Global Electric Vehicle Adhesives Market by Resin Type (Epoxy, Silicones, Polyurethane, Acrylics, and Others); by Application (Powertrain, Exterior, and Interior); by Vehicle Type (Electric Bus, Electric Car, Electric Bike, and Electric Truck) by Substrate (Plastic, Metals, Composite and Others) by Form (Film & Tape, Liquid and Others); by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa); - Global Forecasts 2021 to 2027

Date : Oct 2021

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Report ID : 117

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Category : Coating , Adhesives, Sealants and Elastomers

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Report Format:  PDF EXCEL PPT WORD

The Global Electric Vehicle Adhesives Market was valued at USD 315.8 Mn in 2020 and is expected to reach USD 2,468.5 Mn by 2027, with a growing CAGR of 34.1% during the forecast period.

The Global Electric Vehicle Adhesives Market Definition:

Electric vehicle adhesives are adhering substance which facilitates adhesion between the two parts of the vehicle without influencing their core function. It helps in providing a strong light bond among battery parts and also offers smooth functioning of the vehicle components. These adhesives possess the ability to offer flexibility and own strong adhesion characteristics, thereby driving the electric vehicle industry size.

The Global Electric Vehicle Adhesives Market Dynamics:

The electric vehicle adhesives market is accounted to boost at a significant pace in the forecast period. The market is majorly experiencing traction owing to the increasing preference of consumers for adopting environment-friendly vehicles to curb the carbon footprints of the earth. In addition, the growing stringent policies by the government for maintaining the average fuel consumption per vehicle by several economies is also expected to drive the demand for the electric vehicle adhesives industry. For instance, The Corporate Average Fuel Economy (CAFE), a governing body in the U.S. that is responsible for regulating the average fuel economy of new vehicles sold in the United States has mandated that all passenger vehicles should achieve an average mileage of 54.5 miles per gallon by 2025. The use of adhesives in the automotive industry helps in reducing the weight of several finished parts. Vehicles with lighter weight help in reducing fuel consumption and overall operating costs. The reduced fuel consumption thus results in fewer emissions in the environment. Therefore, growing concerns for fuel-efficient vehicles are thereby driving the demand for the electric vehicle adhesives industry.

Moreover, adhesives not only help to reduce the weight of electric vehicles but also play a crucial role in improving their overall vehicle efficiency. Adhesives are used for several applications in EVs, such as sealing, potting of relays and sensors, cell fixing, and for the sealing of fuel cell batteries. Specially designed compounds help in protecting batteries from water, dust, and also helps to regulate noise, dampen vibration, and heat. All of these properties are propelling the consumption of adhesives in the EV market. Hence, increasing production of EVs is expected to propel the electric vehicle adhesives industry demand.

Despite such growth factors, limited availability of charging stations and the increased upfront cost of EVs are few factors posing challenges in the growth of electric vehicles adhesives market in the forecast period mentioned above. However, the rising production of electric vehicles along with growing modernization in automotive industry is providing lucrative growth opportunities in the electric vehicle adhesives market.

The Global Electric Vehicle Adhesives Market Segmentation:

By Resin Type

  • Epoxy
  • Silicones
  • Polyurethane
  • Acrylics
  • Others

By Application

  • Powertrain
  • Exterior
  • Interior

By Vehicle Type

  • Electric Bus
  • Electric Car
  • Electric Bike
  • Electric Truck

By Substrate

  • Plastic
  • Metals
  • Composite
  • Others

By Form

  • Film & Tape
  • Liquid
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

The unique insights provided by this report also include the following:

  • In-Depth Value Chain Analysis
  • Market Opportunity Mapping
  • Sector Snapshot
  • Key Players Positioning Matrix
  • Regulatory Scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market Trends
  • Covid-19 Impact Analysis
  • Product Comparison
  • Pre & Post Covid 19 Impact On Electric Vehicle Adhesives Market
  • Competitive Landscape

Based on resin type, polyurethane resin type accounted for the largest share in the electric vehicle adhesives market owing to various advantages offered by polyurethane over other resins type

Based on resin type, the electric vehicle adhesives market is segmented as epoxy, silicones, polyurethane, acrylics, and others. Among these, polyurethane resin type accounted for the largest share in the electric vehicle adhesives market. This high share is mainly due to the fast-curing and cost-efficient nature of polyurethane. Polyurethane EV adhesives are known for their excellent adhesion to porous and smooth surfaces. Apart from this, urethane systems provide several properties such as abrasion resistance, high flexibility, gap-filling, and superior physical strength capabilities. They also offer strong bonding to larger areas, which provides them a competitive advantage in comparison to other types of resins. Owing to their ability to bind to metals and high strength, polyurethanes are commonly used in a wide range of applications in electric vehicles. These benefits offered by polyurethane are contributing to increasing the electric vehicle adhesives industry size.

Based on vehicle type, the electric car segment has shown the most lucrative growth in the electric vehicle adhesives market due to the rising demand for electric vehicles across the globe

Based on vehicle type, the electric vehicle adhesives industry is fragmented as an electric bus, electric car, electric bike, and electric truck. Among these, the electric car segment has shown the most lucrative growth in the electric vehicle adhesives market. This growth is prominently attributed to the rising demand for electric vehicles across the globe. Factors such as growing environmental concerns, increasing demand for low emission commuting along with favourable governments support for zero-emission, long-range cars through subsidies & tax rebates have forced the manufacturers to provide electric vehicles around the world. Due to this, many tops and luxurious vehicle manufacturers have announced their electrification plans to widen their portfolio of models and to rapidly scale up the production of light-duty electric vehicles. For instance, in October 2021, Rolls-Royce Motor Cars announced to launch of its first electric car “SPECTRE” in 2023. The on-road testing of its first fully electric car is expected to begin shortly. As adhesives are an indispensable material in manufacturing electric vehicles, the growing production and demand of these vehicles are expected to positively affect the market growth.

Based on regions, the Asia-Pacific region has dominated the electric vehicle market across the globe owing to favourable government policies and increasing investments that are driving the growing automotive industry in the region

Based on region, the electric vehicle adhesives market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the Asia-Pacific region has dominated the electric vehicle adhesives industry across the globe. The growth in this region is mainly attributed to the rapidly growing automotive industry in emerging economies such as India, China, and South Korea. Favourable government policies and increasing investments are driving the automotive industry and thereby the growth of electric vehicle adhesives in this region. Policies such as “Made in China 2025” and the “Automobile Industry Mid and Long-Term Development Plan” are focusing on manufacturing light-weighting and new energy vehicles that will focus on reduction of fuel consumption. Moreover, low labour costs in China and the increasing trade war tensions between China and the US and have forced several end-users of adhesives manufacturers to establish and relocate their manufacturing base in the ASEAN countries. This relocation is projected to rise the demand for EV adhesives in the Asia-Pacific region.

The report also provides in-depth analysis of Electric Vehicle Adhesives market dynamics such as drivers, restraints opportunities and challenges

Drivers

  • Growing environmental concern
  • Increasing demand for light-weight electric vehicles
  • Supportive government initiatives for increasing the production of EVs

Restraints

  • Lack of standardization
  • High upfront cost of electric vehicles
  • Limited availability of charging stations

Opportunities

  • Scope for growth of autonomous electric vehicle

Note: Challenges along with in-depth market dynamics analysis is mentioned in the report. .

COVID-19 impact on the electric vehicle adhesives market analysis

The Covid-19 pandemic has majorly affected the growth of the electric vehicle adhesives market across the globe. The pandemic has put immense pressure on the economies around the world including the India, U.S., China, and U.K. among others, and has pushed these economies into a severe recession. This has resulted in incessant pay cuts and numerous employment losses leading to the reduced disposable income of consumers, and a shift in their focus towards essential products. This has severely impacted the demand for electric vehicles and in turn the electric vehicle adhesive market. Apart from this, the pandemic also brought a halt in vehicle production due to lockdowns, production suspensions, and supply shortages in the early months of 2020. According to the European Automobile Manufacturers Association (ACEA), 2020 recorded the biggest yearly drop in car demand since 1990 in all 27 EU markets. 

The report also provides an in-depth analysis of key trends in electric vehicle adhesives market

Favorable government policies and initiatives for adopting and increasing the production of electric vehicles by several countries are positively impacting the market. For instance, India released The National Electric Mobility Mission Plan (NEMMP) 2020 which is a National Mission document that provides the roadmap and vision for the faster adoption of electric vehicles and their manufacturing in the country.

The report also provides in-depth analysis of recent news developments and investments

  • In April 2021, Sika AG announced to acquire Hematite which is an adhesives business of The Yokohama Rubber Co., Ltd. With this acquisition, the company aims at strengthening its market position in Japan and improve market access to all major Japanese OEMs. The company also plans to extend the product offering for bonding and sealing applications in the Japanese construction and automotive industry.
  • In September 2021, TVS Motor Company announced its plans to launch a complete and new range of electric two and three-wheelers in the coming two years. The company's electric vehicles aim to play a prominent role in the country's advancing electric vehicle space and are expected to have a power output that would range from five to twenty-five kilowatts.

Company Profiles and Competitive Intelligence

The key players operating in the electric vehicle adhesives industry are:

  • Ashland Inc.
  • Henkel GmbH & Co. KGaA
  • H.B. Fuller
  • Jowat SE
  • LORD Corporation
  • L&L Products
  • PPG Industries, Inc.
  • Uniseal, Inc.
  • Sika AG
  • Wacker Chemie AG
  • 3M
  • Bostik SA
  • Permabond
  • Parker Hannifin Corp
  • Avery Dennison Corp.
  • RPM International Inc.
  • LINTEC Corp.
  • Illinois Tool Works Inc.
  • Huntsman Corp.
  • Pidilite Industries Ltd.
  • Mactac
  • DELO Industrial Adhesives
  • The Reynolds Co.
  • General Sealants, Inc.
  • Chemence

Frequently Asked Questions (FAQs)

What is the market value for Global Electric Vehicle Adhesives Market?

The global Electric Vehicle Adhesives market was valued at USD 315.8 Mn in 2020 and is anticipated to reach USD 2,468.5 Mn by 2027.

What is the estimated market growth rate of Electric Vehicle Adhesives Industry?

The Electric Vehicle Adhesives Market is estimated to grow at a compound annual growth rate (CAGR) of 34.1% during forecast period.

Which regional segment is expected to be the fastest growing region during the forecast period?

The Asia-Pacific is expected to be the fastest growing region during the forecast period.

Who are the key players in the Electric Vehicle Adhesives Industry?

A few key players include, but not limited to: Ashland Inc., Henkel GmbH & Co. KGaA, H.B. Fuller, Jowat SE, LORD Corporation, L&L Products, PPG Industries, Inc., and Uniseal, Inc. among others.

Does the report provide detailed COVID-19 analysis for Electric Vehicle Adhesives Market?

Yes, the report contains detailed COVID-19 analysis for Electric Vehicle Adhesives Market.

Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

  1. Introduction
    1. Product Outline
    2. Electric Vehicle Adhesives Overview
    3. Different Types Of Electric Vehicle Adhesives 
    4. Analysis Of Electric Vehicle Adhesives Ecosystem
    5. Supply Chain Analysis
    6. Covid -19 Impact
    7. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    8. Technology Overview
  2. Technology and Regulatory Landscape for Electric Vehicle Adhesives    
    1. Regulations and Standards
  3. Electric Vehicle Adhesives Market Pricing Analysis
    1. Prices of Electric Vehicle Adhesives   
  4. Electric Vehicle Adhesives Market by Resin Type
    1. Epoxy
    2. Silicones
    3. Polyurethane
    4. Acrylics
    5. Others
  5. Electric Vehicle Adhesives Market by Application
    1. Powertrain
    2. Exterior
    3. Interior
  6. Electric Vehicle Adhesives Market by Vehicle Type
    1. Electric Bus
    2. Electric Car
    3. Electric Bike
    4. Electric Truck
  7. Electric Vehicle Adhesives Market by Substrate
    1. Plastic
    2. Metals
    3. Composite
    4. Others
  8. Electric Vehicle Adhesives Market by Form
    1. Film & Tape
    2. Liquid
    3. Others
  9. Regional Analysis
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Norway
      5. Italy
      6. Spain
      7. Netherlands
      8. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. New Zealand
      6. Rest Of Asia Pacific
    4. Middle East and Africa
    5. South America
  10. Key Strategic Insights
    1. New Raw Material Sources
    2. New Applications
    3. Emerging Technologies
    4. Opportunity mapping
    5. Critical Success Factors
    6. Environmental Impact and sustainability issues
    7. Consumer preferences
  11. Key Market Trends / Recent Developments
  12. Competitive Scenario
    1. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    2. Strength of product portfolio
    3. Ranking of Key Players
    4. Presence of players by Geographies
  13. Key Global Players
    1. Ashland Inc.
    2. Henkel GmbH & Co. KGaA
    3. H.B. Fuller
    4. Jowat SE
    5. LORD Corporation
    6. L&L Products
    7. PPG Industries, Inc.
    8. Uniseal, Inc.
    9. Sika AG
    10. Wacker Chemie AG
    11. 3M
    12. Bostik SA
    13. Permabond
    14. Parker Hannifin Corp
    15. Avery Dennison Corp.
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