Top 12 Electric Vehicle Adhesives Companies, Worldwide 2024

The Electric Vehicle Adhesives Companies quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Electric Vehicle Adhesives. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and industry trends. MarketsandMarkets 360 Quadrants evaluated over 40 electric vehicle adhesives companies of which the Top 12 Electric Vehicle Adhesives Companies were categorized and recognized as the quadrant leaders.

An adhesive is a chemical substance used to join materials (substrates), either identical or different, by their surfaces. Electric Vehicle (EV) adhesives are used in various applications such BS body-in-white, paint shop, power-train, and assembly. In this quadrant, the market has been defined as the adhesives used in electric vehicles. The type of electric vehicles considered ere electric car, electric bus, electric bike (2-wheeler), and electric truck. Polymer, composite, and metal have been considered as the major substrates on which EV adhesives are used.

The 360 Quadrant efficiently maps the electric vehicle adhesives companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the Electric Vehicle Adhesives quadrant. While the top criteria for product footprint evaluation included Resin Type (Epoxy, Polyurethane, Silicone, Acrylic, Others), Applications (Powertrain System, Exterior, Interior), Form (Liquid, Film & Tape, Polyurethane, Others), Substrate (Polymer, Composite, Metal, Others).

Key trends highlighted in 360 Quadrants:

• The electric vehicle industry is expected to drive strong growth for adhesives over the next few years. The global market for electric vehicle adhesives is projected to expand rapidly from USD 1.4 billion in 2023 to USD 7.6 billion in 2028, representing a compound annual growth rate of 39.89 %. A key factor fueling this growth is the ongoing shift of electric vehicle and battery manufacturing capacity to Asian countries. Additionally, the escalating trade tensions between the USA and China along with lower labor costs have led many major automakers and their suppliers to establish production facilities across Asia. As electric vehicle manufacturing ramps up in the region to serve booming domestic demand, adhesive consumption is expected to surge as these advanced bonding solutions are widely used in EV batteries and motors.
• The polyurethane-based EV adhesive segment has been the dominant product in the EV adhesives market. This segment is poised for significant growth, with its market value projected to increase at an annual rate of 38.9% from 2023 to 2028. This rapid expansion underscores the vital role that polyurethane-based adhesives continue to play in EV manufacturing. As EVs gain broader adoption globally, demand for high-performance polyurethane adhesives will likely rise accordingly, thereby creating opportunities for electric vehicle adhesives companies.
• Epoxy adhesives are also emerging as a high-growth segment within the broader EV adhesives market. While polyurethane-based adhesives currently lead the market, epoxy adhesives are forecast to see robust expansion at a 36.9% CAGR from 2023 to 2028. Driven by their versatility in bonding the diverse materials used in EVs, demand for epoxy adhesives is on the rise. With the continued growth expected in EV production, epoxy adhesives are positioned to gain a significant market share as the second largest segment over the next five years. Their unique properties make them well suited to meet the bonding challenges posed by EVs.
• EV adhesives come in various forms such as liquid, film & tape, paste, and pellet forms. It was observed that the liquid adhesives made up the largest share (~59%) of the EV adhesives market by volume in 2023. This form is also expected to see the second fastest growth rate of 38.7% over the forecast period.
• The market for electric vehicle (EV) adhesives is characterized by both fragmentation and intense competition, featuring a multitude of smaller participants. Among the prominent contributors to this market landscape are notable electric vehicle adhesives companies such as Henkel (Germany), H.B. Fuller (US), Sika AG (Switzerland), 3M (US), Wacker Chemie AG (Germany), Arkema SA (France), and others. The electric vehicle adhesives companies have implemented diverse strategies for growth, encompassing approaches such as mergers and acquisitions, investments and expansions, partnerships and agreements, as well as the introduction of new products within the electric vehicle adhesives market. For instance, in May 2023, Arkema released a full range of specialty materials and more sustainable solutions for use both inside and outside of electric vehicles and energy storage system (ESS) batteries.
• The current ADAS adoption rate stands at 20%, with expectations of substantial growth in the coming years. Various adhesives play a crucial role in securing cameras, radars, and sensors within electric vehicles. As the development and commercialization of autonomous electric vehicles progresses, there is anticipated growth in the consumption of EV adhesives, presenting significant opportunities for electric vehicle adhesives companies in this sector.