MarketsandMarkets has released 360 Quadrant for Top 12 Electric Vehicle (EV) Adhesives Companies, Worldwide 2024 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.
The electric vehicle revolution presents major opportunities for adhesive manufacturers. Driven by surging EV production, the market for adhesives used in electric vehicles is entering a high-growth phase. From a starting point of USD 1.4 billion in 2023, the global EV adhesives market is forecast to reach USD 7.6 billion in 2028, representing CAGR of nearly 40%. As EVs gain momentum, adhesive technologies enabling lighter, more efficient vehicles will see booming demand. EV adhesives represent an exciting growth arena that forward-looking suppliers are moving decisively to capitalize on.
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Unveiling the Market Leaders: Honoring Excellence in Electric Vehicle Adhesives Markets
Ø 3M has firmly established itself as a market leader in the Electric Vehicle (EV) Adhesives market through a combination of innovative products, extensive market presence, and a diverse portfolio. 3M offers a wide range of structural adhesives that can support key needs in electric vehicle battery design and assembly, including bonding dissimilar materials, reducing heat and vibration, providing moisture resistance, and enabling lightweighting. The company's epoxy, acrylic, and urethane products deliver high strength bonding on substrates like aluminum, steel, and fiber-reinforced plastics, while resisting corrosion and managing noise, vibration, and harshness. By combining strong, flexible bonding with properties like waterproofing and corrosion resistance, 3M's structural adhesives portfolio enables lightweight, durable EV battery designs.
Ø Sika has solidified its market leadership in the EV adhesives sector through strategic investments in research and development, yielding cutting-edge solutions tailored to the specific needs of the evolving EV industry. The company's global presence and extensive distribution network position it strategically, ensuring its specialized adhesive products are readily available to manufacturers worldwide. Sika provides a comprehensive suite of bonding, sealing, damping, and reinforcing solutions for automotive OEMs and suppliers, playing a key role as a development partner. The company offers high-performing bonding solutions with thermal conductivity and electrical isolation properties ideal for battery cell and module assembly. Sika's SikaForce-32X TC products enhance heat transfer between cells and cooling plates while improving stiffness and reducing weight. Sika has some of the industry's broadest range of sealing and bonding products for battery pack housings, leveraging extensive experience in advanced bonding applications. The company's Sikaflex, Sikasil, SikaFast and SikaForce technologies efficiently bond exterior automotive parts. Sika is a leading supplier of interior bonding solutions, with technologies for lamination, flocking and assembly to create attractive, soft-feel surfaces that meet technical and sustainability requirements.
Ø Henkel, another prominent company in the field, has solidified its market leadership in the electric vehicle adhesives sector through a strategic blend of cutting-edge products, widespread market presence, and a diversified portfolio. Leveraging its profound expertise in adhesive technologies, Henkel has tailored solutions to address the distinct challenges posed by EVs, including considerations for lightweighting and efficient thermal management. Henkel's adhesive solutions stand out as comprehensive, high-performance, and highly reliable offerings tailored for the automotive industry. With a focus on addressing the evolving challenges in the automotive sector, particularly with the surge in demand for Advanced Driver-Assistance Systems (ADAS), Henkel's thermal management materials, adhesives, sealants, and coatings play a crucial role in supporting vehicle manufacturers and suppliers. The company continuously develops new adhesive and thermal management solutions for the automotive industry, providing structural adhesives, thread locking adhesives, electrically conductive adhesives, thermal adhesives, die attach adhesives, functional coatings, and innovative materials like the recently launched injectable thermally conductive adhesive for electric vehicle battery systems in May 2023.
Ø Arkema is one of the leading players in the EV adhesives sector, leveraging its extensive expertise in specialty chemicals, the company has strategically expanded its presence in the EV sector, aligning with the growing global demand for electric mobility solutions. The comprehensive product footprint encompasses a range of high-performance adhesives tailored specifically for electric vehicles, addressing crucial requirements such as lightweighting, thermal management, and durability. Arkema's Bostik business stands out as a key player in the EV industry with its advanced product offerings. The company's EV electronic component encapsulation adhesives, leveraging hot melt and UV cyanoacrylate technologies, simplify processes for both low-pressure molding and conformal coating applications. The company’s commitment to innovation is evident in its formulation of structural adhesives designed to ease adaptation to evolving processes. The Fix fast & Bond durable solutions, incorporating fast-fixing cyanoacrylates with structural adhesives like Methyl Methacrylate (MMA) or Polyurethane (PU) technologies, offer a comprehensive solution for ensuring proper and durable integration of EV battery packs. Bostik's expertise extends across key automotive applications, serving tier suppliers, OEMs, and the aftermarket.
Ø Parker LORD has established itself as a dominant player in the electric vehicle adhesives market through its extensive product portfolio and global presence. The company’s diversified product footprint encompasses a comprehensive range of adhesives designed to address the diverse needs of EV manufacturers, ensuring optimal performance, durability, and safety in critical applications. It offers a diverse range of structural adhesives and coatings tailored for electric vehicle applications. The structural adhesive products line includes thermally conductive structural adhesives, battery box adhesives, hem-flange closure bonding, and other innovative solutions. This range of structural adhesives excels in bonding various substrates, providing both structural strength and enhanced design flexibility. The thermally conductive options enable OEMs to elevate their EV battery design by utilizing lightweight adhesives that offer electrical insulation to crucial components. The Versilok two-component acrylic adhesives stand out for customers seeking high dimensional stability in closure panels with a low-temperature cure.
Ø Wacker Chemie has established itself as a leading supplier of adhesives and sealants for the fast-growing electric vehicle market. With its decades of experience in formulating advanced polymers and silicones, Wacker has developed a broad portfolio of products specifically designed to meet the demanding performance requirements of electric vehicle manufacturing. Wacker Chemie's diverse silicone product portfolio enables critical solutions for electric vehicle manufacturers. Products such as ELASTOSIL, SEMICOSIL, SILRES and WACKER SilGel allow for efficient thermal management, functional safety, optimized processing, and reliable electronics protection in electric drivetrains. By
leveraging decades of silicone expertise and close collaboration with automotive partners, Wacker's silicones are tailored to solve the unique challenges of e-mobility. This focused product development strategy has established Wacker as a trusted silicone supplier to the fast-growing electric vehicle market.
Categorization Of Electric Vehicle Adhesives Companies On 360 Quadrants
Electric Vehicle Adhesives Companies’ evaluation was conducted for 40 companies, of which the top 12 were categorized and placed in a quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
Positioned in the upper-right quadrant, Market Leaders exemplify a combination of an expansive product offering and a formidable market presence. These organizations not only deliver comprehensive solutions but also boast a well-established and influential position in the market. Market Leaders are recognized for their reliability, consistent innovation, and widespread acceptance among customers. Their dominance in both product capabilities and market influence solidifies their status as leaders in their respective industries. These companies include 3M, Sika, Henkel, Arkema, Parker LORD, and Wacker Chemie.
H.B. Fuller has been recognized as Contender. Nestled in the upper-left quadrant, Contenders possesses a substantial market presence but may encounter challenges in terms of product innovation or differentiation. These companies have already secured a notable customer base and market recognition, positioning them as contenders. While their current offerings are competitive, Contenders have the potential to evolve and enhance their product capabilities to become more visionary and competitive in the future.
Situated in the lower-right quadrant, Innovators are distinguished by their exceptional product innovation and uniqueness. While they may not match the market presence of Market Leaders, Innovators challenge industry norms by introducing cutting-edge solutions. These companies push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. PPG and Ashland have been identified as the innovators in the quadrant.
Residing in the lower-left quadrant, Emerging Companies showcase a promising product footprint but are in the early stages of establishing their market presence. These companies may excel in specific niche areas or offer unique features that differentiate them, but their impact on the overall market is still evolving. Emerging Companies are considered niche players with significant growth potential as they expand their reach and recognition in the market. This segment of the quadrant has identified Uniseal, L&L Products, and Jowat as emerging companies.
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Evaluation Criteria
The 360 Quadrant maps the Electric Vehicle Adhesives Companies based on criteria such as revenue, geographic presence, growth strategies, investments, 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).
360 Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into
quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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