Electric Vehicle Adhesives Market

Electric Vehicle Adhesives Market Size Survey Report – In a Glance

As per the survey report on global Electric vehicle adhesives market, the market is projected to foresee a CAGR of CAGR value 17.8% between 2024-2033, and further generate a market size of USD 17.1 billion revenue by the end of 2033. In the year 2023, the market size was valued at USD 3.6 billion revenue.

• The global Electric vehicle adhesives market is projected to grow on account of the rise in electric vehicle adoption.
• In Japan, the Electric vehicle adhesives market growth can be attributed to the increasing electronics manufacturing.
• KDMI analyst’s growth analysis foresees high research and development costs to challenge the market growth.
• Asia-Pacific (APAC), having the highest market share in the Electric vehicle adhesives market, is projected to dominate the global market.

Electric Vehicle Adhesives Market Analysis

Electric vehicle adhesives are purpose-built bonding materials utilized to combine components, ensuring strong and durable connections in electric vehicles (EVs) such as motors, batteries, or body panels. Electronics adhesives protect by bonding and wrapping the sensitive components, shielding them from moisture, dust, and mechanical stress. The adhesives also put up a barricade that prevents the intrusion of water, dirt, and other contaminants. In recent times, due to the increasing adoption of electric vehicles, the electric vehicle adhesives market is also booming exponentially, ultimately strengthening the economic world. As per findings, nearly 14 million electric cars were sold in 2023, 95% of which were in China, Europe, and the United States. Furthermore, about 1 in 5 cars was sold in 2023 globally, maturing the electric car market. 3M, Dymax Corporation, DOW Chemical Company, are some of the significant parties in the global market for Electric vehicle adhesives.

Analyst’s Observation on Japan Electric Vehicle Adhesives Market Survey

In Japan, the market growth for Electric vehicle adhesives can be attributed to the increasing electronics manufacturing. The Japanese electronics industry which is made up of several subsectors, namely electronic components, industrial electric equipment, and electric devices ranks among the largest in the world and is a core of Japan’s economy. Japan's well-known electronics firms like Sony, Panasonic, and Hitachi are spread across the globe and maintaining manufacturing capacity overseas. In Japan, two electric cars from the smallest “Kei” category, the Nissan Sakura and Mitsubishi eK-X, covered almost 50% of national electric car sales alone, and both are valued within JPY 2.3 million (Japanese yen) and JPY 3 million (USD 18 000 to USD 23 000). ThreeBond Holdings Co. Ltd., DAIKIN, Sika AG, are some of the significant parties in the market for Electric vehicle adhesives in Japan.

Electric Vehicle Adhesives Market Growth Driver and Challenges

Market Growth Drivers

Increased awareness about sustainable transportation:

The shift from fossil fuel-powered vehicles to electronic vehicles (EVs) is a dominant factor in steering the electric vehicle adhesives market forward due to its energy efficiency and zero emissions of harmful gases. Hence, the raised awareness about sustainable transportation and the environment provides the road with a greener transportation system. Carbon footprints are the amount of greenhouse gases generated by various human activities, which can be minimized by switching to EVs. As per reports, the average carbon footprint per individual is 5.9 tons yearly and living car-free can lower your annual carbon footprint by up to 3.6 tons. Moreover, switching from a regular vehicle to an electric vehicle (EV) can cut down on your carbon footprint by an average of 2 tons per year.

Restraint Factors and Market Challenges

High research and development costs:

At present times, the electric vehicle (EV) industry is successful in stealing the global spotlight of the automotive industry due to its tremendous growth rate. However, the entire electric vehicle economy suffers due to the high costs associated with the research and development of this innovative vehicle, eventually obstructing the electric vehicle adhesives market globally. Reports suggest that the global spending on electric cars crossed USD 425 billion in 2022, up 50% relative to 2021 and only 10% of the spending can be credited to government support. It is also assumed that new affordable models are going to hit the market soon due to the increased spending and competition.

Electric Vehicle Adhesives Market Segmentation

Our experts at KD Market Insights have segmented the global Electric vehicle adhesives market research report as:

Electric Vehicle Adhesives Market Regional Synopsis

The Asia-Pacific (APAC) Electric vehicle adhesives market is majorly driven by the largest manufacturer of electric vehicles, the increasing automotive sector, and the growing population in this region. In the region, China is a lucrative market and is leading the electronics market due to increasing electronics manufacturing, and surging demand for smartphones and consumer electronics. The total number of new electric car registrations touched 8.1 million in 2023, escalating by 35% relative to 2022 in China. India is on the verge of becoming the largest EV market by 2030 and the Indian EV market is forecasted to rise from US$ 16.77 in 2023 to US$ 27.70 billion by 2028.

North America region is expected to grow at a faster pace during the forecast period due to increased production of vehicles. Major growth drivers of the regional market include increasing investments in the electric vehicle manufacturing and rising production of batteries and EVs. The U.S. automakers will soon be capable of manufacturing approximately 5.8 million new electric vehicles annually, in 2027 which is equivalent to 36% of all vehicles sold in the U.S. in 2023. This rapid transformation in the region’s automotive industry will support the country in witnessing exponential growth, ultimately pushing the electric vehicle adhesives market forward.

As per our analysts at KD Market Insights, the following five players lead the Asia-Pacific (APAC) Electric vehicle adhesives market growth:

• 3M
• Henkel AG & Co. KGaA
• Hubei Huitian New Materials Co. Ltd
• Huntsman International LLC
• Sika AG

Electric Vehicle Adhesives Market Competitive Landscape

Some of the key players who top the global Electric vehicle adhesives market share:

• DuPont (U.S.)
• SOLVAY (Belgium)
• Dow (U.S.)
• Henkel AG and Co. KgaA (Germany)
• 3M (U.S.)
• Bostik (France)
• Sika AG (Switzerland)
• H.B. Fuller (U.S.)
• BASF SE (Germany)
• DAP Global Inc.(U.S.)
• Owens Corning (U.S.)
• The Chemours Company (U.S.)
• Paroc Group (Finland)
• Kingspan Group (Ireland)
• DAIKIN (Japan)
• GAF (U.S.)
• Saint-Gobain S.A. (France)
• Franklin International (U.S.)
• Illinois Tool Works Inc. (U.S.)
• AVERY DENNISON CORPORATION (U.S.)
• ThreeBond Holdings Co., Ltd. (Japan)
• Dymax (U.S.)

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Electric Vehicle Adhesives Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Form
      2. By Resin
      3. By Application
      4. By Vehicle type
      5. By Substrate
      6. By Region
5. Market Segmentation by Form
   1. 1. Liquid
      2. Film and Tape
      3. Others
6. Market Segmentation by Resin
   1. 1. Polyurethane
      2. Epoxy
      3. Silicone
      4. Acrylic
      5. Others
7. Market Segmentation by Application
   1. 1. Powertrain System
      2. Exterior
      3. Interior
8. Market Segmentation by Vehicle type
   1. 1. Electric Car
      2. Electric Bike
      3. Electric Truck
      4. Electric Bus
9. Market Segmentation by Substrate
   1. 1. Polymer
      2. Composite
      3. Metals
10. Regional Analysis
    1. North America
       1. United States
          1. Market Size and Forecast
          2. Key Trends and Developments
       2. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       3. Canada
          1. Market Size and Forecast
          2. Key Trends and Developments
       4. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       5. Mexico
          1. Market Size and Forecast
          2. Key Trends and Developments
       6. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
    2. Europe
       1. United Kingdom
          1. Market Size and Forecast
          2. Key Trends and Developments
       2. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       3. Germany
          1. Market Size and Forecast
          2. Key Trends and Developments
       4. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       5. France
          1. Market Size and Forecast
          2. Key Trends and Developments
       6. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       7. Italy
          1. Market Size and Forecast
          2. Key Trends and Developments
       8. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       9. Spain
          1. Market Size and Forecast
          2. Key Trends and Developments
       10. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
           1.  
       11. Rest of Europe
           1. Market Size and Forecast
           2. Key Trends and Developments
       12. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
           1.  
    3. Asia Pacific
       1. China
          1. Market Size and Forecast
          2. Key Trends and Developments
       2. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       3. Japan
          1. Market Size and Forecast
          2. Key Trends and Developments
       4. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       5. India
          1. Market Size and Forecast
          2. Key Trends and Developments
       6. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       7. Australia
          1. Market Size and Forecast
          2. Key Trends and Developments
       8. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
          2. South Korea
          3. Market Size and Forecast
          4. Key Trends and Developments
       9. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
       10. Rest of Asia Pacific
           1. Market Size and Forecast
           2. Key Trends and Developments
       11. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
           1.  
    4. Latin America
       1. Brazil
          1. Market Size and Forecast
          2. Key Trends and Developments
       2. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       3. Argentina
          1. Market Size and Forecast
          2. Key Trends and Developments
       4. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       5. Colombia
          1. Market Size and Forecast
          2. Key Trends and Developments
       6. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       7. Rest of Latin America
          1. Market Size and Forecast
          2. Key Trends and Developments
       8. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
    5. Middle East & Africa
       1. South Africa
          1. Market Size and Forecast
          2. Key Trends and Developments
       2. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       3. Saudi Arabia
          1. Market Size and Forecast
          2. Key Trends and Developments
       4. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       5. UAE
          1. Market Size and Forecast
          2. Key Trends and Developments
       6. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
       7. Rest of Middle East & Africa
          1. Market Size and Forecast
          2. Key Trends and Developments
       8. Market Analysis by Form, Resin, Application, Vehicle type, and Substrate
          1.  
11. Competitive Landscape
    1. Market Share Analysis
    2. Company Profiles
    3. Medtronic (Ireland)
    4. IBM
    5. Apple Inc.
    6. Siemens Medical Solutions
    7. Pepperl+Fuchs
    8. Cisco
    9. GE Healthcare
12. Strategic Recommendations
13. Appendix
    1. List of Tables
    2. List of Figures
14. References