Electrical Vehicle Adhesives Market Size & Share 2024 to 2032
Market Size by Resin Type (Polyurethane, Epoxy, Acrylic, Silicone), by Vehicle Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles), by Formulation, by Application, by End Use & Forecast.
Report ID: GMI6316
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Published Date: July 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Electrical Vehicle Adhesives Market Size
Electrical Vehicle Adhesives Market size was valued at around USD 1.4 billion in 2023 and is estimated to witness 30% CAGR from 2024 to 2032. The global push towards sustainable transportation has resulted in a significant increase in the adoption of electric vehicles. As more consumers and industries shift towards EVs, there is a growing demand for adhesives used in various EV components, such as battery packs, power electronics, and electric motors.
Electrical Vehicle Adhesives Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Adhesives play a crucial role in enabling lightweight design in electric vehicles. By replacing traditional mechanical fasteners, adhesives reduce weight and allow for more design flexibility. This weight reduction contributes to improved energy efficiency and increased driving range for EVs.
EV components, such as batteries and power electronics, can generate high temperatures during operation. Adhesives used in these applications must exhibit excellent temperature resistance to withstand extreme heat and environmental conditions. Ensuring the long-term stability and reliability of adhesives in such environments remains a challenge. Adhesive bonding is critical for ensuring the structural integrity and safety of battery packs. Advanced adhesive technologies that meet the demanding requirements of EV applications can be relatively expensive. Thus, the high-end pricing and risks associated with Electrical vehicle adhesives may drive down the acceptance rate, further hampering the business growth.
COVID-19 Impact
Many automotive manufacturers temporarily shut down production facilities or reduced their manufacturing output to adhere to lockdown measures and cope with declining demand during the pandemic. The reduced production of electric vehicles could have affected the demand for adhesives used in EV components. The pandemic's impact on the global economy led to fluctuations in consumer demand for electric vehicles. Uncertainty about the future and economic constraints might have affected consumers' willingness to purchase electric vehicles, influencing the demand for EV adhesives. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the Electrical vehicle adhesives industry growth in the upcoming years.
Electrical Vehicle Adhesives Market Trends
Electric vehicles place a strong emphasis on reducing weight to improve energy efficiency and extend driving range. As a result, there was a growing trend of using lightweight materials such as composites, aluminum, and high-strength steels in EV construction. Adhesives played a crucial role in joining these materials together, providing structural integrity while minimizing weight. As electric vehicle technology advanced, the demand for adhesives with specific properties increased. Manufacturers were looking for adhesives that could withstand higher temperatures, offer excellent thermal management properties, and provide strong and durable bonds for critical components like batteries and power electronics. Thus, the growing prevalence and uses is expected to expedite the Electrical vehicle adhesives industry expansion.
Electrical Vehicle Adhesives Market Analysis
Based on resin type, the electrical vehicle adhesives market is segmented as polyurethane, epoxy, acrylic, silicone, others. The reagents & kits held a majority market value of USD 0.3 billion in 2022. PU adhesives offer strong adhesion to various substrates, making them suitable for bonding different materials used in electric vehicles, such as metals, plastics, and composites. The flexibility of PU adhesives helps absorb vibrations and shocks in EV components, contributing to improved NVH (Noise, Vibration, and Harshness) performance. Moreover, an increasing usage will further accelerate the segmental growth.
Based on vehicle type, the electrical vehicle adhesives market is segmented as battery electric vehicles, plug-in hybrid electric vehicles, hybrid electric vehicles. Battery Electric Vehicles held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace by 2032. BEVs require adhesives for bonding the battery cells together to form the battery pack. Strong and durable adhesive bonds are essential for the structural integrity and safety of the battery pack. Adhesives play a crucial role in bonding lightweight materials such as composites and aluminium, supporting overall vehicle weight reduction.
Based on formulation, the electrical vehicle adhesives market is segmented as liquid, paste, film, tape. Liquid held the dominant market in 2022 and is anticipated to grow through the years. Liquid adhesives come in various formulations, allowing manufacturers to customize the adhesive properties based on specific application requirements within electric vehicles. This versatility makes liquid adhesives suitable for bonding different materials and components in EVs. Liquid adhesives are easy to apply, making them efficient for high-volume production in electric vehicle manufacturing.
Based on application, the electrical vehicle adhesives market is segmented as Battery Pack Assembly, Power Electronics, Electric Motor, Interior Assembly, Exterior Assembly. Battery pack assembly held a dominant market share in 2022 and is anticipated to grow at 26% CAGR till 2032. Adhesives used in bonding battery cells and modules must provide strong and durable bonds to ensure the structural integrity and safety of the battery pack. Battery packs generate heat during charging and discharging. Adhesives with good thermal conductivity and resistance are essential for efficient heat dissipation and temperature management. Thus, the high-quality services and growing usage are anticipated to expedite the business growth.
Based on end-use, the electrical vehicle adhesives market is segmented as Automotive OEMs, Aftermarket. Automotive OEM held the dominant market in 2022 and is anticipated to grow through the years. The automotive industry is the primary driver of demand for EV adhesives. As electric vehicles gain popularity, the automotive sector requires adhesives for various components, such as battery packs, electric motors, power electronics, and structural bonding.
U.S. dominated the North American region with majority electrical vehicle adhesives market share and a revenue of USD 0.23 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The electric vehicle market in North America has been expanding steadily. The rising consumer interest in eco-friendly and sustainable transportation, along with advancements in EV technology, contributed to the growth in electric vehicle sales. As the number of electric vehicles on the roads increased, so did the demand for EV adhesives used in their manufacturing and maintenance. Thus, the above-mentioned variables would augment the Electrical vehicle adhesives business growth in the North America positively.
Electrical Vehicle Adhesives Market Share
Some of the major market players operating in the Electrical vehicle adhesives market are
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Electrical Vehicle Adhesives Industry News:
Electrical vehicle adhesives market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion & Units from 2018 to 2032, for the following segments:
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By Resin Type
By Vehicle Type
By Formulation
By Application
By End-use
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
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2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
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Trust & credibility
Verified data sources
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Regulatory filings
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Academic research
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GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
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Parameters studied & evaluated
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