Electrical Vehicle Adhesives Market Analysis

Electrical Vehicle Adhesives Market Analysis

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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.