Electrical Vehicle Adhesives Industry size is expected to register 30% CAGR between 2024 and 2032 propelled by the rapid expansion of the automotive industry.
Selbyville, Delaware , Jan. 15, 2024 (GLOBE NEWSWIRE) -- Electrical Vehicle Adhesives market value could reach USD 14.6 billion by 2032, as per a recent study by Global Market Insights Inc.
As per the report, The Electric Vehicle Adhesives Market experiences heightened demand fueled by companies unveiling cutting-edge innovations at various industry events. In October 2023, Bostik, a global adhesive specialist, presented its latest Thermal Conductive Adhesives (TCA) range at the India Battery Show 2023 from October 4 to 6. The collaboration between Polytec PT and Bostik produced this range to tackle thermal management challenges in Cell-to-Pack (CTP) battery designs for e-mobility. Guillaume Desurmont, Bostik's Senior Vice President, hails the TCA launch as a successful outcome of the partnership, combining Polytec PT's expertise in thermal conductive materials with Bostik's proficiency in structural polyurethane adhesives. This union aims to offer innovative Thermal Interface Materials (TIM) solutions to the Electric Vehicle (EV) battery market. The industry's focus on sustainability fuels the demand for eco-friendly adhesives, further propelling the electric vehicles adhesives market expansion.
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Silicone to gain prominent shares
Silicone type electrical vehicle adhesives market could exhibit a decent growth rate over 2024-2032, claims the report. Silicone adhesives hold a prominent position in EV manufacturing due to their exceptional thermal resistance, flexibility, and durability. Their ability to withstand extreme temperatures, maintain stability in harsh environments, and offer superior electrical insulation makes them ideal for various EV applications, such as battery sealing and thermal management. The growing reliance on silicone-type adhesives mirrors their indispensable role in ensuring reliability and performance within electric vehicles. These factors collectively drive the electric vehicle adhesives market share from silicone.
Power electronics application to expand market demand
Electrical vehicle adhesives market from power electronics application segment will register a noteworthy CAGR from 2024 to 2032, as per the report. Adhesives play a crucial role in power electronics within EVs, providing reliable bonding, thermal conductivity, and electrical insulation for components like inverters, converters, and motors. These specialized adhesives ensure efficient heat dissipation, prevent moisture ingress, and enhance electrical connectivity, contributing to the reliability and longevity of critical EV power systems. The market's surge in demand for adhesives tailored to power electronics underscores their pivotal role in advancing electric vehicle technology.
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Europe to witness a high revenue share
Europe electrical vehicle adhesives market will register a robust CAGR from 2024 to 2032, owing to the region's burgeoning electric vehicle sector fostering a heightened need for specialized adhesives in battery assembly, thermal management, and structural bonding. With Europe's focus on sustainable mobility and stringent quality standards, the demand for adhesives that offer durability, thermal resistance, and superior performance in harsh conditions surges. This emphasis on cutting-edge adhesive solutions aligns with Europe's commitment to advancing EV technology, driving increased electric vehicle market demand in the region.
Electrical Vehicle Adhesives Market Players
Ashland Global Holdings Inc, Bostik SA, Sika AG, Lord Corporation, Jowat SE, Permabond Engineering Adhesives Ltd, Dow Inc, H.B. Fuller Company, Henkel AG & Co. KGaA. Companies in the electrical vehicle adhesives industry are employing various strategies to enhance their market presence by participating in several expos and events that are aimed at showcasing potential in the construction industry.
For instance, in May 2023, renowned for automotive adhesives, sealants, and functional coatings, Henkel Adhesive Technologies expanded its diverse portfolio for EV battery systems. Introducing an injectable thermally conductive adhesive, Loctite TLB 9300 APSi, offering structural bonding and effective thermal conductivity within battery systems. This innovative product finds early adoption by a leading global EV battery manufacturer, signaling its rapid integration and recognition within the industry.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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