Electric Vehicle Adhesives Market Set to Surpass $14.29 Billion by 2030

[Redding, California, February 23, 2024] - Meticulous Research®, a premier global market research firm, has released its latest comprehensive study titled, 'Europe Single-use Bioreactors Market by Product [Systems, Media Bags (2D, 3D), Filtration Assemblies], Type [Stirred Tank, Wave Induced], Cell [Mammalian, Bacterial, Yeast], Application [Commercial (Mab, Vaccine), Research], End User - Forecast to 2030.'

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According to the findings of this meticulously compiled report, the electric vehicle adhesives market is poised to achieve a valuation of $14.29 billion by the year 2030, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 56% during the forecast period spanning from 2023 to 2030. This surge is primarily attributed to the escalating demand for electric vehicles (EVs), coupled with a growing necessity for advanced bonding solutions within these vehicles. Additionally, the adoption of adhesives in EVs for battery assembly, alongside an increasing preference for sustainable and eco-friendly adhesive solutions, are key factors propelling market growth. Despite these favorable prospects, challenges such as the presence of mechanical fasteners pose a potential hindrance to market expansion.

Meticulous Research® has meticulously segmented the market based on various parameters including vehicle types, applications, resin types, deployment methods, forms, substrates, end-users, and geographical regions, facilitating a comprehensive analysis of the industry landscape. The report also offers an in-depth evaluation of industry competitors and provides insights into regional and country-level market dynamics.

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Based on vehicle type, The electric vehicle adhesives market is segmented into electric trucks, electric buses, electric bikes, and electric cars. Among these, electric cars are anticipated to dominate the market share, driven by an increasing adoption rate and the evolving requirements of the electric car industry.

Based on application, the electric vehicle adhesives are segmented into exterior, interior, and powertrain. The powertrain segment projected to command the largest share, owing to the continuous evolution of electric vehicle powertrains and the need for efficient thermal and electrical insulation.

Based on resin, the electric vehicle adhesives market is segmented into epoxy, silicon, polyurethane, acrylics, and other resins. The epoxy segment is expected to account for the largest share of the electric vehicle adhesives market. The large market share of this segment is attributed to its bonding strength, durability, and resistance to chemicals and temperature fluctuations. Epoxy adhesives are commonly used in pack and module bonding, motor assembly, and structural bonding in EVs.

Based on form, the electric vehicle adhesives market is segmented into liquid, film & tape, and other forms. The liquid segment is expected to account for the largest share of the electric vehicle adhesives market. The large market share of this segment is attributed to the growing need for various applications across the EV manufacturing process.

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Based on substrate, the electric vehicle adhesives market is segmented into plastic, composite, metals, and other substrates. the plastic segment is expected to account for the larger share of the electric vehicle adhesives market. The large market share of this segment is attributed to various EV components made with plastic or carbon fiber materials due to their lightweight, versatility, and cost-effectiveness.

Based on end use, the electric vehicle adhesives market is segmented into pack & module bonding, thermal interface bonding, battery cell encapsulation, and other end uses. The pack & module bonding segment is expected to account for the largest share of the electric vehicle adhesives market. The large market share of this segment is attributed to its applications in securing and assembling the battery modules and packs in an electric vehicle.

Based on geography, the electric vehicle adhesives market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to account for the largest share of the electric vehicle adhesives market. Asia-Pacific is the fastest-growing market for electric vehicles. Countries like China, Japan, and South Korea have seen significant adoption of EVs, driven by government incentives, supportive policies, and a strong focus on reducing carbon emissions.

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Key Players:
Leading companies operating in the electric vehicle adhesives market include Henkel AG & Co. KGaA, H.B. Fuller Company, Sika AG, Ashland Inc., PPG Industries, Inc., Permabond Engineering Adhesives Ltd, 3M Company, Wacker Chemie AG, Bostik SA, L&L Products, Inc., Jowat SE, Illinois Tools Works Inc., and Dymax Corporation.

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This release was published on openPR.