Additives for Electric Vehicle (EV) adhesives and sealants are specialized compounds integrated into these materials to enhance their performance in the context of electric vehicle applications. These additives are designed to meet the unique demands of EVs, which include factors like high-voltage electrical systems, thermal management, and lightweight construction. Common additives include conductive fillers, which improve electrical conductivity, as well as thermal conductive additives for efficient heat dissipation. Flame retardants and UV stabilizers are often used to enhance safety and durability. Overall, these additives are crucial for ensuring the reliability, safety, and longevity of adhesives and sealants in the rapidly evolving EV industry.
The global additives market for EV adhesives and sealants was valued at $91.4 million in 2022, and it is expected to grow at a CAGR of 21.32% and reach $627.6 million by 2032. This rapid growth can be attributed to the rising prevalence of electric vehicle adoption, the increasing demand for lightweight materials within the electric vehicle sector, a heightened emphasis on enhancing the safety standards of electric vehicles in the event of a collision, and ongoing efforts to enhance the thermal management and impact resilience of battery packs.
Passenger Vehicles to Dominate the Global Additives Market for EV Adhesives and Sealants (by Vehicle Type)
The global additives market for EV adhesives and sealants is segmented by vehicle type into commercial vehicles and passenger vehicles. Commercial vehicles are further sub-segmented into light and heavy commercial vehicles. The passenger vehicles segment is expected to dominate the market in 2032, driven by the increasing adoption of passenger EVs in both developing and developed economies. Stringent emission norms and supportive government schemes and subsidies have boosted the demand for passenger EVs in recent years, which is expected to fuel the demand for EV additives in the near future.
Hybrid Electric Vehicles (HEVs) to Dominate the Global Additives Market for EV Adhesives and Sealants (by Propulsion Type)
The global additives market for EV adhesives and sealants is segmented by propulsion type into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).
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While BEVs have been in the market for some time, range anxiety has led consumers to prefer HEVs. Additionally, stricter vehicle emissions regulations are motivating OEMs to develop hybrid vehicles, which emit fewer emissions than gasoline and diesel vehicles. The rise of HEVs is making it imperative for automotive OEMs to ensure that additives optimize thermal management and the driving system in HEVs.
Leveling/Flow Agents to be Most Popular Segment in the Global Additives Market for EV Adhesives and Sealants (by Additive Type)
Based on additive type, the EV additives market is segmented into dispersants/wetting agents, defoamers, rheology modifiers, surface modifiers, leveling/flow agents, adhesion promoters, and others. Leveling/flow agents occupied the largest market share in 2022. These additives are specifically formulated to control the surface characteristics of adhesives and coatings. Flow and leveling agents play a vital role in rectifying surface defects caused by airborne contaminants or insufficient surface preparation. These polymeric additives reduce surface tension to address defects such as fisheyes, craters, pinholing, ghosting/telegraphing, orange peel, or overspray.
Adhesives to be the Most Popular Segment in the Global Additives Market for EV Adhesives and Sealants (by Product Type)
Based on product type, the EV additives market is segmented into adhesives and sealants. Adhesives accounted for the largest market share in 2022. Adhesives play a crucial role in the EV industry, with extensive applications such as bonding battery boxes, securing battery cells, encapsulating sensors, affixing magnets in electric motors, assembling vehicle components, thread locking, and retaining the structural integrity of bolts, pins, and bearings. Additionally, adhesives are used for bonding interior dashboards and trim components. Adhesives are critical for safeguarding and strengthening EV batteries. They not only anchor the battery securely but also shield it from external factors that could jeopardize its integrity. Adhesives have become indispensable components in EV manufacturing, significantly improving battery safety and overall vehicle performance.
China to be One of the Most Dominating Regions in the Global Additives Market for EV Adhesives and Sealants
China accounted for the majority part of the global additives market for EV adhesives and sealants in 2022 and is expected to maintain its leading position during the forecast period in terms of volume. The country has the largest EV fleet size and dominates EV battery production globally. Shifting consumer preference toward EVs and HEVs, rising environmental awareness, availability of raw materials, economic development, and cheap labor are some major factors driving the consumption of EV additives in China.
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Key Questions Answered in this Report:
- What are the driving factors for the global additives market for EV adhesives and sealants from 2022 to 2032?
- What are the major challenges and growth opportunities in the global additives market for EV adhesives and sealants?
- Which product type is expected to lead the global additives market for EV adhesives and sealants by 2032?
- Which additive type is expected to dominate the market by 2032?
- Which are the major players, and what strategic measures are being taken to increase their presence and competitive advantage? What are the key developmental strategies implemented by the key players to sustain in the competitive market?
- How does the supply chain in the industry work? Who are the key channel partners involved in the supply chain?
- Which region provides lucrative opportunities in the additives market for EV adhesives and sealants?
- What are the different policies implemented or announced by the government in the EV industry?
