According to the report, the electric vehicle adhesives market was estimated at USD 1.38 billion in 2022 and is likely to grow at a CAGR of 40.04% during 2023-2028 to reach USD 10.61 billion in 2028.

Market Dynamics

Various requirements by automakers, such as bonding similar and dissimilar materials, the substitution of traditional substrates materials by synthetic substrates, and the increasing focus on environmental concerns are increasing the application areas of EV adhesives, as a result, driving the growth of the market. EV adhesives also address issues related to engineering and design as they have the ability to resist vibration and distribute stress over a wide area. They are also lightweight.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Findings

Based on the resin type, the market is segmented as Epoxy, Polyurethane, Silicone, Acrylic, and Others. Polyurethane adhesive is estimated to be the fastest-growing resin in the market during the forecast period. These adhesives are majorly used in structural bonding as well as where there is a requirement of vibration inhibitions, and variation in gap because of thermal differences between the substrates. Basically, polyurethane adhesives are applied to substrates comprising composites, thermoplastics, coated or uncoated aluminum, and coated steel. Bonding the battery cells to the battery module tray, frames, and cooling units is another application of this adhesive.

Based on the form type, the market is segmented as Liquid, Film & Tape, and Others. Liquid adhesive is expected to be the fastest-growing form in the market during the forecast period. The liquid adhesive, applied between two substrates forms a solid material that bonds the substrates together by a physical or chemical change. In the form segment, liquid adhesives have the largest share. Liquid adhesives are used in electric vehicles in various applications such as exterior, interiors, and electric batteries. The highest demand for liquid adhesives is in the exterior application, followed by interior applications.  A significant portion of liquid adhesive application goes to the structural body in the electric vehicle and hence Liquid adhesives occupy a large share of the EV adhesive market by form, since a significant portion of liquid adhesive application goes to the structural body in the electric vehicle.

In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing market during the forecast period, with China, Japan, South Korea, and India being the major countries with lucrative growth opportunities. In 2022, Asia-Pacific accounted for the largest share of the market globally. The contribution of this region mainly includes factors such as the substantial Chinese electric vehicle market as well as all the major battery manufacturers. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

The research report aims to help the users learn about their market size and potential to connect with customers. This report answers the following questions:

·       How big is the potential Electric Vehicle Adhesives Market?

·       Will this market grow or shrink in the future?

·       Who are our top competitors or key players?

·       What market share do the competitors own?

·       How Covid19 has affected the market?

·       How long will it take to recover from the Covid-impact?

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