EV Adhesives Market By Vehicle (Battery electric vehicle, Plug in hybrid electric vehicle) By Application (Exterior, Interior, Powertrain), By Resin (Epoxy, Silicon, Polyurethane, Acrylics, Others) By Substrate (Plastic, Composite, Metals, Others) By Form (Liquid, Film & Tape, Others), By End User (Pack & module bonding, Thermal interface bonding, Battery cell encapsulation, Others), and Region, Global Forecast 2020 to 2030.

At a compound annual growth rate of 23.74 %, the size of the worldwide EV Adhesives market is projected to reach USD 3.4 billion in 2030.

EV adhesives is a substance that is capable of holding two different materials in a functional manner through surface attachment and resists their separation. In EV, adhesives have ability to replace mechanical fasteners deployed in battery. It provides a lighter and thinner bond which is capable of improving EV range for a different types of battery components. Further, it has ability to bond dissimilar materials quickly and also imparts strength and flexibility in comparison to conventional nuts and bolts.

EV Adhesives are designed with accurate gap control and bond parts for battery cells, cooling plates, and side panels. The electric vehicle motor adhesives are used in different applications of electric vehicles such as electric vehicle battery swapping exterior, and interior parts of EV. Its application are increasing owing to its capability to suffice multiple requirements by the automobile manufacturers, adaptability in synthetic substrates, and bonding different materials. The EV adhesives addresses the issues related to designing and engineering of the vehicle as it is capable of resisting vibration, lightweight and possess ability to distribute stress over large area.

Growing adoption of Electric Vehicle to achieve sustainability and reduce carbon emission

Rising concerns across the globe toward climate change and increasing carbon footprint has impelled consumer to shift its focus toward adoption of electric vehicle. In 2018, according to International Energy Agency, the sale of electric vehicle reached over 5 million and witnessed an upsurge by 63% in comparison to 2017. China is the largest electric car market across the globe followed by Europe and the US. The exemplary growth in sale of EV is attributed to stricter norms and policies adopted by the prime countries across electric mobility industry. These countries have announced stringent emission standards with incentives and subsidies for electric cars and are further promoting investments in the EV value chain to match price parity between internal combustion vehicle and electric vehicle.

In addition. adhesive technology plays a prime role in imparting features to the electric vehicle such as lightweight, strength and adaptability to run over different terrain which in turn may gain attention of end users. The growing EV markets across North America, Europe, and Asia Pacific is expected to offer extensive growth opportunities for electric vehicle adhesive manufacturers over the coming years.

Exterior type is anticipated to be the largest segment in application for EV adhesives

Among applications, the exterior type is expected to be the major shareholder across the applications. The EV manufacturers are focussing toward designing lightweight vehicle to counter the weight of battery system. This aspect of EV is addressed by adhesives as it is capable of bonding dissimilar materials with structural adhesive. Therefore, it possess ability to replace spot welding, rivets and fasteners, hence contributing to lightweight structure. In addition, adhesives reduce the impact of crash and provide safety to battery systems. Continuous development across the industry along with rising application of adhesive in the exterior parts of the EV will further stimulate the business dynamics.

Asia-Pacific to lead growth in the market

The growing trade war tensions between China and the US along with low labor costs in Asia Pacific countries have compelled industry players to establish their manufacturing facility across the region. The ongoing relocation will further provide impetus to the EV value chain industry which in turn is expected to raise the demand for adhesives across the region. For instance, India provide cheap labor cost, which can offer significant investment opportunities for the industry players. Government initiatives including Make in India and multiple scheme to promote entrepreneurship may open up lucrative opportunities across the industrial peripherals. These are some of the prime factors which are anticipated to augment the product demand.

Key Market Players

•    Henkel
•    H.B. Fuller
•    Sika AG
•    3M
•    Wacker Chemie AG
•    Bostik SA
•    L&L Products
•    Jowat SE
•    Ashland
•    PPG Industries
•    Permabond
•    Lord Corporation
•    Wacker Chemie AG
•    Metlok Private Limited
•    Weicon GmbH & Co. KG
•    Rid B.V.
•    Uniseal, Inc.
•    Threebond Co., Ltd.
•    Others

EV Adhesives market scope

Key Segment Of The EV Adhesives market

By Vehicle (USD Billion)            
    •    Battery electric vehicle
    •    Plug in hybrid electric vehicle
By Application (USD Billion) 
    •    Exterior
    •    Interior
    •    Powertrain
By Resin, (USD Billion) 
    •    Epoxy
    •    Silicon
    •    Polyurethane
    •    Acrylics
    •    Others
By Substrate, (USD Billion) 
    •    Plastic
    •    Composite
    •    Metals
    •    Others
By Form, (USD Billion) 
    •    Liquid
    •    Film & Tape
    •    Others
By End User, (USD Billion) 
    •    Pack & module bonding
    •    Thermal interface bonding
    •    Battery cell encapsulation
    •    Others
Regional Overview, (USD Billion) 
    North America
      •    US
      •    Canada
    Europe
      •    Germany
      •    France
      •    UK
      •    Rest of Europe
    Asia Pacific
      •    China
      •    India
      •    Japan
      •    Rest of Asia Pacific
    South America
      •    Mexico
      •    Brazil
      •    Rest of South America
    Middle East and South Africa