Electric Vehicle Adhesives Market To Reach USD 35.4 Billion By 2032
The electric vehicle adhesives market size was valued at USD 2.1 Billion in 2023 and is expected to reach a market size of USD 35.4 Billion by 2032 at a CAGR of 37.1%.
Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) —
Growing focus on environmental sustainability to impel the electric vehicle adhesive industry growth.
The electric vehicle adhesives market is expanding significantly, primarily propelled by the growing emphasis on environmental sustainability and the imperative to curb carbon emissions. Governments worldwide are enacting strict emission standards, exemplified by initiatives like the European Union’s aim to reduce CO2 emissions from new cars by 37.5% by 2030 compared to 2021. This regulatory push has led to the adoption of electric vehicles, consequently fueling the need for specialized adhesives utilized in their production. Moreover, the spotlight on lightweight materials such as aluminum and composites, aimed at enhancing vehicle efficiency and extending battery range, further boosts the demand for advanced bonding solutions.
The swift progress in electric vehicle (EV) technology and the escalating demand for high-performance vehicles are pivotal drivers propelling the growth of the electric vehicle adhesives market. Manufacturers continuously innovate to enhance battery technology, electric motors, and power electronics, necessitating dependable and resilient bonding solutions. For instance, the U.S. Department of Energy’s Vehicle Technologies Office is channeling investments into research and development efforts to enhance electric vehicle battery performance to reduce battery pack costs to USD 125/kWh by 2022. Additionally, the increasing emphasis on vehicle safety and crash resistance mandates the utilization of high-strength adhesives, thereby further augmenting market expansion.
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Segmentation Overview:
The electric vehicle adhesives market has been segmented into resin type, substrate, vehicle type, application, and region.
Epoxy resins to account for a significant market share in the coming years.
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Based on the market segmentation by resin type, the epoxy resin segment accounted for a significant market share in 2023. Epoxy adhesives offer excellent bonding strength, durability, and resistance to high temperatures and chemicals, making them ideal for various applications in electric vehicles.
Body Frame to lead the application segment in the coming years.
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Based on the market segmentation by application, the body frame segment held a significant market share in 2023. The body frame of an electric vehicle requires high-strength bonding solutions to ensure structural integrity, crashworthiness, and durability. The powertrain segment, including the electric motor, transmission, and power electronics, is expected to exhibit a high CAGR during the forecast period.
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Electric Vehicle Adhesives Market Report Highlights:
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Some prominent players in the electric vehicle adhesives market report include Henkel AG & Co. KGaA, 3M Company, Sika AG, Dow Inc., H.B. Fuller Company, Wacker Chemie AG, Bostik SA (Arkema Group), L&L Products, Jowat SE, Ashland Global Holdings Inc., Permabond LLC, and Dymax Corporation
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