Electric Vehicle Adhesives Market projected to reach over $17 billion by 2033.

From GlobeNewswire: 2024-08-08 09:40:00

Exactitude Consultancy, a market research and consulting firm, has released a detailed report on the Electric Vehicle Adhesives Market. Valued at USD 3.28 billion in 2023, the market is expected to reach over USD 17.05 billion by 2033 with a CAGR of 17.93% due to increased government support for electric vehicles.

The demand for passenger vehicles, particularly battery electric vehicles (BEVs), is on the rise, leading to increased production of light-duty vehicles. Exterior applications are dominating the market due to the need for lightweight solutions like adhesives to improve efficiency and performance in electric vehicles.

Polyurethane resins are projected to dominate the market due to their elasticity and flexibility. With three distinct types tailored for different applications, polyurethane adhesives are in high demand. Asia Pacific holds the largest market share at 48%, followed by North America at 23% and Europe at 15.50%.

The Asia Pacific region is expected to lead the electric vehicle market, with China emerging as a major manufacturer. North America and Europe are also poised for growth, driven by investments in EV manufacturing and supportive policies. Major players in the market include Sika AG, 3M, and Henkel, who have introduced innovative adhesive solutions for EVs.



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