

14.1.7.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.1.8. Market Revenue and Forecast, by Form (2020-2032)

14.1.8.1. Market Revenue and Forecast, by End User (2020-2032)

14.1.9. Rest of North America

14.1.9.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.1.9.2. Market Revenue and Forecast, by Application (2020-2032)

14.1.9.3. Market Revenue and Forecast, by Resin (2020-2032)

14.1.9.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.1.10. Market Revenue and Forecast, by Form (2020-2032)

14.1.11. Market Revenue and Forecast, by End User (2020-2032)

14.1.11.1.

14.2. Europe

14.2.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.2.2. Market Revenue and Forecast, by Application (2020-2032)

14.2.3. Market Revenue and Forecast, by Resin (2020-2032)

14.2.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.2.5. Market Revenue and Forecast, by Form (2020-2032)

14.2.6. Market Revenue and Forecast, by End User (2020-2032)

14.2.7.

14.2.8. UK

14.2.8.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.2.8.2. Market Revenue and Forecast, by Application (2020-2032)

14.2.8.3. Market Revenue and Forecast, by Resin (2020-2032)

14.2.9. Market Revenue and Forecast, by Substrate (2020-2032)

14.2.10. Market Revenue and Forecast, by Form (2020-2032)

14.2.10.1. Market Revenue and Forecast, by End User (2020-2032)

14.2.11. Germany

14.2.11.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.2.11.2. Market Revenue and Forecast, by Application (2020-2032)

14.2.11.3. Market Revenue and Forecast, by Resin (2020-2032)

14.2.12. Market Revenue and Forecast, by Substrate (2020-2032)

14.2.13. Market Revenue and Forecast, by Form (2020-2032)

14.2.14. Market Revenue and Forecast, by End User (2020-2032)

14.2.14.1.

14.2.15. France

14.2.15.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.2.15.2. Market Revenue and Forecast, by Application (2020-2032)

14.2.15.3. Market Revenue and Forecast, by Resin (2020-2032)

14.2.15.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.2.16. Market Revenue and Forecast, by Form (2020-2032)

14.2.16.1. Market Revenue and Forecast, by End User (2020-2032)

14.2.17. Rest of Europe

14.2.17.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.2.17.2. Market Revenue and Forecast, by Application (2020-2032)

14.2.17.3. Market Revenue and Forecast, by Resin (2020-2032)

14.2.17.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.2.18. Market Revenue and Forecast, by Form (2020-2032)

14.2.18.1. Market Revenue and Forecast, by End User (2020-2032)

14.3. APAC

14.3.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.3.2. Market Revenue and Forecast, by Application (2020-2032)

14.3.3. Market Revenue and Forecast, by Resin (2020-2032)

14.3.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.3.5. Market Revenue and Forecast, by Form (2020-2032)

14.3.6. Market Revenue and Forecast, by End User (2020-2032)

14.3.7. India

14.3.7.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.3.7.2. Market Revenue and Forecast, by Application (2020-2032)

14.3.7.3. Market Revenue and Forecast, by Resin (2020-2032)

14.3.7.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.3.8. Market Revenue and Forecast, by Form (2020-2032)

14.3.9. Market Revenue and Forecast, by End User (2020-2032)

14.3.10. China

14.3.10.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.3.10.2. Market Revenue and Forecast, by Application (2020-2032)

14.3.10.3. Market Revenue and Forecast, by Resin (2020-2032)

14.3.10.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.3.11. Market Revenue and Forecast, by Form (2020-2032)

14.3.11.1. Market Revenue and Forecast, by End User (2020-2032)

14.3.12. Japan

14.3.12.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.3.12.2. Market Revenue and Forecast, by Application (2020-2032)

14.3.12.3. Market Revenue and Forecast, by Resin (2020-2032)

14.3.12.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.3.12.5. Market Revenue and Forecast, by Form (2020-2032)

14.3.12.6. Market Revenue and Forecast, by End User (2020-2032)

14.3.13. Rest of APAC

14.3.13.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.3.13.2. Market Revenue and Forecast, by Application (2020-2032)

14.3.13.3. Market Revenue and Forecast, by Resin (2020-2032)

14.3.13.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.3.13.5. Market Revenue and Forecast, by Form (2020-2032)

14.3.13.6. Market Revenue and Forecast, by End User (2020-2032)

14.4. MEA

14.4.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.4.2. Market Revenue and Forecast, by Application (2020-2032)

14.4.3. Market Revenue and Forecast, by Resin (2020-2032)

14.4.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.4.5. Market Revenue and Forecast, by Form (2020-2032)

14.4.6. Market Revenue and Forecast, by End User (2020-2032)

14.4.7. GCC

14.4.7.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.4.7.2. Market Revenue and Forecast, by Application (2020-2032)

14.4.7.3. Market Revenue and Forecast, by Resin (2020-2032)

14.4.7.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.4.8. Market Revenue and Forecast, by Form (2020-2032)

14.4.9. Market Revenue and Forecast, by End User (2020-2032)

14.4.10. North Africa

14.4.10.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.4.10.2. Market Revenue and Forecast, by Application (2020-2032)

14.4.10.3. Market Revenue and Forecast, by Resin (2020-2032)

14.4.10.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.4.11. Market Revenue and Forecast, by Form (2020-2032)

14.4.12. Market Revenue and Forecast, by End User (2020-2032)

14.4.13. South Africa

14.4.13.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.4.13.2. Market Revenue and Forecast, by Application (2020-2032)

14.4.13.3. Market Revenue and Forecast, by Resin (2020-2032)

14.4.13.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.4.13.5. Market Revenue and Forecast, by Form (2020-2032)

14.4.13.6. Market Revenue and Forecast, by End User (2020-2032)

14.4.14. Rest of MEA

14.4.14.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.4.14.2. Market Revenue and Forecast, by Application (2020-2032)

14.4.14.3. Market Revenue and Forecast, by Resin (2020-2032)

14.4.14.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.4.14.5. Market Revenue and Forecast, by Form (2020-2032)

14.4.14.6. Market Revenue and Forecast, by End User (2020-2032)

14.5. Latin America

14.5.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.5.2. Market Revenue and Forecast, by Application (2020-2032)

14.5.3. Market Revenue and Forecast, by Resin (2020-2032)

14.5.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.5.5. Market Revenue and Forecast, by Form (2020-2032)

14.5.6. Market Revenue and Forecast, by End User (2020-2032)

14.5.7. Brazil

14.5.7.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.5.7.2. Market Revenue and Forecast, by Application (2020-2032)

14.5.7.3. Market Revenue and Forecast, by Resin (2020-2032)

14.5.7.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.5.8. Market Revenue and Forecast, by Form (2020-2032)

14.5.8.1. Market Revenue and Forecast, by End User (2020-2032)

14.5.9. Rest of LATAM

14.5.9.1. Market Revenue and Forecast, by Vehicle (2020-2032)

14.5.9.2. Market Revenue and Forecast, by Application (2020-2032)

14.5.9.3. Market Revenue and Forecast, by Resin (2020-2032)

14.5.9.4. Market Revenue and Forecast, by Substrate (2020-2032)

14.5.9.5. Market Revenue and Forecast, by Form (2020-2032)

14.5.9.6. Market Revenue and Forecast, by End User (2020-2032)

Chapter 15. Company Profiles

15.1. Henkel (Germany), H.B. Fuller (US)

15.1.1. Company Overview

15.1.2. Product Offerings

15.1.3. Financial Performance

15.1.4. Recent Initiatives

15.2. Sika AG (Switzerland)

15.2.1. Company Overview

15.2.2. Product Offerings

15.2.3. Financial Performance

15.2.4. Recent Initiatives

15.3. Ashland (US)

15.3.1. Company Overview

15.3.2. Product Offerings

15.3.3. Financial Performance

15.3.4. Recent Initiatives

15.4. PPG Industries (US)

15.4.1. Company Overview

15.4.2. Product Offerings

15.4.3. Financial Performance

15.4.4. Recent Initiatives

15.5. Permabond (UK)

15.5.1. Company Overview

15.5.2. Product Offerings

15.5.3. Financial Performance

15.5.4. Recent Initiatives

15.6. 3M (US)

15.6.1. Company Overview

15.6.2. Product Offerings

15.6.3. Financial Performance

15.6.4. Recent Initiatives

15.7. Wacker Chemie AG (Germany)

15.7.1. Company Overview

15.7.2. Product Offerings

15.7.3. Financial Performance

15.7.4. Recent Initiatives

15.8. Bostik SA – An Arkema company (France)

15.8.1. Company Overview

15.8.2. Product Offerings

15.8.3. Financial Performance

15.8.4. Recent Initiatives

15.9. L&L Products (US)

15.9.1. Company Overview

15.9.2. Product Offerings

15.9.3. Financial Performance

15.9.4. Recent Initiatives

15.10. Jowat SE (Germany)

15.10.1. Company Overview

15.10.2. Product Offerings

15.10.3. Financial Performance

15.10.4. Recent Initiatives

Chapter 16. Research Methodology

16.1. Primary Research

16.2. Secondary Research

16.3. Assumptions

Chapter 17. Appendix

17.1. About Us

17.2. Glossary of Terms

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