Electrical Vehicle Adhesives Market - By Resin Type (Polyurethane, Epoxy, Acrylic, Silicone), By Vehicle Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles), By Formulation, By Application, By End-use & Forecast, 2024 – 2032

Electrical Vehicle Adhesives Market Size

Electrical Vehicle Adhesives Market size was valued at around USD 1.4 billion in 2023 and is estimated to witness 30% CAGR from 2024 to 2032. The global push towards sustainable transportation has resulted in a significant increase in the adoption of electric vehicles. As more consumers and industries shift towards EVs, there is a growing demand for adhesives used in various EV components, such as battery packs, power electronics, and electric motors.
 

Adhesives play a crucial role in enabling lightweight design in electric vehicles. By replacing traditional mechanical fasteners, adhesives reduce weight and allow for more design flexibility. This weight reduction contributes to improved energy efficiency and increased driving range for EVs.
 

EV components, such as batteries and power electronics, can generate high temperatures during operation. Adhesives used in these applications must exhibit excellent temperature resistance to withstand extreme heat and environmental conditions. Ensuring the long-term stability and reliability of adhesives in such environments remains a challenge. Adhesive bonding is critical for ensuring the structural integrity and safety of battery packs. Advanced adhesive technologies that meet the demanding requirements of EV applications can be relatively expensive. Thus, the high-end pricing and risks associated with Electrical vehicle adhesives may drive down the acceptance rate, further hampering the business growth.
 

COVID-19 Impact

Many automotive manufacturers temporarily shut down production facilities or reduced their manufacturing output to adhere to lockdown measures and cope with declining demand during the pandemic. The reduced production of electric vehicles could have affected the demand for adhesives used in EV components. The pandemic's impact on the global economy led to fluctuations in consumer demand for electric vehicles. Uncertainty about the future and economic constraints might have affected consumers' willingness to purchase electric vehicles, influencing the demand for EV adhesives. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the Electrical vehicle adhesives industry growth in the upcoming years.
 

Electrical Vehicle Adhesives Market Trends

Electric vehicles place a strong emphasis on reducing weight to improve energy efficiency and extend driving range. As a result, there was a growing trend of using lightweight materials such as composites, aluminum, and high-strength steels in EV construction. Adhesives played a crucial role in joining these materials together, providing structural integrity while minimizing weight. As electric vehicle technology advanced, the demand for adhesives with specific properties increased. Manufacturers were looking for adhesives that could withstand higher temperatures, offer excellent thermal management properties, and provide strong and durable bonds for critical components like batteries and power electronics. Thus, the growing prevalence and uses is expected to expedite the Electrical vehicle adhesives industry expansion.
 

Electrical Vehicle Adhesives Market Analysis

Based on resin type, the electrical vehicle adhesives market is segmented as polyurethane, epoxy, acrylic, silicone, others. The reagents & kits held a majority market value of USD 0.3 billion in 2022. PU adhesives offer strong adhesion to various substrates, making them suitable for bonding different materials used in electric vehicles, such as metals, plastics, and composites. The flexibility of PU adhesives helps absorb vibrations and shocks in EV components, contributing to improved NVH (Noise, Vibration, and Harshness) performance. Moreover, an increasing usage will further accelerate the segmental growth.
 

Based on vehicle type, the electrical vehicle adhesives market is segmented as battery electric vehicles, plug-in hybrid electric vehicles, hybrid electric vehicles. Battery Electric Vehicles held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace by 2032. BEVs require adhesives for bonding the battery cells together to form the battery pack. Strong and durable adhesive bonds are essential for the structural integrity and safety of the battery pack. Adhesives play a crucial role in bonding lightweight materials such as composites and aluminium, supporting overall vehicle weight reduction.
 

Based on formulation, the electrical vehicle adhesives market is segmented as liquid, paste, film, tape. Liquid held the dominant market in 2022 and is anticipated to grow through the years. Liquid adhesives come in various formulations, allowing manufacturers to customize the adhesive properties based on specific application requirements within electric vehicles. This versatility makes liquid adhesives suitable for bonding different materials and components in EVs. Liquid adhesives are easy to apply, making them efficient for high-volume production in electric vehicle manufacturing.
 

Based on application, the electrical vehicle adhesives market is segmented as Battery Pack Assembly, Power Electronics, Electric Motor, Interior Assembly, Exterior Assembly. Battery pack assembly held a dominant market share in 2022 and is anticipated to grow at 26% CAGR till 2032. Adhesives used in bonding battery cells and modules must provide strong and durable bonds to ensure the structural integrity and safety of the battery pack. Battery packs generate heat during charging and discharging. Adhesives with good thermal conductivity and resistance are essential for efficient heat dissipation and temperature management. Thus, the high-quality services and growing usage are anticipated to expedite the business growth.
 

Based on end-use, the electrical vehicle adhesives market is segmented as Automotive OEMs, Aftermarket. Automotive OEM held the dominant market in 2022 and is anticipated to grow through the years. The automotive industry is the primary driver of demand for EV adhesives. As electric vehicles gain popularity, the automotive sector requires adhesives for various components, such as battery packs, electric motors, power electronics, and structural bonding.
 

U.S. dominated the North American region with majority electrical vehicle adhesives market share and a revenue of USD 0.23 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The electric vehicle market in North America has been expanding steadily. The rising consumer interest in eco-friendly and sustainable transportation, along with advancements in EV technology, contributed to the growth in electric vehicle sales. As the number of electric vehicles on the roads increased, so did the demand for EV adhesives used in their manufacturing and maintenance. Thus, the above-mentioned variables would augment the Electrical vehicle adhesives business growth in the North America positively.
 

Electrical Vehicle Adhesives Market Share

Some of the major market players operating in the Electrical vehicle adhesives market are

• Henkel AG & Co. KGaA
• Henkel AG & Co. KGaA
• Sika AG
• Dow Inc
• H.B. Fuller Company
• Bostik SA
• Permabond Engineering Adhesives Ltd
• Lord Corporation
• Jowat SE
• Ashland Global Holdings Inc

These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Electrical Vehicle Adhesives Industry News:

•  In September 2022, Henkel AG & Co. KGaA has completed the acquisition of Nanoramic Laboratories' Thermal Management Materials business. Henkel used this acquisition to strengthen its Adhesive Technologies business unit's position in the growing markets for Thermal Interface Materials (TIM) by expanding its capabilities in high-performance segments.
   
• In January 2022, H.B. Fuller Company announced that it completed the acquisition of Apollo, the largest independent manufacturer of liquid adhesives, coatings, and primers for the roofing, industrial, and construction markets in the UK.
   
• In April 2021, Sika AG acquired Hamatite, the adhesives business of The Yokohama Rubber Co., Ltd. Hamatite is a market leader in Japan, offering adhesives & sealants to the automotive and construction industries. The acquisition helped company to strengthen its market position in Japan and increase market access to all major Japanese OEMs
   

Electrical vehicle adhesives market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion & Units from 2018 to 2032, for the following segments:

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By Resin Type

• Polyurethane
• Epoxy
• Acrylic
• Silicone
• Others

By Vehicle Type

• Battery Electric Vehicles
• Plug-in Hybrid Electric Vehicles
• Hybrid Electric Vehicles

By Formulation

• Liquid
• Paste
• Film
• Tape

By Application

• Battery Pack Assembly
• Power Electronics
• Electric Motor
• Interior Assembly
• Exterior Assembly

By End-use

• Automotive OEMs
• Aftermarket

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt