Posted by The global electric vehicle insulation market was valued at approximately USD 1600 million in 2022. This figure is projected to increase to approximately USD 8100 million by 2030, at a compound annual growth rate (CAGR) of approximately 22.5% between the years 2023 and 2030.
Electric Vehicle Insulation Market: Overview
Insulation is utilized in electric vehicles to lessen the adverse effects of heat, sound, and vibration felt by the occupants of the vehicle as well as the vehicle itself. Overheating the engine, which also results in the loss of motorized fluid, has a negative effect on the overall performance of the vehicle. The shaking causes damage not just to the vehicle’s frame but also to its heavy gears. Because vehicle insulation stops these damages from spreading, it not only improves the vehicle’s overall performance but also extends its lifespan and reduces the amount of money spent on maintenance. Because of these benefits, increasing the number of people who drive electric cars is expected to lead to an increase in product demand.
Electric Vehicle Insulation Market: Growth Drivers
Rising levels of pollution are the primary factor driving market expansion over the forecast period.
People’s reliance on renewable resources as opposed to fossil fuels has increased in recent years, which can be attributed to the growing concern over pollution and climate change. In addition to this, the governments of a number of countries are working to establish more stringent pollution rules. For example, India’s emission regulations for the year 2020 are more severe, meaning that they will cost more money and produce less pollution than diesel and gasoline engines. As a direct consequence of this, the number of people driving electric cars (EVs) has grown. In contrast to gasoline or diesel-powered vehicles, electric vehicles (EVs) do not contribute to the generation of greenhouse gases or other forms of air pollution, even when their engines are improved and expensive. Another advantage of electric vehicles is that they reduce the amount of noise pollution. As a consequence of this, it is projected that the global market for insulators for electric vehicles would expand as pollution levels rise as a direct result of an increase in the number of sales of electric vehicles.
Electric Vehicle Insulation Market: Segmentation
The market for Electric Vehicle Insulation may be broken down into distinct submarkets according to material, product, application, end-user, and geographic location.
The global market can be broken down into the categories of thermal interface materials, foamed plastics, ceramics, and other categories, depending on the material. Over the course of the forecast period, it is anticipated that foamed plastics will have the majority share of the market. The market’s revenue is growing thanks in large part to a number of essential factors, including excellent thermal insulating features, a lightweight nature, higher shock-absorbing properties, and cost-effectiveness. Because they have a low thermal conductivity, foamed plastics are able to effectively trap heat and prevent it from moving through the material.
Electric Vehicle Insulation Market: Regional Analysis
Asia Pacific is expected to hold the largest market share over the forecast period
The Asia Pacific is expected to hold the largest electric vehicle insulation market share over the forecast period. Major factors driving the market’s revenue growth in this region include factors like rising initiatives to promote the use of renewable energy, rising adoption of electric vehicles (EVs), and a growing need to increase overall vehicle safety by reducing the risk of electrical failure & fire. To combat the possibility of thermal runaway brought on by battery faults, manufacturers add advanced cooling systems that actively monitor and manage battery temperatures, limiting thermal runaway and reducing fire threats.
Electric Vehicle Insulation Market: Competitive Analysis
The global Electric Vehicle Insulation market is dominated by players like:
3M
CYG TEFA Co. Ltd.
Armacell International S.A.
Sika Automotive AG
ADDEV Materials
Sumitomo Riko Company Limited
Adler Pelzer Holding GmbH
INOAC Corporation
Morgan Advanced Materials plc
Pritex Limited
Autoneum
Tecman Speciality Materials Ltd
Toyota Boshoku Corporation
Zotefoams plc
Unifrax
The global Electric Vehicle Insulation market is segmented as follows:
By Material
Thermal Interface Materials
Foamed Plastics
Ceramics
Others
By Product
Thermal Insulation
Electrical Insulation
Acoustic Insulation
By Application
Under the Hood & Battery Pack
Interior
Others
By End-use
BEV
PHEV
HEV
FCEV
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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