The Electric Vehicles Adhesives market size accounted at US$ 39.2 million in 2019 and expected to grow at a CAGR of 26.5% over the forecast period 2020 to 2027.

The global Electric Vehicles Adhesives Market size is expected to be worth around US$ 329.4 million by 2027, according to a new report by Vision Research Reports.

Growth Factors

Rising preference for adopting environmental friendly vehicles in order to curb carbon footprints of the earth is expected to boost the market growth over the forecast period.

Adhesives play a major role in electric vehicles (EVs) by not only reducing their weight but also enhancing their efficiency. Adhesives are used for several applications in EVs, such as component joining and protecting them against shock and vibration damages, helping in making a path for conducting the heat away from modules and cells by isolating the components, and preventing the risk of fire by reducing shorts. Such advantages are propelling the consumption of adhesives in the EV market.

Adhesives are majorly used in module and pack bonding, followed by thermal interface bonding and battery cell encapsulation. The heat generation and thermal management are serious concerns in EVs. As a result, the battery manufacturers ought to use thermal interface materials, such as adhesives, over mechanical fasteners for smooth functioning. Adhesives used for thermal interface bonding possess good thermal conductivity, mechanical stability, and vibration and environment resistance.

Asia Pacific was the largest regional segment as of 2019 and it is anticipated to maintain its lead over the forecast period. The region is the major consumer as China is the largest manufacturer of EVs in the world. However, amidst the Covid-19 pandemic across the world, which has been reported to originate in China, the market growth is expected to remain sluggish in 2020-21. The unavailability of workers and raw materials has impacted the manufacturing of EVs as of March 2020, which has impacted the demand for adhesives.

The market growth is expected to pick up from 2021, which is expected to be fueled by favorable government policies, coupled with rising initiatives in the EV market in countries, such as Singapore, India, and China. For instance, in February 2020, an EV startup in Bengaluru, Karnataka, India, launched a low-cost smart EV charging station called the "Kirana Charzer", which costs only ₹10,000 and shall enable the installation of charging stations at small shops. Increasing number of charging stations across Asia is an indication towards rising number of EVs on Asia roads. For example, there are over 1,200 electric chargers in Singapore and 2,000 in Hong Kong.

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Report Highlights

Based on vehicle type, the market has been segmented into battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). The PHEVs accounted for the largest volume share of 51.4% as of 2019, which is expected to reverse by 2027 when BEVs emerge as the prominent vehicle type.

The amount of adhesives consumed by BEVs is higher than that of PHEVs. According to IEA, the stock of BEVs is anticipated to increase at an accelerated rate by 2030, especially in the passenger light duty vehicle segment. The growth in the production can be indicated by increasing investments in the manufacturing of BEVs.

Based on application, the market is segmented into pack and module bonding, thermal interface bonding, battery cell encapsulation, and others. Pack and module bonding segment was the largest segment in 2019, accounting for a volume share of 41.5%. The battery packs in electric powertrains make use of adhesives in their production, which leads to various benefits, such as improvement in the crashworthiness and integrity of battery pack, lightweight, bonding of multiple substrates, and bonding of uncoated metal.

Asia Pacific held the largest volume share of 52.3% in 2019. The region is the major consumer as China is the largest manufacturer of electric vehicles in the world. However, amidst the Covid-19 pandemic across the world, which has been reported to originate in China, the market growth is expected to remain sluggish in 2020-21. The unavailability of workers and raw materials has impacted the manufacturing of electric vehicles as of March 2020, which has impacted the demand for adhesives.

North America is expected to be the fastest growing regional market with a volume-based CAGR of 27.2% during the forecast period on account of rising investments in EV manufacturing. For example, in July 2019, LG Chem announced its plan of building a second factory in U.S. for producing EV batteries. LG Chem is amongst the leading battery manufacturers and it supplies its products to major companies, such as General Motors and Volkswagen.

Europe is amongst the key regions of the market and is expected to register a revenue-based CAGR of 21.2% over the forecast period. With increasing emphasis on the production and promotion of electric vehicles, demand for adhesives is expected to prevail in the coming years.

Key Players

Henkel

Sika AG

H.B. Fuller

3M

Lord Corporation

Ashland

Bostik

Jowat SE

Parker Hannifin Corp

PPG Industries

Permabond

Wacker Chemie AG

Market Segmentation

Vehicle Type Outlook

- Battery electric vehicle

- Plug-in hybrid electric vehicle

By Application Outlook

- Pack & module bonding

- Thermal interface bonding

- Battery cell encapsulation

- Others

In this study, the years considered to estimate the market size of Electric Vehicles Adhesives are as follows:

Historic Year: 2016-2019
Base Year: 2020
Forecast Year 2021 to 2027

The study objectives of this report are:

- To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.

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