Electric Vehicle Adhesives Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2032
Page: 215 | Report Code: AT24052001 | Research Suite: Report (PDF) & Market Data (Excel)
Electric vehicle adhesives are bonding materials used in the manufacturing and assembly of electric vehicles (EVs). These adhesives play a crucial role in joining different components of EVs, including body panels, battery modules, electric motors, and electronic components. Unlike traditional mechanical fastening methods such as welding and riveting, electric vehicle adhesives offer several advantages such as weight reduction, vibration damping, and corrosion resistance. They also help enhance the overall safety, performance, and efficiency of electric vehicles by providing seamless bonding, sealing, and insulation properties.
Electric vehicle adhesives are formulated
to withstand the unique operating conditions and environmental challenges
encountered in EVs, including high temperatures, humidity, and exposure to
chemicals. The more the demand for electric vehicles continues to rise, the
market for electric vehicle adhesives grow.
MARKET
OVERVIEW
The global market valuation of Electric Vehicle Adhesives
Market was valued at approximately USD 1.4 Billion in 2022 and is projected to
reach USD 11.5 Billion in 2032 exhibiting a CAGR of 20% during the forecast
period of 2023-2032. Electric Vehicle Adhesives is an essential material for
bonding components in EVs, providing structural integrity, weight reduction,
and resistance to environmental factors. The market is aligned with automotive
sector, which makes it a sustainable and growing market.
GROWTH
DRIVERS
The rise in popularity of electric vehicles (EVs) is a significant driver for the electric vehicle adhesives market. The more the consumers prioritize sustainability and emission reduction, the demand for EVs is grows significantly, creating opportunities for electric vehicle adhesives. Electric vehicle adhesives have emerged as a better alternative to traditional joining methods such as welding and mechanical fastening. They offer several advantages, including reduced weight, improved structural integrity, and enhanced corrosion resistance.
These benefits have led to their increased use in electric vehicle assembly. Electric vehicle manufacturers are focusing more on lightweight materials to improve vehicle efficiency and range. Electric vehicle adhesives play a critical role in bonding lightweight materials, contributing significantly to overall weight reduction. Companies are investing heavily in research and development to innovate new adhesive formulations tailored for electric vehicle applications. Government incentives like Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME), The “Eco-bonus” program and The Inflation Reduction Act (IRA) aimed at promoting electric vehicle adoption are creating a conducive environment for market growth.
This leads to
growth in awareness among consumers about the environmental benefits and
long-term cost savings associated with electric vehicles is boosting market
demand. The stringent emission regulations imposed by governments worldwide
like Euro standards, China 5 and China 6a and 6b drives the adoption of
electric vehicles, contributing towards market growth.
MARKET
SEGMENTATION:
·
By Form– liquid, film,
tape and others
·
By Resin Type – epoxy,
polyurethane, silicone, acrylic and others
·
By Application – powertrain
system, optical element, sensors and communication, body frame
·
By Vehicle Type–
electric cars, electric buses, electric bikes, electric trucks
·
By Substrate- plastic,
composite, metals and others
·
By Region- North America,
Europe, Asia Pacific, The Middle East and Africa, South America
Electric
Vehicle Adhesives Market By Form Segment Review:
Liquid adhesives are versatile and commonly used in various electric vehicle assembly processes. They are dispensed and applied in precise quantities to bond different materials together. Liquid adhesives offer excellent wetting properties, allowing them to spread evenly over the bonding surfaces and create strong, durable bonds. They are often preferred for bonding large surface areas or complex geometries, such as battery packs, body panels, and structural components. Film adhesives are pre-formed adhesive films that are cut accordingly and applied to the bonding surfaces. They offer advantages such as ease of handling, uniform thickness, and consistent adhesive properties.
Film adhesives are commonly used in electric vehicle assembly for
bonding components like insulation materials, thermal management systems, and
electronic components. Tape adhesives consist of an adhesive layer coated onto
a flexible backing material, such as paper, film, or fabric. They are
convenient to use and offer quick and easy application, making them suitable
for rapid assembly processes in electric vehicle manufacturing. Tape adhesives
are commonly used for temporary or semi-permanent bonding applications, such as
securing cable harnesses, mounting electronic components, and sealing joints
and seams.
Electric
Vehicle Adhesives Market By Resin Type Segment
Review:
Epoxy adhesives are known for their exceptional strength, chemical resistance, and durability. They form strong bonds to a wide range of substrates, including metals, plastics, and composites, making them suitable for bonding various components in electric vehicles. Epoxy adhesives helps at room temperature or with heat, providing high bond strength and excellent adhesion even in harsh operating conditions. They are commonly used in electric vehicle assembly for structural bonding applications, such as bonding battery modules, chassis components, and body panels.
Polyurethane adhesives suitable for bonding dissimilar materials and components with thermal expansion. They provide excellent adhesion to metals, plastics, and composites and can withstand thermal cycling, vibration, and mechanical stress in electric vehicle applications. Polyurethane adhesives help to form tough, resilient bonds that maintain their integrity over a wide temperature range, making them ideal for bonding battery packs, structural components, and interior trim panels in electric vehicles.
Silicone adhesives
offer excellent adhesion to various substrates, including metals, glass, and
plastics, and provide reliable sealing and bonding performance in battery
enclosures, electrical connectors, and exterior trim components. Acrylic
adhesives are known for their quick, high bond strength, and resistance to
impact and environmental factors. They offer good adhesion to a variety of
substrates and provide excellent durability and weatherability in electric
vehicle applications. Acrylic adhesives are commonly used for bonding
lightweight materials, such as plastics and composites, in electric vehicle
assembly.
Electric
Vehicle Adhesives Market By Application Segment
Review:
The powertrain system of an electric vehicle includes components such as electric motors, inverters, and battery modules, which require strong bonding solutions to ensure reliable performance and efficiency. Electric vehicle adhesives are used in powertrain assembly for bonding and sealing applications, including motor encapsulation, battery module bonding, and inverter assembly. These adhesives provide strong, durable bonds that withstand thermal cycling, vibration, and mechanical stress, ensuring the integrity and longevity of the powertrain system in electric vehicles.
Optical elements in electric vehicles include components such as headlamps, taillights, and displays, which require precision bonding solutions to maintain optical clarity, durability, and aesthetics. Electric vehicle adhesives are used in optical element assembly for bonding and sealing applications, such as lens bonding, display assembly, and light module encapsulation. Sensors and communication systems in electric vehicles play a crucial role in monitoring vehicle performance, controlling functions, and transmitting data for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication.
Electric vehicle adhesives are used in sensor and communication system assembly
for bonding and encapsulation applications, including sensor mounting, antenna
bonding, and electronic module encapsulation. These adhesives provide secure,
moisture-resistant bonds that protect sensitive electronic components and
ensure reliable operation of sensors and communication systems in electric
vehicles. The body frame of an electric vehicle comprises structural components
such as chassis, body panels, and frame members, which require strong,
lightweight bonding solutions to enhance vehicle safety, stability, and
performance. Electric vehicle adhesives are used in body frame assembly for
structural bonding and reinforcement applications, including chassis bonding,
panel bonding, and frame reinforcement. These adhesives provide high bond
strength, corrosion resistance, and fatigue resistance, helping to reduce
vehicle weight, improve structural integrity, and enhance crashworthiness in
electric vehicles.
Electric
Vehicle Adhesives Market By Vehicle Type Segment
Review:
Electric cars, also known as electric vehicles (EVs) or battery electric vehicles (BEVs), are passenger vehicles powered entirely by electric motors and rechargeable batteries. Electric car manufacturers require adhesives that provide strong, lightweight bonding solutions for various applications throughout the vehicle, including powertrain assembly, body frame construction, interior components, and exterior trim. Electric buses, also known as electric transit buses or e-buses, are public transportation vehicles powered by electric motors and onboard battery packs.
Electric bus manufacturers require adhesives that offer reliable bonding solutions for structural components, body panels, interior fittings, and electrical systems. Adhesives used in electric buses must provide high bond strength, impact resistance, and flame retardancy to ensure the safety, comfort, and performance of passengers and operators while meeting regulatory standards for public transportation vehicles. Electric bikes, also known as e-bikes or electric bicycles, equipped with electric motors and rechargeable batteries.
Electric
bike manufacturers require adhesives that offer lightweight bonding solutions
for frame construction, component assembly, and electrical system integration.
Electric trucks, also known as electric commercial vehicles or e-trucks, are
heavy-duty vehicles powered by electric motors and large battery packs designed
for freight transport, logistics, and commercial fleet operations. Electric
truck manufacturers require adhesives that offer robust bonding solutions for
chassis construction, body assembly, cargo handling equipment, and onboard
systems.
Electric
Vehicle Adhesives Market By Substrate Type Segment
Review:
Plastic substrates are commonly used in electric vehicle components such as interior trim, exterior panels, and structural parts due to their lightweight, cost-effective, and design flexibility properties. Adhesives used for bonding plastic substrates in electric vehicles offers excellent adhesion to a variety of plastics, including polypropylene, polyethylene, acrylonitrile butadiene styrene, polycarbonate, and polyamide. These adhesives should provide strong, durable bonds that withstand thermal cycling, vibration, and exposure to environmental factors such as moisture, UV radiation, and chemicals.
Composite substrates, such as carbon fiber reinforced polymer and
glass fiber reinforced polymer, are used in electric vehicle body structures,
chassis components, and battery enclosures to reduce weight, improve
strength-to-weight ratio, and enhance energy efficiency. Adhesives used for
bonding composite substrates in electric vehicles offer exceptional adhesion to
composite materials, ensuring robust and durable bonds that withstand
mechanical loads, fatigue, and environmental conditions. Metal substrates are
used in electric vehicle manufacturing for structural components, powertrain
systems, and chassis assemblies due to their strength, durability, and thermal
conductivity properties. Adhesives used for bonding metal substrates in
electric vehicles offer high bond strength, corrosion resistance, and thermal
stability to ensure reliable performance under demanding operating conditions.
Electric
Vehicle Adhesives Market Regional Analysis:
North America is a growing market driven by the presence of
government initiatives promoting electric vehicle adoption and presence of EV
companies like Tesla in this region. Europe is a significant market due to the
presence of strong automotive manufacturing hub and supportive government
policies for adoption of EVs. Asia Pacific is another significant market driven
by rapid urbanization and industrialization and government initiatives for the
adoption of EVs. The Middle East and Africa market is expected to grow due to
factors including the need to reduce dependency on fossil fuels and
infrastructure development which includes EV charging infrastructure. South
America market is expected to grow driven by the factors like urbanization and
industrialization.
Key
Challenges:
The primary challenges faced by electric vehicle adhesives
is ensuring compatibility with a wide range of substrate materials used in EV
manufacturing, including plastics, composites, and metals. The cost of electric
vehicle adhesives, including material costs, manufacturing processes, and
assembly labor, may impact the overall cost of EV production which may hinder
the market growth. Electric vehicles operate in diverse and often harsh
environments, including high temperatures, humidity, vibration, and exposure to
chemicals and more. Adhesives used in EV assembly must demonstrate reliable
performance under these extreme conditions, maintaining bond strength,
durability, and resistance to degradation over the vehicle's lifecycle.
Competitive
Landscape:
In the highly competitive Electric Vehicle Adhesives market,
companies are investing heavily in research and development to innovate and
improve the product and services. They are also collaborating, forming
strategic partnerships, or acquiring other companies to gain access to new
market segments, enhance distribution networks, and increase market share.
Recent developments includes Henkel AG & Co.
acquired Nanoramic Laboratories Thermal Management Materials. H.B. Fuller
company acquired Apollo to strengthen the market position in Japan.
Global
Key Players:
·
Ashland Inc.
·
H.B. Fuller
·
Jowat SE
·
PPG Industries
·
Sika AG
·
3M
·
Wacker Chemie AG
·
Arkema S.A.
·
Parker Hannifin Corporation
· Illinois Tool Works Inc.
Attributes |
Details |
Base Year |
2022 |
Trend Period |
2023 – 2032 |
Forecast Period |
2023 – 2032 |
Pages |
215 |
By Form |
liquid, film and tape
and others |
By Resin Type |
epoxy, polyurethane,
silicone, acrylic and others |
By Application |
powertrain system,
optical element, sensors and communication, body frame |
By Vehicle Type |
electric cars, electric
buses, electric bikes, electric trucks |
By Substrate |
plastic,
composite, metals and others |
By region |
North America, Europe,
Asia Pacific, the Middle East and Africa, and South America |
Company Profiles |
Ashland Inc., H.B.
Fuller, Jowat SE, PPG Industries, Sika AG, 3M, Wacker Chemie AG, Arkema S.A.,
Parker Hannifin Corporation, Illinois Tool Works Inc. |
Edition |
1st edition |
Publication |
May 2024 |