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According to recent market research “Electric Vehicle Insulation Market by Product Type (TIM, Foamed Plastic, Ceramic), Application (Under the Bonnet & Battery Pack, Interior), Propulsion Type (BEV, PHEV), Insulation Type (Thermal, Electrical, Acoustic) and Region – Global Forecast to 2024”, The electric vehicle insulation market is estimated to be USD 1.3 billion and is projected to reach USD 4.2 billion by 2024, at a CAGR of 26.7% during the forecast period.
Browse 70 market data Tables and 46 Figures spread through 135 Pages and in-depth TOC on “Electric Vehicle Insulation Market – Global Forecast to 2024”
The growing concern over pollution, and heavy investments by the automakers in electric vehicles are expected to drive the electric vehicle insulation market. Also, the increasing demand for high-density batteries and high range vehicles are driving the demand for electric vehicles, which in turn is estimated to boost the electric vehicle insulation market.
The foamed plastic segment led the electric vehicle insulation market in 2018. This was owed to the growing demand for light-weight and impact resistant insulation materials from the ever-increasing electric vehicles industry.
The BEV segment led the electric vehicle insulation market, by propulsion type, in 2018. This was owed to the growing production of BEV in countries such as China, Japan, the US, Germany, and South Korea, among other countries. Also, the huge battery pack of BEV, when compared to PHEV, has driven the demand for insulation in BEV propulsion type.
The electric vehicle insulation market size is projected to reach USD 4.2 billion by 2024 from the estimated USD 1.3 billion in 2019, at a CAGR of 26.7% between 2019 and 2024. Massive investments from automakers in electric vehicles, growing concerns over pollution, campaigns for promotion of electric vehicles, favorable government policies and subsidies, and thermal runaway in batteries, are the factors driving the demand for electric vehicle insulation. However, the lack of standardization of charging infrastructure is restraining the growth of the market. On the other hand, the scope for growth of autonomous electric vehicles, and scope for further development of insulation materials for electric vehicles are providing opportunities for the players in the market. The market players are mainly concentrating on expansions, new product launches, acquisitions, investments, new technology development, and joint ventures to meet the growing demand in various applications.
The growth of the electric vehicle insulation market has been influenced primarily by expansions, and new product launches. The market is fragmented with the dominance of players, such as Autoneum (Switzerland), BASF SE (Germany), and Saint-Gobain (France) in different application segments. Other players present in the market are DuPont (US), Zotefoams plc (UK), Unifrax (US), 3M (US), Morgan Advanced Materials (UK), Alder Pelzer Holding GmbH (Germany), Elmelin Ltd. (UK), Pyrophobic Systems Ltd. (Canada), Techman Advanced Material Engineers (UK), Von Roll Holding AG (Switzerland), and Marian Inc. (US).
Autoneum is one of the largest manufacturers of electric vehicle insulation for acoustic insulation. The company aims to maintain its strong position in the market. It has adopted the strategy of new product launches, expansion, and joint ventures in the past few years. In 2017 and 2019, Autoneum extended its product portfolio to support vehicle manufacturers in the production of lightweight and environmentally-friendly electric vehicles. The company launched battery undercovers and acoustic insulation materials for carpet systems, inner dashes, and floor. The company also expanded its presence in countries like China and Hungary to meet the growing demand for lightweight materials for electric vehicles.
Saint-Gobain is another important player in thermal management of batteries in the market. The company offers various products for battery applications. The company focuses on R&D to meet the growing need for low-carbon emission from the mobility market by developing polymer components for electric vehicle batteries.